In the 21st century, why is GIPC still conducting roadshows? What are you showing the world that they don’t already know or can’t access online?
There are other organizations, such as the Ghana Export Promotion Authority and the Ghana Chamber of Commerce, that also conduct roadshows in different countries. So why does GIPC waste money doing the same?
Before you conclude that I am naive about GIPC’s role, please reconsider. For a country to attract foreign direct investment (FDI), it must be a preferred destination for doing business. In today’s world, there are companies specializing in destination intelligence. Foreign companies that want to invest in Ghana often do not trust the information provided by GIPC or government officials during these roadshows. Instead, they hire destination intelligence firms to gather data for their boardroom decisions.
The big question is: Is Ghana a preferred destination for investment? Overall, the answer is NO. This might sound controversial, but let me explain.
We often say Ghana is a friendly country, not violent, and that we welcome visitors with a big “Akwaaba” smile. While these qualities are great for tourism, they do not necessarily attract investment.
If a tourist wants to invest in the country, what do they need? They require data, policies, and a financial environment that supports business growth.
- Data: Ghana is very poor at collecting datasets across all sectors. For example, if you go to the Ministry of Transport and ask how many people traveled by road from Accra to Kumasi in 2023 and 2024, you might be surprised by their response. There has been no hydrological data on our rivers for the past ten years. As a hot country, what is the growth rate for air-conditioning units? I could continue to illustrate the lack of data necessary for making informed business decisions in Ghana.
- Policies: We have made efforts to shape policies that attract investors, but how do these compare with our ECOWAS neighbors? High interest rates, elevated import duties, and taxes are significant deterrents.
My point is simple: GIPC should focus internally to ensure that conditions in Ghana are favorable. Spend money on collecting data and engage the government to implement investor-friendly policies. Then, investors—who are always looking for good returns—will consider Ghana. Every business looking to enter Africa considers Ghana for West African operations, but we often lose out to Nigeria or Ivory Coast based on various factors.
GIPC, please stop wasting our money on unnecessary roadshows and conferences. Thank you.
Kwadwo Poku
(INSTEPR)
