Investment Promotion Center Hauls $35.8 Million Investment

The Ghana Investment Promotion Centre (GIPC) has recorded a total of 86 projects with a capital outlay of $35.8 million in the first half of the year 2001.

The centre's Second Quarter Investment Report for this year shows that 54 projects costing $19.9 million were recorded in the second quarter while 32 projects estimated at $15.9 million were registered in the first quarter.In the second quarter the service sector recorded 15 projects costing $10.7 million, while the manufacturing and tourism sectors registered 14 and 5 projects costing $2.8 million and $0.6 million respectively.

In the first quarter the service sector registered 11 projects involving $9.5 million followed by the manufacturing sector with 10 projects at the cost of $3 million and the tourism sector with two projects costing $1.2 million.According to the report it was expected that 873 Ghanaians and 68 non-Ghanaians would get jobs in the first quarter while jobs will be created for 1,956 Ghanaians and 156 non-Ghanaians in the second quarter.

Between September 1994 and June 2001 the centre has registered 1,246 Foreign Direct Investment (FDI) projects estimated at $1.64 billion. The projects comprise 821 jointly owned by foreigners and Ghanaians and 425 wholly foreign-owned.

Within the period joint foreign-Ghanaian projects have been re-capitalised at $1.2 billion whilst wholly foreign-owned projects are estimated at about $408.5 million. So far the total FDI in the country have been projected to generate employment opportunity for about 66,680 Ghanaians and 4,264 foreigners. Within the period, foreign capital transfers in respect of the minimum required by law amounted to $167.4 million.

Great Britain leads other countries with foreign investment into the country, registering 131 projects and India with 105 while China, USA, Germany and Lebanon follow in that order with 100, 89, 82, and 71 projects respectively.

The Greater Accra Region continues to have the highest volume of investment with a 983 projects or 78.9% out of the total 1,246 received by the country.

The region had a total of 72 projects this year with 31 in the first quarter and 41 in the second quarter. The Ashanti Region follows with 91 projects between 1994 and 2001.