On August 21, 2023, the Ghana Investment Promotion Centre (GIPC) joined forces with the Japan External Trade Organization (JETRO) to orchestrate a Business Forum centered around Ghana's investment and regulatory environment.

The occasion offered a platform to familiarize the Japanese Business Community with the prevailing investment trends and prospects spanning various sectors in Ghana. This served as a guiding resource for their expansion and investment deliberations.

The Forum also acted as a conduit for existing Japanese investors currently operational in Ghana to become acquainted with GIPC's potential role in facilitating their business activities within the country. Additionally, they were informed about the distinctive Aftercare services designed to tackle post-establishment concerns.

Addressing the gathering, Mr. Yofi Grant, the CEO of the GIPC, emphasized the ongoing dynamic engagement between Ghana and the Japanese business community. Notably, Japan stood as the 12th largest contributor of foreign direct investment (FDI) to Ghana between 2017 and 2022.

He acknowledged that while the current economic landscape bears challenges as nations recover from global political and health crises, numerous opportunities still exist in Ghana and across Africa, waiting for investors to harness.

“Beyond all that is happening in the world, there is a tacit agreement that Africa has a significant role to play in reviving the global economy, considering its vast unexplored resources and market. We believe that Ghana is an entry point to this real potential” Mr. Grant mentioned.

He added that “Ghana recognizes the quality of Japanese business operations and is very keen on exploring and maintaining mutually beneficial partnerships with the Japanese business community”.

Hisanobu Mochizuki, the Japanese ambassador to Ghana, addressed the audience after waiting his turn to speak. He highlighted that over the previous ten years, there have been more Japanese investments in Ghana, and there is still room for more.

He also discussed several problems with the investment climate, but he told the Japanese investors that GIPC would work with them to find solutions.

“We recognize GIPC as an important partner in assisting our companies overcome the challenges that they may face in doing business in Ghana,” he noted.

Adding to the discussions, Mr. Hiroaki Sekine, the Director General of JETRO's Accra Office, pointed out factors such as "complex administrative procedures, volatile exchange rates, and security" as contributors to Japan's comparably lower level of investment in Africa. He revealed that Japanese investments in 2022 reached a total of 175 billion USD, distributed as follows: 36% in the US, 24% in the EU, 24% in Asia, 8% in Central & South America, 6.5% in Oceania, and 1% in Africa.

Nevertheless, he conveyed optimism regarding increased investment flows to Africa, especially Ghana, from Japan. He urged the GIPC to assist in addressing challenges faced by investors, aiming to position the country as the premier investment destination in the region.

Following Mr. Sekine's remarks, presentations were made by Eugenia Okyere, GIPC's Head of Research, and Vivian Ampadu, a Senior Investment Officer from the Aftercare team. They respectively delved into the pattern of Japanese investment in Ghana and how GIPC can offer support to Japanese enterprises regarding post-establishment matters.

Subsequently, participants were afforded the opportunity to express their concerns and offer suggestions related to operational obstacles and necessary support systems for advancing progress in Ghana.