The Role of the Ghana Investment Promotion Centre in Attracting and Facilitating Diaspora Investments in Ghana

Abstract

This study examined the role of the Ghana Investment Promotion Centre (GIPC) in attracting and facilitating Diaspora investments in Ghana. Specifically, it sought to examined the strategies currently employed by the GIPC to engage the Ghanaian Diaspora in investment activities, analyzed the challenges faced by the GIPC in attracting and facilitating Diaspora investments, evaluated the impact of Diaspora investments facilitated by the GIPC on Ghana’s economic development and identified strategies for enhancing the GIPC’s capacity, initiatives, and policies to effectively leverage diaspora resources for national development. The qualitative research approach and research design utilized was exploratory design. The purposive sampling technique was used to select twenty (20) participants. Both primary and secondary data were collected and analyzed with thematic analysis. The study found that GIPC’s Diaspora Investment Desk operates within a well-structured, comprehensive, and coordinated policy framework. In the first half of 2022, the desk facilitated approximately 122 investments valued at about US$874.01 million, surpassing the US$829.29 million recorded in 2021, an indication of increasing investor confidence in Ghana’s business environment. Additionally, in 2022, the World Bank recognized the GIPC as the best government agency in Ghana for investment promotion. The study recommends that GIPC encourage partnerships between Ghanaian businesses and Diaspora investors, as such collaboration can spur increased investment and open opportunities in local reserved sectors such as the sale of goods and provision of services to support sustainable economic growth.