The Ghana Investment Promotion Center (GIPC) is a Ghanaian government agency mandated to encourage and promote investments in Ghana.
The center is charged with the responsibility of making provisions for an attractive incentive framework and an enhanced and responsive environment for investments in the country.
Operating under GIPC Act, 2013 (Act 865) of the 1992 Constitution, the center also contributes to the socio-economic development of the country by creating a transparent and predictable environment which encourages and attracts investors from other countries.
Since 2007, Ghana, through the activities of GIPC, has enjoyed a significant boost in Foreign Direct Investments (FDI) primarily due to the ever-growing list of bilateral relations with other countries.
Over the years, Ghana has been one of the world’s fastest-growing economies, on the back of the emergence of its oil industry and underpinned by its political stability and the strength of its other commodity sectors.
Even though Gross Domestic Profit (GDP) growth is reported to slow this year, the Ghana Investment Promotion Centre (GIPC) is targeting a 20 per cent increase in FDI, following a dip in 2013.
For this reason, the center has had to formulate investment promotion policies and plans as well as promotional incentives and marketing strategies geared towards attracting foreign and local investments into the various sectors of the Ghanaian economy.
Correspondingly, Ghana has recently embarked on an ambitious but achievable reform programme to improve the investment climate for both local and international investors. These efforts are paying off tremendously, with Ghana being recognised by the World Bank Doing Business Report 2014 as the “Best Place for Doing Business in the ECOWAS Region”.
As the main facilitator of trade investments in the country, GIPC targets to increase investments and re-investments in Ghana in the coming years. This it intends to by highlighting Ghana’s solid tradition of investments in agriculture and agro-processing, its fast-growing financial services and telecommunications sectors, and the provision of dynamic and innovative services tailored to suit the most diverse customers in the world.
With the long-term economic prospects of the country looking brighter due to the exploration of oil in commercial quantities, the ever-present mineral deposits; primarily gold and diamond, and several other opportunities in manufacturing, ICT, and Tourism sectors, the activities of GIPC to the country’s development remains as crucial as ever.
GIPC, through ongoing reforms, is demonstrating its commitment towards encouraging more mutually-profitable partnerships with the international community by adopting an investor-centered approach, which ensures maximum protection for prospective investors.
After engaging in positive bilateral trade negotiations with business delegations from Mauritius, Singapore, Israel, UAE, France, among others, in the first half of the year, the GIPC looks set to further engage Ghana’s long list of country allies for a shared prosperity for all.
By: Prince Asare, Diplomatic Call
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