GIPC registers 105 projects during second quarter

Accra, July 27, GNA - Te government's resolve to create an enabling environment for growth of businesses has started paying off making the country to record 105 projects valued at about 663 million dollars in the second quarter of the year.

Mr George Aboagye, Chief Executive Officer of Ghana Investment Promotion Centre (GIPC), said this at a press conference in Accra on Tuesday.

He said 93this brings to 213 projects registered for the first half of 2010 estimated at about 851 million dollars".

Mr Aboagye said out of the 851 million dollars, about 761 million dollars represented Foreign Direct Investment (FDI) component while the rest was a joint venture between Ghanaian businessmen and their foreign partners.

FDI (761 million dollars) recorded in the first half of 2010, represented an increase of 599 per cent compared to 109 million dollars recorded in the corresponding period in 2009.

The second quarter of 2010 also recorded an initial capital transfer of about 16 million dollars bringing to a total of 30.36 million dollars initial capital transfers for the first half of 2010.

He said the new projects recorded in the second quarter of the year were in eight different sectors.

These are agriculture 50 per cent, services 38 per cent, manufacturing about eight per cent, general trading two per cent, building and construction 1.16 per cent, export trade 0.68 per cent, tourism 0.39 per cent and liaison 0.02 per cent.

Mr Aboagye said 93these projects are expected to create 89,483 jobs in the second quarter of this year bringing to a total of 94,952 jobs expected to be created for Ghanaians within the first half of 2010".

He said India registered 17 projects which is the highest and Bermuda investing the largest volume of 300 million dollars during the quarter.

On geographical basis, Mr Aboagye said six regions excluding Volta, Upper East, West and Central Regions, benefited directly in terms of citing of projects while 89.52 per cent of the projects were located in Greater Accra Region alone.

He said GIPC would organise an 93Invest in Ghana Seminar" in September to be climaxed with 93The Ghana Club 100 Awards" to engage investors and investment facilitators in rapid development.

Mr Aboagye gave the assurance that GIPC would continue to generate enthusiasm in the country's business environment through sustained advocacy and promotions to attract more investment.