The Ghana Investment Promotion Centre (GIPC) is considering a downward review of its $10 billion targets in Foreign Direct Investments (FDIs) for this year.
This is due to the Coronavirus outbreak which has already seen global stocks losing over $3 trillion just before the end of the first quarter of 2020.
With a limit on capital inflows and transactions as many countries enforce social distancing measures to contain or prevent the virus, CEO of the GIPC, Yofi Grant, tells JoyBusiness there is no option than to slash down expectations of a high FDI target.
Mr Grant said, “Many countries have banned large meetings; on this side of Ghana the presidency has issued a temporary travel ban which is in order because of the scourge of the Coronavirus and many other countries have even closed their flights and that would impact the flow of capital.”
He said, “World markets have lost so much value – as at last week about $6.5 trillion was lost on the global stock exchange. This definitely leaves us with no option than to reduce our FDI target,”
Yofi Grant spoke at the sides of a CEOs breakfast meeting by GIPC which walked business executives through Ghana’s Companies Act.
So far, President Akufo-Addo has banned the country’s public officials from foreign travels as the deadly coronavirus scourge continues to spread. The Covid-19 has infected more than 115,800 persons, killing over 4,200 worldwide.
While the number of new cases in China – the epicentre of the outbreak – slowed down tremendously, the scourge is now gaining pace around the world with cases confirmed in Algeria, Burkina Faso, Togo, Tunisia, Morocco, Egypt, Senegal, and Nigeria.
The temporary travel ban comes days after President Akufo-Addo called for greater care, advising Ghanaians against shaking hands. Ghana has already begun establishing “isolation and treatment” centres for potential cases. The government has also procured some 5000 personal protective equipment for health workers in anticipation of the arrival of potential cases.
Ghana has firmed up the protocol for inbound traffic from countries affected by the fast-spreading coronavirus (COVID-19) in a bid to prevent the disease from entering the country.
President Akufo-Addo revealed this on 11 March in a televised national address on measures the government has put in place in the wake of the coronavirus outbreak that has now been declared a global pandemic by the World Health Organisation (WHO).
He explained that a recent directive from the Jubilee House banned all Ministers, Deputy Ministers, Metropolitan, Municipal and District Chief Executives (MMDCEs) and heads of government agencies from foreign travels is among measures to quell a possible outbreak of the disease in Ghana.
Source: myjoyonline.com
