GIPC registers 49 new projects

The Ghana Investment Promotion Centre says it has registered 49 new projects with estimated value of US$3,040.13 million for the first three months of 2017.

The Foreign Direct Investment (FDI) component of the estimated value of registered projects was US $2,954.61 million.

Commenting on the performance, Chief Executive Officer of GIPC, Yoofi Grant, said the first quarter has been an exciting period for the GIPC following the initiation and commencement of some critical business-friendly policies and projects of the new political administration.

He said some of government’s innovative policies and programmes and improved tax system had boosted investor confidence, leading to the influx of visits by potential investors.

Mr. Grant said the move had also rejuvenated local businesses to ready themselves for possible partnerships with their foreign counterparts.

“GIPC’s new direction is to take business people on all missions to have B2B and direct engagements, and to prepare investment memoranda for all activities undertaken. The GIPC recorded an appreciable level of FDI inflow within the period,” he said.

In 2016, the total FDI into the country was about US$2.4 billion, an amount which was lower than the US$2.7 billion recorded in 2015.

Mr Grant said there was the need to have 2016 total inflows doubled to spur job creation.

“Judging by the current approach of the staff and management to their activities of promoting investments and delivering all round positive results, the GIPC is confident of achieving its set target of US$5 billion for the year 2017 and to also make Ghana the best investment destination in Africa,” he said.

Based on the projects registered by the GIPC in this quarter alone, about 2,551 jobs are expected to be created, out of which 343 are expected to go to expatriates.

A total of 14 Ghanaian projects were registered during the period in five regions, with Greater Accra registering the highest number of eight.

The services sector registered the highest number, with 6 projects.

The building & construction sector recorded the highest number of expected jobs (1,447) to be created.

China, with 10 projects, had the highest source of investments in the first quarter of 2017.

However, with an FDI value of US$2.43 billion, Netherlands topped the list of countries with the largest value of investments registered during the quarter.

Apart from the Upper East and West, and Central regions, all the other regions will benefit from the registered projects.

The Greater Accra Region accounts for the highest number of projects.