Skip to main content

GIPC registered 51 projects valued at US$1.45 billion


By: Fred Yaw Sarpong-Daily Express

The Ghana Investment Promotion Center (GIPC) recorded estimated value of 51 newly registered projects at US$1.45 billion between April 2016 and June, 2016.

The foreign direct investment (FDI) component of the total estimated value of the projects registered during the period under review was US$1.41 billion, representing 97.54% of the total estimated value, and a local currency component of US$35.71 million, representing 2.46%.

The total foreign equity was US$551.04 million and the initial equity transfer was US$59.12 million for this quarter.

Out of the 51 projects registered during the second quarter, 40 projects representing 78.43%, were wholly-foreign owned enterprises valued at US$391.17 million. This is 26.97% of the total estimated value of projects registered.

The remaining 11 (21.57%) were joint ventures between Ghanaians and foreign partners valued at US$1.06 billion which represented 73.03% of the total estimated value of projects registered.

The projects registered by the center during the period were Agriculture (3) valued at US$8.68 million; Building and Construction (3) valued at US$1.04 million; Export Trade (1) valued at US$0.50 million; and General Trading (4) valued at US$6.17 million.

The rest are Liaison (7) valued at US$5.71 million; manufacturing (13) valued at 288.63 million; and Services (20) valued at US$1,139.47 million.

The second quarter of 2016 recorded a total number of 188 project renewals and expected employment to be created was 4,112. This is made up of 3,729 Ghanaians while 383 were non-Ghanaians.

Seven out of the ten regions directly benefited from the registered projects during the quarter.
The regions are Ashanti (5 projects) Central (1), Eastern (1), Northern (3), Volta (1) and Western region (2). Greater Accra recorded 38 projects, representing 74% of all the projects registered.

China, with 13 projects, ranked the number one source of investments by number of projects. The rest are United Kingdom 4, USA 4, Belgium 2, France 2, Israel 2, Mauritius 2, Netherlands 2 and Portugal 2 projects.

Also, with an FDI value of US$1.06 billion, Singapore topped the list of countries with the largest value of investments registered during the quarter.

The Chief Executive of the center Mrs. Mawuena Trebarh said as part of our growing efforts in creating awareness of GIPC services to the local business community, the GIPC continues to engage with local investors through the annual outreach program.

“As we continue to improve upon our efficiency and also put into action some of the best practices as an IPA, we are confident that the end of the year results of recorded FDI inflows and other results in accordance with our mandate will be reflective of our collective team effort,” she added.




Comments

Popular posts from this blog

PFM Act to guide local government authority borrowing

By: Fred Yaw Sarpong
The bill, Public Financial Management (PFM) Act 921 which has been passed into law by Parliament is to guide public institutions especially the local government authority borrowing. The law was pass on 3rdAugust, 2016
According to the law, local government authority, a public corporation or state-owned enterprise is liable for the debt and other obligations without recourse to Government, unless otherwise explicitly guaranteed by Government in accordance with this Act.
Madam Eva Esselba Mends, the Chief Economic Officer and Group Head of PFM at the Ministry of Finance told the Daily Express that the law involves a lot but it also give instruction to how state institutions can borrow especially with the  local government authority.
She mentioned that there is no specific law in place that gives direction as to what local authority can do when it comes to borrowing by the authority. Other public corporations sometimes borrow with huge amount for their operation but loca…

Tigo donates 540 tablet phones Death and Birth Registry

By: Sarpongs.blogspot.com 
Tigo Ghana has presented 540 tablets phones with internet connectivity to the Births and Deaths Registry (BDR) for the pilot phase of the automated birth registration programme.
This form parts of Tigo’s strategic focus to accelerate birth registration in Ghana through mobile technology. Tigo in partnership with UNICEF is providing this technology platform.
A statement from Tigo stated that the tablets will allow birth registration attendants from the Births and Deaths Registry to electronically capture details of all new births in 300 communities across Ghana.
The automated birth registration programme which was launched in May this year, is expected to make a significant contribution to an improved national average registration rate, an increase from 65 percent of all children under age one to at least 75 percent by the end of 2017.
According to Tigo, a successful pilot will also contribute to progress under Ghana’s National Civil Registration and Vital Statist…

Vodafone fined a record £4.6 million for IT blunder

A top-up error left pay-as-you-go customers out of pocket and complaints were mishandled
Vodafone has been fined a record £4.6 million by the telecoms watchdog forleaving thousands of customers out of pocket in a disastrous IT blunder.
Ofcom found that the operator mishandled complaints and failed to pay into the accounts of more than 10,000 pay-as-you-go customers when they topped up their credit.
The top-up error, which cost customers £150,000 over 17 months in 2014 and 2015, stemmed from the moving of 28.5 million accounts to a new billing system.Errors in billing data and price plans caused so much protest that it made Vodafone the most complained-about mobile network in Britain.The technical issues were resolved by April 2015 and all accounts are now on the new system, Vodafone said.
Lindsey Fussell, Ofcom’s consumer group director, said:“Vodafone’s failings were serious and unacceptable, and these fines send a clear warning to all telecoms companies.”
The company says that it has ref…