IFC & EU Partners GIPC To Create Avenue For Regionalize Investments

By Richard Adorsu-

Photo Credit: Needpix

NEW AFRICA BUSINESS NEWS (NABN) Accra- Ghana Investment Promotion Centre (GIPC), in collaboration with the International Finance Corporation (IFC) and the European Union (EU) have initiated steps aimed at creating an avenue to regionalize investments in the West African sub-region.

The move is expected to be initiated through instituting key policy framework and guidelines to attract the needed investments. This has become necessary since Ghana is spearheading the African Economic and Financial Renaissance and the implementation of the Africa Continental Free Trade Area (AfCFTA) which calls for the need to institute policies aimed at directing and guiding the Pan- African trade agenda.

The programme dubbed: West African Competitiveness Project focuses on strengthening the industrial competitiveness of countries in the sub-region and enhancing their integration into both regional and international trading systems to attract more Foreign Direct Investment (FDI).

The project aims to support selected value chains at both national and regional levels to promote transformation and better access to regional and international markets, taking into account social and environmental issues.

The support covers preparation of the regional policy framework for the development of the value chains set out in the regional industrial strategy.

At the International Trade Centre level, the GIPC has been a partner in promulgating an investment framework that is standardized and supported by all members of World Trade Organization (WTO)

Importantly, phase two of AfCFTA’s implementation includes investment protocols and expectations are that by December, 2020, all member countries will be ready to implement the protocol.

The Chief Executive Officer of GIPC, Mr. Yofi Grant said over the past few years, global FDI has shrunk and with the advent of the novel Coronavirus Disease (COVID-19) that has disrupted various business and social gathering, it is expected to shrink further, hence the need to institute a new policy framework aimed at sustaining FDI inflows.

“Whiles I have reservations of it being binding, it’s still important to have a good framework that enables global investment”, he added.

Current Outbreak of Coronavirus (COVID-19) Disease- Coronavirus advisory information, World Health Organization & United States, Centers for Disease Control and Prevention

Coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). A novel coronavirus (nCoV) is a new strain that has not been previously identified in humans.

Coronaviruses are zoonotic, meaning they are transmitted between animals and people.  Detailed investigations found that SARS-CoV was transmitted from civet cats to humans and MERS-CoV from dromedary camels to humans. Several known coronaviruses are circulating in animals that have not yet infected humans.

Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.

Standard recommendations to prevent infection spread include regular hand washing, covering mouth and nose when coughing and sneezing, thoroughly cooking meat and eggs. Avoid close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing. Source- WHO

who.int/emergencies

Coronavirus Q&A, World Health Organization

who.int/news-room

Coronavirus condition overview, World Health Organization

who.int/health-topics

United States, Centers for Disease Control and Prevention

cdc.gov/coronavirus/2019-ncov