- The target set for Foreign Direct Investments (FDIs) by the Ghana Investment Promotion Centre (GIPC) may not be achieved this year
- This follows the negative effects of the coronavirus on businesses and investments all over the world
- The GIPC has therefore announced that there is a possibility of a downward review of the target which was fixed at $10 billion
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The Ghana Investment Promotion Centre (GIPC) has announced a possible downward review of its annual Foreign Direct Investment (FDI) target of $10 billion.
The decision was reached following the disruption of business and investment activities as a result of the coronavirus.
The coronavirus has reportedly led to a loss of global stocks to the tune of over $3 trillion just before the end of 2020’s first quarter.
This has led to the fall in capital inflows and transactions and countries all over the world are enforcing social distance.
Per a myjoyonline.com report, the Chief Executive Officer (CEO) of the GIPC, Yofi Grant, explained that reducing expectations was a necessity.
He added that several countries have banned large meetings and there is currently a travel ban in Ghana which has negatively affected the inflow of capital.
Grant went on to say that world markets have lost value and about $6.5 trillion was recently lost off the global stock exchange.
Meanwhile, the Chief Executive Officer (CEO) of the Ghana Exim Bank, Lawrence Agyinsam, has called on the government to implement measures that would lead to increased manufacturing of goods.
According to him, the extent to which the coronavirus has affected trading activities in Ghana should be a wakeup call.
He explained that Ghana heavily relies on imports from China and the country has experienced a downturn in its business activities.
Agyinsam, per a report by citibusinessnews.com, explained that for that reason, Ghanaian businesses are also in a fix and therefore need an alternative course of action.
He went on to say that there is an urgent need to deepen the sense of patriotism and provide support for those who are ready and willing to do business.
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