Accra, 24 June 2014 – The 2014 World Investment Report (WIR) has been launched in Accra at an event attended by some 60 people representing the public and private sectors, academia and the media.
According to the report, Africa accounted for a 4 per cent increase in Foreign Direct Investment (FDI) inflows last year, while landlocked developing countries recorded an overall decrease. The poorest countries of the world are becoming less and less dependent on extractive industries, WIR 2014 concludes. With regards to economic policy trends, data reveals a clear tendency of increases in the use of incentives, such as tax-breaks and benefits, to attract investment.
The report, presented by Phillip Cobbina, lecturer at Ghana Institute of Management and Public Administration, “offers a global action plan for galvanizing the role of businesses in achieving future sustainable development goals (SDGs), and enhancing the private sector’s positive economic, social and environmental impacts.” For a practical example of how the business sector contributes to development, the Acting Treasurer of the Agricultural Development Bank, Ghana, Mr. John Kwame Mensah Zigah provided an insight into the bank’s development projects and corporate policy.
A long discussion followed after the official launch which was performed by Dr. John Hawkins Asiedu, an Economist at the Ministry of Trade and Industry on behalf of his Minister. Invited guests and journalists raised questions on the post-2015 development framework, Ghana’s FDI trends and projections and the cost-benefit analysis of FDI in Ghana.
“If we want to attract FDI we should be ready. Do we have the critical mass of skills [to make use of the investments]?” Mr. Cobbina answered when a journalist asked whether the benefits from attracting FDI to the country justify the costs.