Business News Tue, 11 May 2010

GIPC records GHc 263.43 million for first quarter of 2010

Accra, May. 11, GNA - The Ghana Investment Promotion Centre (GIPC), on Tuesday said that it has recorded a significant gain during the first quarter of 2010 financial year with estimated value of GH¢ 263.42 milli= on. The GIPC during the first quarter of this year, registered a total= of 108 new projects with an increase of 208.57 percent compared to 35 registered projects in the first quarter of 2009, Mr. George Aboagye, Chi= ef Executive of the GIPC said.

Addressing at a press conference in Accra, Mr Aboagye said the figur= es for the first quarter represented a significant jump as compared to last year. He said the Foreign Direct Investment (FDI) component of the estimat= ed value of the projects registered during the first quarter under review wa= s GH¢225.88 million while the local currency component amounted to GH¢3= 7.34 million. Mr. Aboagye said the GIPC was optimistic the growth of the FDI for t= his year would push the earnings up to US 161.34 million compared to US 16.53=

million, earned during the first quarter of last year.

He said that to end the agitations between locals and foreigners wit= hin the country's trade sector, the GIPC earlier had inaugurated a National T= ask 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 said to ensure effective monitoring of the activities of the fore= ign investors and traders, the Central and Western Regional Task Force would be inaugurated in Cape Coast and Takoradi on May 13 and 14, 2010 respectivel= y. The Task Force would comprise representatives from the Customs Excis= e and Prevention (CEPS), Ghana Immigration Service (GIS), Social Security a= nd National Insurance Trust (SSNIT), Internal Revenue Service (IRS), VAT Service, Ghana Union of Traders Association (GUTA), the Ministry of Trade=

and Industry (MOTI) and the Registrar General's Department and GIPC. He said the Center launched the "Ghana club 100 Awards" in February this year which would now be combined with the "Invest in Ghana" seminar. It is an annual event to honour the top 100 companies in the corpora= te excellence under the theme "Enhancing partnership between domestic and foreign investment for economic growth." The awards will be given to ten sector of the economy, including Agriculture and Agribusiness, Financial Services, Petroleum and Mining Services, Tourism Health among others.

Invest in Ghana Seminar is organised in collaboration with the Swis= s Agency for investment (OSEC).

Mr. Aboagye said there were discussions with the Cargill S.A., a multinational producer and marketer of agricultural, financial and industrial products in Switzerland on the establishment of a 450,000 metr= ic tone sugar processing plant in Ghana. "The productive capacity of the refinery is expected to increase to 650,000 metric tones per annum with an estimated value of the project is US$ 100million."

Source: GNA