GIPC expecting high volumes of FDI from Singapore

The Ghana Investment Promotion Council (GIPC) is expecting high volumes of FDI from Singapore in the coming months.

 

Singapore is expected to invest in light manufacturing, ports and logistics and agriculture, as well as in the country's ailing power sector.

 

“There are a number of business-to-business discussions currently on-going between Ghanaian businesses and their counterparts from Singapore. We expect those discussions to lead to increased investments in the coming days,” Mawuena Trebarh, GIPC's CEO said at a 23 July press briefing announcing a memorandum of understanding between GIPC and International Enterprise (IE) Singapore.

 

IE Singapore's CEO Teo Eng Cheong told the press briefing, “A lot of Singaporean companies have expressed interest in investing in Ghana and they are looking almost at all sectors, especially the oil and gas, agriculture and infrastructure, among others … Singapore has a lot of interest in Africa and we think that setting up in Ghana and in South Africa is the best way to send that signal,” he said.

 

Trade between Ghana and Singapore currently stands at around US$1 billion, and FDI inflows amounted to US$250 million in 2012, according to data. “Our desire now is to build on this success by creating the right atmosphere for businesses from Singapore to invest in the country,” Mrs Trebarh said.

 

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