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US$820.7 m value of investment projects registered in 3Qtr 2015- GIPC

By: Fred Yaw Sarpong- Daily Express

                                               Mawuena Trebarh, CEO of GIPC

About US$820.70 million value of new investment projects were registered in the third quarter of 2015, the Ghana Investment Promotion Centre (GIPC) has announced.

According to GIPC, which facilitates investment activities and provides assistance to investors, the total initial capital transfers for the newly registered projects during the quarter amounted to US$15.82 million.

During the period, 52 new investment projects were registered by the centre, out of which 37 (71.15%), were wholly-foreign owned enterprises valued at US$505.94 million.

The projects registered during the quarter were Agriculture 1 project valued at US$10.00 million, representing 1.22%; Building/Construction 5 projects valued at US$300.13 million, representing 36.57%; Export Trade 3 projects valued at US$0.79 million, representing 0.10%; and General Trading 5 projects valued at US$19.10 million, representing 2.33%.

The rest are Liaison 6 projects valued at US$4.20 million, representing 0.51%; Manufacturing 17 projects valued at US$94.04 million, representing 11.46%; and Services 15 projects valued US$392.45 million, representing 4.7.82%. Tourism recorded negative during the quarter.

According to GIPC’s 2015 third quarter report, the remaining 15 (28.85%) investment projects were joint ventures between Ghanaians and foreign partners valued at US$314.77 million

Six out of the 10 regions in Ghana directly benefited from the registered projects during the quarter. The regions were Ashanti (3 projects), Eastern (3 project), Greater Accra (39 projects), Brong Ahafo (2 projects), Western region (4 projects), Central (1 project) and Eastern (3 projects).

Per the regional distribution of the projects, 75% of all the projects registered are located in the Greater Accra region.

China, with 14 projects was the country with the highest source of investments in the third quarter. However, with an FDI value of US$301.36 million, Turkey topped the list of countries with the largest value of investments registered during the quarter. Other countries were Netherlands, India, South Africa, Lebanon, Singapore, United Kingdom, Nigeria and Vietnam.

A total number of 5,993 jobs were expected to be created for the quarter. About 5,307 (88.55%) jobs were meant for Ghanaians while 686 (11.45%) jobs were for non-Ghanaians.

Per the report, the foreign direct investment (FDI) component of the estimated value of the projects registered during the period was US$587.55 million, representing 71.59% of the total estimated value, and a local currency component of US$233.15 million, representing 28.41%.

The total foreign equity was US$117.31 million and the initial equity transfers was US$15.82 million) for the quarter.

According to the Chief Executive Officer the GIPC, Mrs. Mawuena Trebarh Foreign Direct Investment (FDI) inflow in the year 2015 as recorded by the centre has been increasing steadily so far.

She said GIPC recorded a total of 52 projects in the third quarter, an increase of 37% and 73% over the projects recorded in the first and second quarters respectively.

Mrs. Trebah said this brings the total number of projects registered in 2015 to 120 projects with a total estimated cost of US$2.29 billion and a total FDI component of US$2 billion, an increase of 18% over the recorded amount in the corresponding period of 2014.

“This steady increase is expected to be maintained for the rest of the year and beyond as various initiatives continue to be embarked upon by the Centre to sustain the positive results gained so far,” she noted.


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