Mr Edward Ashong-Lartey, the Director of the Ghana Investment Promotion Centre (GIPC) has called on Ministries, Departments and Agencies (MDAs) to support domestic and foreign investors to create jobs and promote socio- economic growth.
According to Mr Edward Ashong-Lartey, the MDAs have the responsibility to provide the needed services and facilitations for businesses to make Ghana Africa’s foremost investment destination.
“We urge MDAs to provide the necessary support to incumbents, the companies that risk their capital to come to Ghana to build industries.”
Mr Edward Ashong-Lartey
Mr Edward Ashong-Lartey explained that GIPC’s Aftercare division is aimed at strengthening its relationship with the private sector and MDAS to demonstrate the positive impact of Foreign Direct Investment (FDI) on Ghana’s economy.
“This can only be achieved with the support of our focal persons across various ministries, departments, and agencies. We will introduce reforms to streamline licensing, regulatory clearances, and advocate against anti-competitive policies across government.”
Mr Edward Ashong-Lartey
Mr Ashong-Lartey indicated that GIPC’s objectives has been anchored on the Government’s flagship initiative, Obaatan Pa (“Ghana CARES”) programme, which has an investment target of between US$ 3-4 billion annually from 2022 to 2025.
Investor Communication Gap
Mr Wisdom Abodakpi, Chief Country Officer, CycleFarms, whose investments are in the area of fish feed, on his part, noted that there is an investor communication gap between investors and ministries, departments and agencies on processes, documentations and other engagements.
“We sometimes feel we are alone, information accessibility is very difficult. It is tough for us in the agribusiness when it comes to tax exemptions. We need to continue working to close the gaps.”
Mr Wisdom Abodakpi
Mr Andrea Ghia, Member of the European Chamber of Commerce, also noted that though Ghana’s digitisation drive has upscaled businesses, comprehensive data on sectors of businesses is difficult to come by, a bane that could discourage foreign investors.
“The collection of data is still a big issue in this country. This is a common problem for West Africa. I tell my people to come and stay for six months to understand how to do their business.
“You do your business plan, you think you will be exempted from duty on import then they remove the exemption and your business plan doesn’t work. What makes the environment friendly for them is to have stability.”
Mr Andrea Ghia
The comments were made at an investor forum for MDAs, investors and other key stakeholders on the theme: “The Contribution of MDAs towards making Ghana an Attractive Investment Location.”
The Forum was expected to deepen the collaborative efforts made over the years and deal with the bureaucratic bottlenecks that stalled activities and progress of businesses.
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