Govt welcomes UNCTAD Global Investment Trends Montor in which Ghana overtakes Nigeria as West Africa largest FDI recipient in 2018
Government has taken note of Ghana’s improvement in foreign Direct Investment (FDI) in 2018 as contained in the 2019 report of the United Nations Conference on Trade and Development (UNCTAD): Investment Trends Monitor.
The report indicates that Ghana overtook Nigeria as West Africa’s largest recipient recording $3.3 in Foreign Direct Investment (FDI). This development according to the Deputy Minister for Information Pius Enam Hadzide, is as a result of government’s implementation of effective economic policies.
“This is a clear sign of the good work the NPP government under the leadership of H.E the President Nana Addo is doing to strengthen the fundamentals of the country’s economy”.
“This also places Ghana as a regional economic giant in West Africa, and the increased FDI inflows is testimony to the country’s strong economic fundamentals, which has seen a sharp positive “U-turn” since 2017. This is not surprising, given that the globally acclaimed rating agency, Standards and Poor’s, also revised Ghana’s economic rating from B- to B with a positive outlook in 2018”, Mr. Hadzide noted.
The report states that, Africa registered a 6% increase in FDI inflows in 2018 with $40 billion, up from a revised $38 billion in 2017, with majority of the growth concentrating in few economies.
Speaking in interview on the impact of the report, Mr. Hadzide stressed that the UNCTAD Global Investment Trends Monitor gives Ghana an added advantage in the bid to attract foreign investors.
“Ghana’s new economic status is an indication of prudent macro-economic policies which obviously has boosted the investor confidence under the current administration. It is evident that implementation of result driven macro-economic policies has attracted numerous investment commitments from notable global automobile companies like Renault, Volkswagen, Nissan, Sinotruck etc”.
Government is confident in the potential of the FDI inflows, largely because there is ample economic evidence that FDI inflows proffers economic growth, which is imperative for the much needed socio-economic upgrade of the country.
Mr.. Hadzide however added that government will not be complacent by this new development, which has seen Ghana overtake Nigeria as West Africa’s largest recipient of FDI inflows but, rather government will continue to invest in making the economy the preferred destination global investors and be home for more of the Worlds FDI inflows, which will go a long way to place Ghana on the global heights of development.