The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yoofi Grant, has lamented the lack of risk-taking among Ghanaian investors and businesses.
Speaking at the 2019 AGI Industrial Summit and Exhibition, Yoofi Grant charged local businesses to take advantage of incentives and programs the GIPC continue to offer businesses. Citing a 2018 McKenzie Report that indicates that no company in Ghana has an annual revenue of $500 million.
“McKenzie recently released a report on businesses in Africa. One of the observations is that 438 companies in Africa were generating revenues of $1 billion and more. Nigeria had 38 of those countries. Ghana had zero! Many of our local companies are shying away from various government programs and incentives being undertaken here, the foreigners are doing so, this should not happen,” he stated.
Meanwhile, Trade Minister, Alan Kyeremanteng charged business leaders and captains of industry to use recent business reforms as a catalyst for growth.
He said, “The type of incentives that you offer local industries determines how competitive they will be. Some of you can’t even memorize the incentives. You don’t know what is available to you because you focus on what you don’t have to focus on.”
The AGI Ghana Industrial summit and exhibition is on the theme, Strengthening Ghanaian Industries for Global Competitiveness. It ends on Thursday, September 12.
The conference was to create a forum for interaction and matchmaking among major oil operations such as Tullow Oil and its major contractors alongside local exhibitions and conference participants from several industries and professional bodies ranging from supply chain logistics, legal and ICT to the academia.