Ghana’s Investment Climate Attractive – Oppong Nkrumah

Ghana’s investment climate attractive – Oppong Nkrumah

Ghana’s investment climate attractive – Oppong Nkrumah

Information Minister, Kojo Oppong Nkrumah says Ghana’s investment environment continues to be attractive despite the COVID-19 challenges last year.

Ghana recorded US$2.7 billion in foreign investments in 2020. Out of this, US$2.65 billion was from Foreign Direct Investments (FDIs), about a 140% increase over that of 2019.

Mr. Oppong Nkrumah said this signifies that Ghana is an attractive destination for investors.

“The FDI value of US$2.6bn is almost about 140% increase over the figure recorded in 2019. And we believe it is because of the gradual improvement we continue to make in the economic space here in Ghana, despite the challenges we have around us and even, in particular, the challenges we had in 2020.”

He added that “the key thing that the Ghana Investment Promotion Center is leading Ghana to do is to ensure that all of these investments, in terms of their equity compositions and then their logistics compositions are onboarded fully so that jobs associated with them can be fully realized by the Ghanaian people.”

A total of 27,000 jobs are expected to be generated from these projects, with 22,000 of them going to Ghanaians.

About 184 of these projects are in the area of services, 57 in manufacturing, 15 exports trade, and 10 general tradings.

In terms of monetary value, manufacturing constitutes the largest amount of investments of US$1.2 billion, whilst US$650 million were from services.

About US$420 million went to mining, whilst the petroleum sub-sector constituted US$220 million.

For regional distribution, about 23 of these projects will be located in the Greater Accra region, 31 in the Western region, seven in the Ashanti Region, and three each in the Eastern and Volta regions.

About US$751 million of the investments came from China, whilst US$240 million each came from South Africa and UK respectively.