GIPC makes strides despite global crunch

Accra, Dec. 29, GNA - Despite the global crunch, which has slowed do= wn the pace of global economic growth, the Ghana Investment Promotion Centre=

(GIPC) has made significant gains in the 2009 financial year. The GIPC during the third quarter of this year registered a total of= 81 new companies with a combined value of GH¢374.15 million compared to 83= new companies in the second quarter which were valued at GH¢156.34 million.

Mr. George Aboagye, Chief Executive of the GIPC, who announced this at an end-of-year press conference in Accra on Tuesday, said the figure for the third quarter represented a significant jump, inching closer to the country's annual projected estimates of GH¢400 million which had not be= en realized in the previous years.

According to him, fifty out of the total 81 companies registered wit= hin the period were wholly-owned foreign enterprises and valued at GH¢134.9= 6 million while the remaining 31 were joint ventures between Ghanaians and foreign partners valued at GH¢239.19 million.

He said the Foreign Direct Investment (FDI) component of the estimat= ed value of the companies registered during the period under review was GH¢339.32 million while the local currency component amounted to GH¢2= 4.88 million. On sources of the FDI, Mr. Aboagye said China was at the top recordi= ng the highest number of companies in the country but South Africa topped th= e list of countries with the largest value of investments within the period= .. He said the figures in terms of the value and number of companies registered within period indicated that more Ghanaians were investing especially, through joint partnerships.

Mr. Aboagye said taking over as the Chief Executive of the GIPC sinc= e May this year, he had transformed the Centre and had adopted three core values towards dealing with the investment community. He mentioned the values as respect, tolerance and service, which, he=

said, had revived the hope and belief in the country's investment climate=

culminating in the significant gains made within the period. He said to end the agitations between locals and foreigners within t= he country's trade sector, the GIPC earlier this year, inaugurated a Nationa= l Task Force to monitor the activities of foreigners to ensure that Ghana's=

investment regulations were respected and complied with.

Mr. Aboagye said the National Task Force had been working effectivel= y resulting in the foreigners regularizing their operations, a situation wh= ich had stemmed the agitations of the Ghanaian traders. He also spoke about the centre's organization of the Ghana Investmen= t Forum and the 2009 Ghana Club 100, which saw the introduction of the best=

listed company on the stock market.

Mr. Aboagye also announced the relocation of the GIPC to its origina= l offices within the Public Services Commission building in the Ministries area in Accra. He said the relocation was to ensure proximity to all major Ministri= es, Departments and Agencies (MDA) that worked closely with the GIPC as well as to deliver improved services to its clientele. He reiterated the Centre's commitment to position Ghana as the preferred place for doing business in Africa. Meanwhile, the GIPC will release the figures for the last quarter in=

January but the Chief Executive says the Centre has already registered cl= ose to 80 companies for the period.