The Ghana Investment Promotion Centre (GIPC), has said that, there has been a surge in enquires from foreign businesses following the easing of the COVID 19 restrictions in the country.
Chief Executive of GIPC, Yoofi Grant speaking with the media said that, there has been an increase in foreign industries wanting to do more businesses in the country adding that it follows the easing of COVID 19 restrictions as a results of significant reduction in active cases in the country.
He also revealed that, there have also been increases in enterprises that want to return to continue with existing businesses in Ghana.
“There has been an agreement, even though in some cases there might be… There is an agreement that, Ghana has definitely done something right in this COVID era and the numbers we are showing are encouraging compared to other multi developed economies. And so, very often when I speak to the investors, the first thing they ask is how is COVID doing? You people seem to be doing something okay so, is it good for me to come?”
Mr Grant also noted that, as a result of the surge in the enquiries, his outfit has instituted measures to ensure their results in real capital attraction.
“And we have already instituted measures at the airport, to sort of have another layer. So, we are still doing the rights things you know. They have tested and treated … that will sort of still slow down many further imported infections into the country. And so, for a lot of the business people I speak to, they are all waiting with excitement when they can come in. I mean, it’s funny and it’s almost unanimous that every time I have a conference or meeting they end up by asking so, where are you ready and when can we come?”
A report by the Ghana Investments Promotion Centre (GIPC) revealed that, foreign investors operating in Ghana, in the second quarter of 2020, recorded an average revenue loss of $75,000.
The survey conducted, showed that 51.43 percent of the respondents sampled had been negatively impacted by the coronavirus pandemic.
The survey dubbed; “Survey on the Impact of Coronavirus COVID-19 on Foreign Investors in Ghana” further indicated 51.4 percent of the respondents sampled by Centre had recorded revenue losses in excess of US$100,000.
Additionally, the rest of the respondents sampled recorded losses between US$100,000 and less than US$1,000.
The GIPC said the recorded losses were as a result of the coronavirus pandemic and its associated lockdowns, closure of land and air borders which has since affected demand and supply chains globally. The report also said that, most companies experienced payment and repayment delays, financial constraints and a reduction in demand for products and services which translated into revenue losses.
With regards to employment, 40 percent of foreign investors foresaw a permanent reduction in their workforce in the ensuing months. Meanwhile, most workers have had to stay home temporarily due to the pandemic. Despite the downturn in activity experienced by various industries and businesses, sectors such as manufacturing, food processing, e-Commerce, agriculture and healthcare have remained resilient and present opportunity for growth and investments.
