On 29th August 2024, The consortium of reputable trade associations, including the Spain Ghana Chamber of Commerce, American Chamber of Commerce in Ghana, Ghana Netherlands Business & Culture Council (GNBCC), CCI France Ghana, Canada Ghana Chamber of Commerce, Ghana South Africa Business Chamber and Eurocham Ghana organised the inaugural event of the Distinguished Speaker Series on FDI which took place at the Movenpick Ambassador Hotel.
The event featured H.E JOHN DRAMANI MAHAMA (PRESIDENTIAL CANDIDATE, NDC) who delivered the keynote address. The initiative marks the beginning of a comprehensive dialogue involving various stakeholders and influential policymakers, aimed at repositioning Ghana as the premier destination for FDI in Africa. The discussion critically analyzed the policies proposed by H.E JOHN MAHAMA to attract and retain FDI, which has been instrumental in the country’s economic growth through job creation, tax revenue generation, increased capital flows, technology and skills transfer, export development, and infrastructure enhancement.
Background of the FDI Speaker Series
Ghana has been the preferred destination for FDI within the sub-region over the last two decades, spurring economic growth and prosperity for Ghanaians. The FDI inflow trajectory has however been hampered lately with many investors diverting their investment dollars to Cote d’Ivoire, Senegal, and Nigeria. Some of the major issues hampering FDI in Ghana include the following:
- The sanctity of contracts leads to many disputes which does not augur well for the country’s investment drive.
- Government decision-making on major investments that requires the approval and quick turnarounds to maximize returns.
- Numerous and ever-increasing regulatory pressures and laws that are not coordinated, making it impossible for the investor and successfully set up in the country.
Harassment from tax authorities and inconsistencies in the interpretation of the laws related to taxation, local content policies, and the slow pace of regulatory approvals within government agencies that deal with the private sector.
Speaker H.E. John Dramani Mahama had the opportunity to go into more detail during his briefing about his plans to use policy prescriptions to reverse the decline in foreign direct investment (FDI) into Ghana. He also outlined his broader economic policies to draw in and keep FDI and created a roadmap to ensure that foreign companies stay in Ghana or relocate their operations here.
