FDIs drop by 300 million dollars in 2016

Total Foreign Direct Investment (FDIs) to Ghana dropped by 300 million dollars in 2016.

This is according to the Ghana Investment Promotion Centre (GIPC).

The figure declined from the 2.7 billion dollars recorded in 2015 to 2.4 billion dollars in 2016.

Meanwhile, total registered projects for the period increased by ten; from 170 to 180.

The CEO of the GIPC, Mr. Yoofi Grant disclosed this at a media briefing in Accra on Friday.

“In 2016, the total number of registered projects by the GIPC was 180 with the project size amounting to 2.4 billion dollars there were 170 projects raising 2.7 billion dollars in FDI,”

This notwithstanding, the GIPC is targeting 5 billion dollars of investments this year; 2017.

The target is more than double the total FDIs recorded in 2016.

The Center’s CEO, Mr. Yoofi Grant explains that the opportunities provided for by the new government, should help in attaining the target.

“We’ve been between 2.5 to 3 billion dollars annually over the past four to five years and we are looking forward to pushing it further to 5 billion dollars of inward investments which will translate into multiples of tax revenue and jobs,” he stated.

Mr. Grant added, “What we then need to see is how much more value, technology and social impact that these investments will bring to the country.”

Although Mr. Yoofi Grant admits that the figures for the 2017 first quarter ahead of the official report by the GIPC, he maintained he is confident of meeting the target set for 2017.

“I think that we need to be bold and positive in the goals that we set,” he stressed.