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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.


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