Business News of 2014-01-10

India tops investment list

India registered 23 projects in the first nine months of 2013 to top the list of countries with the highest number of projects in Ghana.

Figures from the Ghana Investments Promotion Council (GIPC) showed that the total number of expected jobs to be created increased by 65.91 percent over the 6,048 expected jobs in the corresponding quarter of 2012.

In all, 144 new projects were registered in the third quarter and are expected to create 10,034 jobs.

86.31 percent (8,660) of the total jobs to be created in the third quarter will be for Ghanaians while the remaining 13.69 percent (1,374) will go to expatriates.

Legally registered Foreign Direct Investments (FDIs) for the period declined in value but increased in number.

The total FDI component recorded US$3,242.72 million, representing a decrease of 25.97 percent over US$4.38 billion recorded for the same period in 2012.

Of the 144 projects registered, 108 projects, representing 75 percent, were wholly foreign-owned enterprises valued at US$1,032.71 million, representing 34.74 percent of the total estimated value of projects registered.

The remaining 36 projects, representing 25 percent were joint ventures between Ghanaians and foreign partners valued at US$1,940.27 million, representing 65.26 percent of the total estimated value of projects.

Total initial transfers over the period stood at US$75.34 million, a decrease of 9.08 percent over US$82.86 million 2012.