President Nana Addo Dankwa Akufo Addo has urged the Ghana Investment Promotion Centre (GIPC) to canvas for the right investments to support Ghana’s post-Covid 19 recovery agenda.“We are emerging from a challenging global situation, the pandemic of COVID-19, and GIPC , the principal investment promotion agency for our country, has an enormous task ahead of it .“
The President gave the charge when he swore into office the reconstituted board of the GIPC at the Jubilee House, Accra on Friday.
The 10 member Board, chaired by Mr Alex Apau Dadey, includes Mr Yofi Grant, CEO of GIPC, Dr Maxwell Opoku-Afar of the Bank of Ghana; Dr Kodjo Esseim Mensah-Abrampa from the National Development Planning Commission; and Dr John Ampontuah Kumah, Ministry of Finance.
The others are Nana Dokua Asiamah-Adjei, Ministry of Trade; Mr Kweku Agyemang-Duah ; Mr Robert Ahomka-Lindsay; Nora Bannerman-Abbott and Margaret Ekua Prah.
President Akufo-Addo told the governing board that the impact of the coronavirus pandemic on the socio-econimics of the country, every step should be taken to ramp up the economic recovery process.
He noted that the pandemic had severely impacted the country’s economic development, particularly in areas such as tourism, aviation, health, supply chain management, food security and employment.
Fortunately for Ghana, the measures put in place by Government to minimise the effect of the pandemic at the onset of the pandemic, the President indicated, had yielded very good results.
“The favourably economic outturn evidenced in the GDP growth rate for this year speaks to this “
President Akufo-Addo noted the successful implementation of the ambitious GHS 100 billion Ghana CARES Obaapampa Programme, instituted to revitalise and transform the Ghanaian economy beyond the pre-Covid 19 growth forecast for the country, as one of the positive outcomes of the government post-covid recovery agenda.
The first phase of the programme which began in March 2020, focused on food security, protecting businesses and workers, strengthening the health system and attracting private investments to support indigenous businesses.
The President urged the Board to apprise itself with the elements of the second phase of the Programme that sought to revitalise and transform the Ghanaian economy and make the needed impact.
President Nana Addo made reference to Foreign Direct Investment inflows in 2020 which amounted to $ 2.65 billion despite the COVID -19 pandemic adding that for the first three quarters of 2021 alone, FDI into Ghana amounted to some $973 million from 173 projects.
He was optimistic that the knowledge base of the Board would enable the GIPC to accelerate the development of the country.
“I urge the new board of the GIPC to continue to encourage, promote and facilitate investments, domestic and foreign into Ghana “
Mr Dadey thanked the President for the confidence reposed in the members of the board and pledged that they would deliver on their mandate.