Africa offers new frontier for global economic growth – Yofi Grant
The global economy needs Africa to build back again from the ravages of the COVID-19 pandemic and Russia-Ukraine war, the Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has said.
He said Africa offered the new frontier for global economic growth and recovery due to the impact of the coronavirus disease and the Russia-Ukraine war on the global growth.
Mr Grant stated this in Accra on Tuesday at the Second Edition of the GIPC CEOS’ breakfast meeting.
It was on the theme “Promoting Sustainable Economic Growth: Balancing Foreign Domestic Investment (FDI) and Local Content in Ghana”.
Mr Grant said Africa offered the largest tariff market in the world through the African Continental Free Trade Area (AfCFTA).
He said AfCFTA presented a market with a population of 1.4 billion people with a combined Gross Domestic Product of 3.4 trillion.
He said Africa had about 40 per cent of the world’s mineral resources, such as gold, copper, manganese, and bauxite.
Mr Grant said about 90 per cent of the energy transition minerals, such as lithium and cobalt, were found in Africa.
“Africa also holds about 60 per cent of the world’s arable land for food production,” Mr Grant stated.
He said the location and destination must provide attraction to foreign capital.
Mr Grant indicated that in spite of the numerous investment opportunities Africa presented, it attracted less than five per cent of global Foreign Direct Investments (FDIs).
That, he said, was worrying because of the prospects Africa held for global growth.
He said GIPC had completed a new FDIs regulation, and would present it to the Cabinet for perusal and onward submission to Parliament.
The Senior Country Partner of PwC, Vish Ashiagbor, in a presentation on the topic “Creating Synergies, FDIs, Local as Partners for Growth”, said FDI was critical to the economic growth of Africa.
