Mr. Yofi Grant, the Chief Executive Officer (CEO) for the Ghana Investment Promotion Centre (GIPC) has intimated that irrespective of the outcome of the parliamentary composition for elections 2020, this will not pose challenges to investor confidence and policy support for the next 4 years administration.
The intention and purposes of the president-elect are valid and for the greater good of Ghanaians, Mr. Grant said adding that “the support wouldn’t change, maybe it would rather increase” so the opposition National Democratic Congress (NDC) will not attempt to sabotage the chosen leader’s goodwill.
The GIPC Chief Executive also alluded that “The president’s responsibility of running the government and a country are not to be compromised. I think he has led us in a very positive direction, he has reestablished Ghana as a major player in the global affairs, he has spearheaded Ghana’s economic and financial regeneration and emancipation”.
This has improved Ghana’s stakes globally, now the country holds proudly a reputation of being politically stable, Mr. Grant opined emphasizing that, any person trying to tarnish the economy’s good name threatens the interest of the Ghanaian republic at heart.
Going further, Mr. Yofi Grant commended Mrs. Jean Mensah the Electoral Commissioner (EC) and the entire Commission’s efforts for organising what he describes as an election that has asserted and repositioned Ghana as one of the best in the practice of Rule of Law.
“At the end of the day, when the elections were finally declared, it was consistent with all the results of independent observers and even the press.
“All that information [was] from the pink sheet so I still believe strongly that whatever the EC did is [in] the right direction,” Mr. Grant remarked.
Although the incumbent New Patriotic Party (NPP) may have won with a slim majority in parliament, that is what democracy is all about, Mr. Grant said stressing that albeit “we would have loved to have all the seats in parliament if we could, but we [are] subject to the will and testament of the people,” so we have to accept the results in good fate and work with that.
However, a renowned Economist who heads the Economics Department of the University of Ghana, Prof. William Baah-Boateng sharing his thoughts, has cautioned the NPP to devise strategies to deal with escalating debt levels and projected fiscal deficits to be encountered at “the beginning of this new era”.
This is because “every year we tend to overshoot our expenditure, at the end of the day, we are confronted with high fiscal deficits” which poses a challenge to the government and with the outbreak of the coronavirus pandemic this year and its associated expenditures in addition to election outlays, this may have dire consequences on the economy, Prof. Baah-Boateng whined.
“Although 2021 will not be an exception especially because of Covid-19, we are going to have a twin kind of challenge, a twin cause of fiscal deficits,” the Economist alerted.
Giving some insights into past elections the University Professor said “If you look at our figures, with the exception of 2004 where after the election we did not record any high fiscal deficit, we have always had that kind of challenge from 1992.
“The year 2000 was very high on fiscal deficits as well; while 2012 became the bigger kind of fiscal deficit that we encountered”.
Mr. Humphrey Ayim-Dake, Chairman and CEO of Redmoon Resources commenting on the implications for businesses said Ghana has a history of good credentials in terms of organizing elections and as such even though businesses were slightly agitated earlier on, businesses and investors’ confidence are gradually picking up.
The Ghana Investment Promotion Centre (GIPC) is a Government agency, responsible under the GIPC Act, 2013 (Act 865): to encourage and promote investments in Ghana, to provide for the creation of an attractive incentive framework and a transparent, predictable and facilitating environment for investments in Ghana.
With regards to its role of investment facilitation, GIPC is responsible for the maintenance of liaison between investors and Ministries, Government departments and agencies, institutional lenders and other authorities concerned with investments.
Also, GIPC is in charge of the provision and dissemination of up-to-date information on incentives available to investors as well as assisting incoming and existing investors by providing support services including assistance to procure authorities and permits required for the establishment and operation of enterprises.
