The Ghana Investment Promotion Centre (GIPC) says it is revolutionising foreign investment in Africa by implementing innovative strategies to attract investors. With the motto “Grow in Ghana, Grow with Ghana,” GIPC blends traditional methods with digital media and business-to-business connections. “At GIPC, the idea of investment attraction transcends conventional business promotion,” says Yofi Grant, Chief Executive Officer of GIPC. This approach has proven effective, as Ghana attracted $2.1 billion in foreign direct investment in 2020, despite the challenges posed by the pandemic.
A significant initiative is the Diaspora Investment Desk (DID), which encourages Ghanaians living abroad to invest in their homeland. “We’re not just attracting foreign investors,” Mr. Grant explains. “We’re bringing our own people back into the fold of nation-building.” Additionally, GIPC launched the SDG Investor Roadmap with the UNDP, aligning investment opportunities with the global Sustainable Development Goals.
GIPC’s use of technology and data-driven decision-making has led to successful global marketing campaigns and events like “Taste of Ghana,” showcasing real investment opportunities. Their efforts have earned them recognition as the best Investment Promotion Agency in West and Central Africa for five consecutive years and the best in Africa by Cfi.co for three years.
Samuel Ofosu Larbi, a US-based Ghanaian Economist, suggests that GIPC’s strategies could inspire other African countries to enhance their digital marketing, engage their diaspora, and focus on sustainable development. “While I don’t have specific data on how GIPC’s approach has directly influenced other African nations’ investment strategies,” he states, “the trends are notable.”
Ghana’s model offers a new path for other African nations, emphasizing sustainable and inclusive economic development rather than competing through tax breaks or cheap labor. GIPC continues to work towards a future where both Ghana and its investors grow together.
However, the GIPC boss has recently faced criticism for frequent travel and delays in paying workers’ salaries and provident funds.
