Business News of 2012-10-13

GIPC Records GHC8.95bn Investments

The Ghana Investments Promotion Centre (GIPC) recorded a total of 305 newly-registered projects for the first three quarters of this year with a total estimated value of GH¢8.95 billion.

The foreign direct component amounted to GH¢7.88 billion, representing 6.05 percent over the value recorded for the same period in 2011 while the local currency component amounted to GH¢1.07 billion for the first three quarters.

George Aboagye, Chief Executive Officer (CEO) of GIPC, announcing this to the media in Accra yesterday, stated that a total of 16,364 jobs are expected to be created by the registered projects out of which 14,560 will be for Ghanaians while the remaining 1,804 will go to expatriates.

A total of 95 new projects were registered for the first quarter of this year with a total estimated value of $1.8 billion.

In the second quarter, 68 wholly-owned foreign enterprises and 40 joint ventures were registered and valued at $786.81 million and $1.09 billion respectively while for the third quarter 102 new projects were registered with initial capital transfers of GH¢3.45 billion.

Six of the 10 regions directly benefited from the registered projects during the third quarter. These include Ashanti, Central, Eastern, Greater Accra, Volta and Western regions. 79.41 percent of all the projects registered were in Greater Accra. It is expected that 6,048 jobs will be created from the third quarter projects with 90.05 percent (5,446) going to Ghanaians while the remaining 9.95 percent (602) goes to expatriates.

India, with 12 projects, topped the list of countries with the highest number of registered projects for the quarter.

China, with 40 projects, topped the list of countries with the highest number of registered projects within the first three quarters of 2012. Lebanon topped the list of countries with the largest value of investments totaling $1.48 billion in foreign direct investment.

A total of 59 Ghanaian projects were registered within the first three quarters with a total estimated value of $7.94 billion.