GIPC, stakeholders brainstorm over investment challenges
The Ghana Investment Promotion Centre (GIPC) has engaged the business community in the country to brainstorm over challenges confronting them.
The engagement dubbed, “Economic Counsellors Dialogue” had representatives from various sectors of the business community and foreign missions tabling their concerns about the difficulties they are facing in the country.
Among the challenges spelt out were unreliable power supply, high cost of utility, how foreign companies can identify credible partners, poor road network or transportation, emergency entry visa and the plight of the hospitality sector.
These concerns, according the Chief Executive Officer of GIPC, Mr. Yofi Grant, were the reasons the Centre held its seventh edition of economic dialogue to tease out the issues in the business environment as well as to brainstorm for solutions.
Addressing the business community yesterday in Accra, Mr Grant noted that the essence of the engagement is to formulate and formalise the relationship that the Centre had with the business community, as it was part of its duty to create such platforms to share ideas.
He added the Centre in order to support investors to overcome some of these challenges, had created special units such as After Care and Diaspora Units to give the needed attention.
Mr Grant further added that the Centre has created a platform on social media, which will be engaging the business community every Friday, as means of finding solutions to the challenges confronting them.
He said although Ghana is not a big market, it is dynamic and a forward going market, which requires foreign investors as a part of this growth.
In this regard, he said, Ghana has made some commendable reforms over the years to ease the pressure of doing business “and as we speak we are well on track to formulating a plan and strategy to ensure we are still one of the most attractive places to invest in the continent and to achieve the president aspiration of positioning Ghana as the investment hub in the sub-region and one of the best places to do business in Africa.”
Mr Grant also commented on how the country despite been wrecked by Covid-19 still managed to emerge with some success story with a growth rate of 0.4%, which had become the envy of many on the continent.
“Although on paper, this looks like not much growth, but I can just say that in comparison to our peers and many nations around the world, it is an enviable figure because we are one of the few countries that had some positive growth in this recession” he stated.
Mr Grant also added that the Centre had also endorsed the SDGs and stressed that the Free SHS policy and One-District-one-factory initiative among others, are pointing to the fact that Ghana is very serious about its future.
The Coordinating Director of Ministry of Finance, Madam Eva Mends indicated to the GIPC that the sector ministry was counting on it to bring in GH₵70 billion, since the business community are enjoying 70% of the Obatampa Programme.
So we have such high expectation of you and that’s why we are here this morning just to throw light on what Ghana Cares Obatampa is all about.”
She said the programme was intended not to be one of those regular budgetary programs, however, it was intended to be implemented differently, focus on just a few sectors so that results can be visible or tracked.
“This programme was put together as I said by the Ministry of Finance in November last year. We’ve been implementing the programme for the past seven months and what we have done is to engage various ministries and develop compacts with them,” she added.
In view of this, Madam Mends noted that the country experienced Covid-19 last year and despite escaping severe health impact, same could not be said about the economic implications and expenditures.
The Principal Revenue Officer at the Ghana Revenue Authority (GRA), Mr Adu Nyame explained to the business community persons and entities that are covered by tax exemption under the laws of the land.