“Re-awakening the Giant; Maximizing Ghana’s Investment Potentials”, the theme for the maiden edition of the Sparkup Summit, is slated for September 6, 2021 at the Kempinski Gold Coast City Hotel in Accra.
The event organized by the Ghana Investment Promotion Centre (GIPC) in collaboration with the Ministry of Information, is intended to create opportunities for Ghanaian businesses, young entrepreneurs and promote partnerships between local businesses and foreign investors.
Information Minister, Kojo Oppong Nkrumah, who officially launched the Summit in Accra on Tuesday, indicated that the focus of the Summit hinged on three ‘Os’ – Opportunities, Open, and Optimistic. According to the Information Minister, the event will create a platform for national conversation among key stakeholders and re-ignite the passion and desire to add value to the natural resources for economic growth.
721 foreign direct investments registered in the past five years
Meanwhile, Hon. Nkrumah noted that over the past five years, Ghana registered 721 foreign direct investments and the summit will be an opportunity to assess how those investors navigated their way in terms of registering their businesses, connecting electricity and water to their factories, acquisition of land and other services and suggest ways to improve upon them.
Also, he indicated that the $2.7 billion FDI received last year went into the various sectors of the Ghanaian economy went into 279 projects in eight regions and expected to create 27,000 jobs.
On his part, Mr. Yofi Grant, the Chief Executive Officer of GIPC, noted in his welcome remarks that the Sparkup Summit would be organized annually to boost FDI and lead the way for the country’s economic emancipation.
“We must, therefore, position ourselves properly and strategies to attract more Foreign Direct Investment to boost the economy, create jobs and ensure wealth creation”.
Yofi Grant, the Chief Executive Officer of GIPC
Also, Mr. Grant indicated that with the country hosting of the Africa Continental Free Trade Area (AfCTA) Secretariat, coupled with stable democratic credentials, it was imperative to make a headway in enhancing the productive sectors of the economy to create jobs and move the country from developing nation to a developed one.
Meanwhile, Mr. Grant is hopeful that the GH¢100 billion Ghana CARES program and other flagship initiatives such as the ‘One-District, One-Factory’ and ‘Planting for Food and Jobs’ would go a long way to rejuvenate the economy and businesses ravaged by the COVID-19 pandemic.
FDI target for the year
Mr. Grant reiterated that the nation has set a target of attracting three billion dollars in FDI this year, and had already attracted $830 million as at the first half of the year.
According to the GIPC Boss, it is the responsibility of the private sector to galvanize their energies to mobilize 70 percent of the total amount of the CARES program whilst government will bring the additional 30 percent for a successful roll-out of the program in the next three and a half years.
The summit will be opened by President Nana Addo Dankwa Akufo-Addo and will attract ministers of state, heads of financial institutions, facilitator agencies, local communities, young entrepreneurs, regulators, and private sector service providers to deliberate on ways of unlocking the country’s investment potentials to promote economic growth.
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