He stated that the continent is endowed with several mineral resources and arable lands that when explored can boost economic growth locally and the world at large.
Speaking at the Second Edition of CEOs Breakfast Meeting in Accra on Tuesday, August 22, 2023, Yofi Grant, however bemoaned the low rate of global FDIs attracted by Africa.
He indicated that despite the resources, markets and opportunities, Africa still attracts less than 5% of global Foreign Direct Investments.
The GIPC CEO said, “Although Africa’s share of FDI has increased…it is still less than 5% of global FDI…this is worrying because the African continent without a doubt in geopolitics stands as probably the most important region of global growth.
“Here’s a continent that has less than 40% of the world’s mineral resources. It has huge population of 1.4billion people…It is also currently the largest tariff free market in the world under the AfCFTA…Africa still has not less than 60% of the world’s arable lands…Africa still stands as the possibility of the continent that will feed the world,” he pointed out.
“Having the resources, having the markets, having the opportunities we are still receiving less than 5% of the global growth of global Foreign Direct Investment,” the GIPC CEO stated.
He noted that the world needs Africa’s resources and capital to grow, therefore, it is imperative that all FDIs attracted must be a win-win case for all by integrating local elements in the supply chains.
Citing some examples, he mentioned that 90% of Platinum, gold, Copper, Lithium, among other resources are mined from African countries.
To buttress his claim, he indicated that minerals needed to electric vehicle batteries can be found in Africa.
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GIPC CEO, Yofi Grant