Govt launches ‘Spark Up’ to propel investment
The government has unveiled ‘Spark Up,’ an investment forum to track investments into the country annually.
The move is also to ensure transparency in investments registered in the country and provide a platform for both local and foreign investors and investment facilitators to discuss challenges and solutions.
This is to reignite the passion for investment in Ghana and stimulate economic growth as the country recovers from the COVID-19 pandemic.
On the theme, ‘Reawakening the Giant: Maximising Ghana’s Investment Potential’, the forum was launched in Accra on Tuesday, August 3.
Speaking at the launch, the Information Minister, Kojo Oppong Nkrumah, said, “ there would be an account of the various Foreign Direct Investments (FDIs) registered in 2020; where they are, their onboarding and the value they are creating.”
“There would also be an engagement with various facilitator services including local communities, utility service providers, and regulators, and what all of us can do to make it easier for this $2.7 billion worth of investment to be fully onboarded, and for those 27,000 jobs to be occasioned,” Mr Oppong Nkrumah added.
Underscoring the essence of FDIs in generating revenue for economic development, the minister said, aside from domestic resource mobilisation, FDIs are very important in the country.
“This is because of the traditionally low income and savings in the country. Therefore, it is important that you get a lot of FDI to spark up the exercise of economic growth within your jurisdiction,” he explained.
According to him, the government has done its part by travelling worldwide to sell Ghana’s investment potential globally.
According to the government, the Ghana Investment Promotion Centre (GIPC) also followed up with programmes to attract $2.7 billion worth of investment and 27,000 direct jobs.
“Our role now is helping to ensure that these investments are on-boarded, and that is why Spark Up has been created,” Mr Oppong Nkrumah said.
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Spark up would strengthen investment in critical sectors of the economy
The Chief Executive Officer (CEO) of GIPC, Yofi Grant, indicated that the initiative was one of the innovative ways of bringing FDI into the country and strengthening investment in critical sectors of the Ghanaian economy.
“The goal of spark up is to revive interest for investing in Ghana and to help restore economic growth as we emerge from the economic downturn brought on by the pandemic,” he said.
The summit would also provide the platform to kick-start economic transformation in the face of the pandemic through a network of opportunities with investors in the Ghanaian market.
There would also be a showcase of the numerous advantages of FDI and sharing of investment practices, know-how, and valuable information to assist investors and business people.
It is also to create and maintain a strong following within the industry and the investment community, acquire insights into major challenges in doing business in Africa, and propose practical solutions.
Meanwhile, the main conference has been scheduled to take place on September 6, 2021, by the President, Nana Addo Dankwa Akufo-Addo.
The Minister of Finance, Ken Ofori-Atta, Minister of Trade and Industry, Alan Kyerematen, Minister of Information and the CEO of GIPC, and other high-profile personalities would be speaking at the programme.