Event report
Distinguished Speaker Series on Foreign Direct Investment; H.E. John Dramani Mahama
FDI to developing countries fell by 7% in 2023...
Background of the FDI Speaker Series
Ghana has been the preferred destination for FDI within the sub-region over the last two decades and this has spurred economic growth and prosperity for Ghanaians. The FDI inflows trajectory has however been hampered lately with many investors diverting their investment dollars to Cote d’Ivoire, Senegal, and Nigeria. Some of the major issues hampering FDI into Ghana include the following:
- The sanctity of contracts leading to many disputes which does not augur well for the investment drive of the country.
- Government decision making on major investments that requires the approval and quick turnarounds to maximize returns.
- Numerous and ever-increasing regulatory pressures and laws that are not coordinated, making it impossible for the investor and successfully set up in the country.
Harassment from tax authorities and inconsistencies in the interpretation of the laws related to taxation, local content policies, and the slow pace of regulatory approvals within government agencies that deal with the private sector.
Speaker H.E. John Dramani Mahama had the opportunity to go into more detail during his briefing about his plans to use policy prescriptions to reverse the decline in foreign direct investment (FDI) into Ghana. He also outlined his broader economic policies to draw in and keep FDI and created a roadmap to ensure that foreign companies stay in Ghana or relocate their operations here.
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