Ghana Registers 83 New Investments

83 new investments were registered in the third quarter of 2009, as against 81 in the second quarter, with the total value of investments estimated at GH¢374.15 million ($267.25 million), compared to GH¢156.34 million ($111.67 million) recorded in the second quarter of 2009.

George Aboagye, Chief Executive Officer (CEO) of Ghana Investment Promotion Centre (GIPC), who disclosed this to the media in Accra last week, said the new investments represented a significant increase of 139.32 percent over figures of the previous quarter, despite a 1.22 percent drop in the number of investments recorded.

China topped the list of countries with the highest number of projects while South Africa topped the list of countries with the largest value of investments.

50 of the projects, representing 61.73 percent, were wholly owned foreign enterprises with a value of GH¢1345.96 million while 31 percent constituted joint ventures between Ghanaians and their foreign partners.

The joint ventures recorded a value of GH¢239.19 million (63.93 percent) of the total estimated value of projects while the wholly owned entities had a value of GH¢134.96 million, representing 36.07 percent.

The Foreign Direct Investment (FDI) component of the estimated value of the 81 projects stood at GH¢339.32 million, representing 90.69 percent while the local currency component was GH¢34.83 million, representing 9.31 percent.

Since the launch of a National Task force in July 2009 to monitor activities of foreigners in the trading sector and ensure their compliance with Ghana’s investment regulations, shops of some foreigners who flouted the law had been re-opened after they were regularised.

Among these was a Nigerian company by name JDDBC Limited. The inclusion of the Ghana Union of Traders Association (GUTA) in the National Task Force has stemmed the regular agitation by members of association.

It has relatively reduced the indiscriminate flouting of the country’s investment laws. GIPC further reminded its stakeholders and investors of the relocation of its offices to its original offices within the Public Services Commission building at the ministries area. This measure is to ensure proximity to all Ministries, Departments and Agencies (MDAs) to improve its service delivery.