DUBAI - Yofi Grant, Chief Executive Officer at Ghana Investment Promotion Centre (GIPC), said that the African continent is the most important investment destination in the world, thanks to its richness in natural resources, human capital in addition to vast areas of arable land. He pointed out that its resources are a solution to the climate crisis.
In a statement to the Emirates News Agency (WAM) on the sidelines of COP28, Grant said that the African continent has at least 40% of the world's remaining mineral resources, and most of these minerals are what are called transition metals, which are of great significance for the transition in the energy sector.
In this regard, he noted that most countries in Africa are looking for sustainable partners to enable them to mine safely without increasing the climate crisis that the world is already facing.
He pointed out that Africa's population is 1.4 billion, with at least 60% of the world's remaining arable land. In terms of clean energy, Africa has the greatest potential, as the abundance of sunlight is more than 220 watts per square meter, which is higher than almost anywhere else.
He said that despite the potential available in Africa, foreign direct investment (FDI) represents only about 3% of global FDI, even though it achieves much higher returns than FDI in any other region in the world. He pointed out that many parts of the continent are undergoing a transition and promoting good governance.
Regarding Africa's contribution to global emissions, he said that it is still at around 4%.
Regarding global climate finance directed to the continent, he explained, "Africa has been promised to receive $100 billion to support its climate agenda, but only a small amount has been disbursed."
Grant urged investors to look to Africa as a destination for their investment. He said that the continent offers a number of opportunities, including access to a large market, a young and skilled workforce, and abundant natural resources.