The Ghana Investment Promotion Centre (GIPC) in collaboration with the Japan External Trade Organisation (JETRO) has organised a business forum focused on Ghana’s investment and regulatory landscape.
The event availed an opportunity to orient the Japanese business community on the investment trends and opportunities within the different sectors of Ghana to guide their expansion and investment decisions.
The forum also provided an avenue for existing Japanese investors operating in Ghana to know about the role GIPC can play to facilitate their business operations in the country and learn more of its unique Aftercare services, purposed to address post-establishment issues.
Speaking at the event, the Centre’s CEO, Mr Yofi Grant, underscored that Ghana’s engagement with the Japanese business community over the years had been a dynamic one, with Japan being the 12th highest FDI contributor to Ghana within the period of 2017 to 2022.
He mentioned that though the current economic landscape faced some challenges as countries emerge from the global political and health crisis, there were still several opportunities in Ghana, and Africa at large, that investors could leverage.
“Beyond all that is happening in the world, there is a tacit agreement that Africa has a significant role to play in reviving the global economy, considering its vast unexplored resources and market. We believe that Ghana is an entry point to this real potential,” Mr Grant said.
He added, “Ghana recognises the quality of Japanese business operations and is very keen on exploring and maintaining mutually beneficial partnerships with the Japanese business community.”
Taking his turn to address the audience, the Japanese Ambassador to Ghana, Hisanobu Mochizuki, noted that the past decade had seen increased Japanese investments in Ghana, with a potential for more.
He also touched on some issues besetting the investment environment, but reassured the Japanese investors of GIPC’s commitment to helping them address those challenges.
“We recognise GIPC as an important partner in assisting our companies overcome the challenges that they may face in doing business in Ghana,” he noted.
Contributing to the discussions, the Director General of JETRO Accra Office, Mr Hiroaki Sekine, cited factors such as “complicated administration procedures, unstable exchange rates, and security” as some causatives of Japan’s relatively low investment in Africa.
He disclosed that Japanese investment in 2022 added up to $175 billion, consisting of 36 per cent to US, 24 per cent to EU, 24 per cent to Asia, 8 per cent to Central & South America, 6.5 per cent to Oceania, and 1 per cent to Africa.
He, however, expressed optimism for higher investment flows to Africa and Ghana in particular from Japan, and implored GIPC to support in tackling investor challenges so as to make the country the best investment destination in the region.
Mr Sekine’s address was followed by submissions from GIPC’s Head of Research, Eugenia Okyere, and Senior Investment Officer from the Aftercare team, Vivian Ampadu.
They respectively focused on the trend of Japanese investment in Ghana, and the ways in which the GIPC can support Japanese businesses on post-establishment issues.
BY KINGSLEY ASARE
