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GIPC records three billion dollars investment in first
quarter
Accra, April 23, GNA - The Ghana Investment Promotion Centre
(GIPC) recorded three billion dollars (3 billion) worth of
investment in the first three months of 2008.
This represents a very significant increase compared to
36.75 million dollars for the same period in 2007.
Ninety-two new projects were registered during the quarter,
out of which three were liaison offices. The total number of
projects for the same period in 2007 was 57.
Commenting on the report, Mr Robert Ahomka-Lindsay, Chief
Executive Officer of GIPC said it was a demonstration of the
targeted and focused nature of the investment drive being
pursued by the Centre.
Of the 92 projects, 56 representing 60.9 per cent are new
wholly owned foreign enterprises, with the remaining 36
projects or 39.1 per cent being joint ventures between
Ghanaians and their foreign counterparts.
The Joint venture projects are valued at 2.9 billion dollars
while the 100 per cent foreign owned enterprises are valued
at 46 million dollars.
The sectoral composition saw projects in general trading
topping the list with 29 projects, services 19,
manufacturing 16, and tourism, among others.
Building and Construction, which has six projects, account
for about two billion of the value of total investments
while trading is worth 819.3 billion.
Some of the high profile companies attracted during the
quarter included Kampac Resources Ghana Limited, which alone
accounts for more than two billion dollars in investment for
the rehabilitation and modernization of the western and
Central Railway lines.
Nana Industries, steel manufacturing, Savannah Diamond
Company, processing and manufacture of cement and Westcom
Steel limited are among the major companies.
“We are attracting investments into the critical areas of
the economy and this is important to sustain growth,” Mr
Ahomka-Lindsay said.
India and China continued to top the list of countries with
greater number of projects during the period. However, in
terms of value of projects the United Arab Emirates account
for two billion dollars of investment during the period.
The location of projects continues to be skewed in favour of
the Greater Accra Region, which accounts for 79 projects out
of 92. The other seven regions shared the remaining 13
projects. There were no projects registered in the Upper
East and West regions.
Over 9,700 jobs are expected to be generated from the
projects with Ghanaians accounting for nearly 94 per cent of
employment
Mr Ahomka-Lindsay said the Centre was making efforts to
ensure fair and equitable distribution of projects across
the regions.
However, he said, investors continue to be attracted
to Accra because of ready infrastructure and linkages.
“We are encouraging investors to venture into the regional
centres and one way we can do this successfully is through
agriculture and agri-business,” he said.
The Centre, he said, would pursue vigorously the attraction
of investment into the agriculture and agri-business
sectors.
GNA
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