Ghana Investment Promotion Centre registers 97 new projects

Accra, Nov. 5, GNA - Ghana's conducive business environment continues to attract more investors as she registered 97 new projects in the third quarter of 2010 representing an increase of 19.75 per cent compared to 81 projects registered in the corresponding quarter of 2009. The total estimated value of the newly registered projects was GH¢400.65 million (US$286.18 million), an increase of 7.08 per cent compared to GH¢374.15 million (US$267.25 million) recorded for the corresponding quarter in 2009.

Mr George Aboagye, Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), announced the figures at a press conference in Accra on Thursday.

He said out of the 97 projects registered, 70, representing 72.16 per cent, were wholly-owned foreign enterprises with an estimated value of GH¢355.40 million (US$253.86 million), which is 88.71 per cent of the total estimated value of projects registered. Mr Aboagye said the remaining 27, representing 27.84 per cent, were joint ventures between Ghanaians and foreign partners valued at GH¢45.25 million (US$32.32 million), which was 11.29 per cent of the total estimated value of projects registered within the quarter under review.

He said the total initial capital transfers for the third quarter of 2010 was GH¢22.59 million (US$16.13 million), an increase of 0.75 per cent compared to GH¢22.42 million (US$16.01 million) recorded for the second quarter of 2010.

Mr Aboagye said the Foreign Direct Investment (FDI) component of the estimated value of the projects registered for the third quarter of 2010 was GH¢303.39 million (US$216.71 million), representing 75.72 per cent of the total estimated. The local currency component amounted to GH¢97.26 million (US$69.47 million), representing 24.28 per cent. "For the corresponding quarter of 2009, the FDI component of the estimated value was GH¢339.32 million (US$242.37 million), representing 90.69 per cent of the total estimated value and the local currency component amounted to GH¢34.83 million (US$24.88 million), representing 9.31 per cent of the total estimated value," he said. Mr Aboagye said the total number of jobs expected to be created from the projects registered in the third quarter of 2010 was 5,964 of which 5,312 would be jobs for Ghanaians while and the remaining 652 would be for expatriates.

He said year to date, a total of 312 projects with a total estimated value of US$1.14 billion had been recorded with an FDI component of US$977.93 million, a significant increase compared to US$351.22 million recorded in the corresponding period in 2009. "The initial capital transfers recorded so far this year amounts to US$47.10 million. Around 116,015 jobs are expected to be created from the projects recorded for the first three quarters; 100,264 of these jobs will be for Ghanaians and the remaining 15,750 will be for expatriates" he said.

Mr Aboagye announced that from December 2-5, the Hubei Sub-Council of the China Council for the Promotion of International Trade (CCPIT) would be organising a four-day trade and investment exhibition in Accra dubbed "Hubei China - Ghana Trade & Investment Exhibition". He said the exhibition is aimed at creating a platform for companies from the Hubei Province of China to explore areas of collaboration with their Ghanaian counterparts in several areas. They include light industry, furniture, household appliances, mechanical and electrical products, hardware and building materials, agricultural machinery, auto parts, shipbuilding and maintenance, power generation equipment, medical equipment, solar water heater and solar energy products. He said it was being organised in collaboration with the GIPC, Ministry of Trade and Industry, Ghana National Chamber of Commerce and Industry (GNCCI), Ghana Trade Fair Company (GTFC), JAJ Africa Consultancy and Investment Ltd, Ghana-China Friendship Association and Zoomlion Ghana Ltd. He said during the four-day exhibition, there would be a business seminar on investment opportunities in Ghana and one-on-one meetings between Hubei and Ghanaian companies. 5 Nov. 10