13 Mar 2020

Coronavirus pandemic will affect our 2020 FDI target – GIPC

The Ghana Investment Promotion Centre, GIPC, says its Foreign Direct Investments target may be affected due to the devastating effects being caused by the deadly coronavirus pandemic globally.

Ghana Investment Promotion Center, GIPC, CEO, Yofi Grant.

The Chief Executive Officer of GIPC, Yofi Grant, says the partial slowdown in some economic activities will most likely have an adverse effect on FDIs in the country. Globally, some flights have been halted, while some countries have restricted entry especially from countries considered as the epicentre of the disease. Several high profile business events have been cancelled, leading to the loss of millions of dollars. The global restrictions also mean that in some countries, production has reduced as working hours have been reviewed drastically to contain the spread of the disease.

Already, Ghanaian traders who rely on Chinese impacts are feeling the impact of the reduced activities in that country. In Ghana, President Akufo-Addo has also placed a temporary ban on travel by government appointees as a safety precaution, except in very critical instances. Mr. Yofi Grant told Citi Business News they may not be able to meet their target due to the threat posed by the pandemic. Yofi Grant spoke to Citi Business News on the sidelines of GIPC’s annual Economic Counselors Dialogue on the theme; promoting a stable business and investment climate: the new Companies Code. “It could definitely impact FDI target for the year because as you know many countries have virtually banned large meetings so conferences have been cancelled. Ghana has its own precautions just as in many other countries. That will impact the flow of capital, the flow of business.”

Two cases of coronavirus have been confirmed in Ghana, according to Health Minister Kwasi Agyemang-Manu. This was made known at an emergency press briefing by the Information Ministry on Thursday night, March 12, 2020. The two cases tested positive after laboratory tests from the Noguchi Memorial Institute of Medical Research. According to the Health Minister, they were reported as ‘imported cases’  as both individuals returned to Ghana from Norway and Turkey.

Meanwhile, Citi News sources have confirmed that Ghana’s first two imported cases of the coronavirus Covid-19, are indeed foreign nationals. According to our sources, one is a senior official at the Norwegian Embassy in Ghana, whereas the other is a Turkish citizen.

$100m allocated for coronavirus fight – Nana Addo

In an address to the nation on Wednesday, 11th March 2020, the President Akufo-Addo said he has directed the Minister for Finance, Ken Ofori-Atta, to make available the cedi equivalent of US$100 million to enhance Ghana’s Coronavirus preparedness and response plan. This amount, according to President Akufo-Addo, “is to fund the expansion of infrastructure, purchase of materials and equipment, and public education”.

He further explained that with the declaration by the World Health Organisation (WHO) of the Coronavirus disease as a pandemic, it is important that Ghana steps up her preparedness to ensure that beyond the initial measures that have been put in place, a ‘whole of Ghana’ approach is adopted in preparation for a possible hit within the country’s borders.

Statistics so far

Nearly 4,000 people have died globally, with China the source of the virus, and Italy being the most affected. Over 100,000 cases have been recorded in over 120 countries. In Africa, there have been very few cases, with Egypt leading with 67 cases, followed by Algeria with 24. South Africa has 13 cases, Morocco six, Tunisia 7, Senegal 4, Burkina Faso 2, Nigeria 2, Togo 1, DR Congo 1, Cameroon 2, and Cote D’Ivoire 1.

Ghana is the latest in Africa to record a case. Meanwhile, there have been only three deaths so far in Africa, with one each recorded in Egypt, Morocco and Algeria respectively.

source:https://citibusinessnews.com/coronavirus-pandemic-will-affect-our-2020-fdi-target-gipc/

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