Ghanaian stakeholders want the Ghana Investment Promotion Centre’s foreign direct inflows probed

Ghanaian stakeholders have called for a probe into the inflows of foreign direct investment reported by the Ghana Investment Promotion Centre (GIPC).

CEO of the Ghana Investment Promotion Centre (GIPC), Yoofi Grant

Those raising the concerns are of the view that GIPCs reported targets and actuals may be misleading hence their calls.

For example, in 2018 GIPC set for itself a target of $10 billion dollars in foreign direct inflows.

Meanwhile, in 2017 the GIPC generated $4.91 billion out of its $5 billion projection, representing almost 100 percent of the target.

In an interview with Accra-based Citi FM, Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Peter Quartey said there was the need for a better tracking of investments under the watch of the GIPC.

“I don’t know what is currently happening but I know for sure that some years ago we conducted a research on China-Ghana trade investment aid and we wanted data on investors who have entered into Ghana, which GIPC supplied us with. We tried tracking them to no avail. So the current complaints reinforce my perception from years back that the GIPC is not giving us the right numbers.”

But the Head of Research at the Bank of Ghana, Phillip Abradu-Otoo, said the GIPC would have to educate and convince him more since the figures that the GIPC churns out do not pass through the central banks’ balance of payment data.

“I think the GIPC is reporting on intentions rather than the actuals because we don’t see those numbers pass through our balance of payment data. So, it needs to be interrogated.”

On his part, the President of the Ghana Union of Trade Association (GUTA), Dr. Joseph Obeng said there was a need for the centre to bring some clarity of their figures.

“Every year, GIPC comes to announce some huge amount of inflows of FDI. It is about time we interrogate these things. Because if you speak of $5 billion worth of investment then you have to see something very tangible and also an improvement in employment.”

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