GIPC Records Less Projects For 2012

Between January and December 2012, the Ghana Investment Promotion Centre (GIPC) recorded 399 projects, representing a decrease of 22.37 percent compared to 514 projects registered over the same period in 2011.

Mawuena Trebarh, Chief Executive Officer (CEO) of GIPC, who disclosed this to the media yesterday in Accra during the launch of her outfit’s 4th quarter report for 2012, said the total registered value of the registered projects for 2012 amounted to GH¢10.14 billion ($5.63 billion), representing a decrease of 26.68 percent compared to $7.68 billion recorded in the corresponding period of 2011.

A total of 24,562 jobs are expected to be created from the registered projects. 22,192 of the jobs will be for Ghanaians while 2,370 jobs go to expatriates.

“Excluding the estimated value for STX ($2.5 billion) registered in 2011, the estimated value of $5.63 billion registered in 2012 provides an increase of 8.69 percent over the $5.18 billion estimated value recorded for 2011.

“Initial capital transfers for the registered projects in 2012 was GH¢178.15 million ($98.97 million) and an FDI component of GH¢8.83 billion ($4.90 billion) with the local currency component amounting to GH¢1.31 billion ($726.28 million).”

She said a total of 71 Ghanaian projects were registered in 2012 with an estimated value of GH¢7.99 billion.

Commenting on the fourth quarter of 2012, she said it recorded 94 projects.

Of the projects, 63 representing 67.02 percent were wholly-owned foreign enterprises valued at GH¢1.05 billion, adding that the amount was 88.76 percent of the total estimated value of projects registered.

The remaining 31 projects (32.98 percent) were joint ventures between Ghanaians and foreign partners and these were valued at GH¢132.97 million, representing 11.24 percent of the total estimated value of the projects registered.

“The total estimated value of registered projects for the fourth quarter was GH¢1.18 billion. This represents a decrease of 65.68 percent compared to the value recorded in the third quarter of 2012.

“China, with 16 projects, topped the list of countries with the highest number of registered projects. With $236.03 million as the FDI value, the Netherlands topped the list of countries with the largest value of investments registered.”

Sectorally, services, general trading, building/construction and manufacturing recorded 34, 20, 13 and 12 projects respectively.

Seven out of the 10 regions of Ghana directly benefitted from the registered projects during the fourth quarter.

They include Ashanti, Brong Ahafo, Central, Eastern, Greater Accra, Northern and Western regions. 79.79 percent of all the projects registered were located in Greater Accra region.

The initial capital transfers for the newly-registered projects during the quarter summed up to GH¢29 million.

FDI component of the estimated value of projects between October to December 2012 was GH¢944.47, representing 79.86 percent of the total estimated value and a local currency component of GH¢238.21 million, representing 20.14.

The FDI component of the estimated of the projects registered in the third quarter of 2012 was $1.86 billion while the local currency component was $55.06 million.

Total foreign equity was GH¢227.59 while the initial equity transfers was GH¢34.52 million for the quarter.

From the new investment inflows, it is expected that 8,198 jobs will be created.

Out of this, the total number of jobs expected to be created for Ghanaians from the projects are 7,632 with 566 jobs expected to be created for expatriates.