2016 second quarter FDI records considerable improvement - GIPC

The Foreign Direct Investment (FDI) results recorded during the second quarter saw a considerable improvement on the levels recorded in the first quarter of 2016 and the corresponding quarter of 2015.

In the second quarter of 2016, the Ghana Investment Promotion Centre (GIPC) continued to stay on course to achieve its target for increased domestic and foreign investment.

There was an increase of over 400 percent in the amount of initial transfers recorded in the quarter compared with the value recorded in the corresponding quarter of 2015.

Mrs Mawuena Trebarh, the Chief Executive Officer of GIPC, said a total of 51 new projects were registered during the period with a total initial capital transfer amount of 59.12 million dollars.

“Of the 51 projects registered during the period, 40, representing 78.43 per cent, were wholly-foreign owned enterprises valued at 391.17 million dollars, which is 26.97 percent of the total estimated value of projects registered.

“The remaining 11 projects, representing 21.57 percent were joint ventures between Ghanaians and foreign partners valued at 1.06 billion dollars which is 73.03 percent of the total estimated value of projects registered,” she said.

She said the total estimated value of the projects amounted to 1.45 billion dollars with the FDI component of the estimated value of registered projects being 1.41 billion dollars.

Mrs Trebarh said a total of 4,112 jobs were created by the projects recorded and, as part of the Centre’s growing efforts in creating awareness of GIPC services to the local business community, the GIPC continued to engage with local investors through the annual outreach programme.

“As we continue to improve upon our efficiency and also put into action some of the best practices as an Investment Promotion Agency, 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 said.