Chinese companies top FDI list in Ghana

Chinese companies top the list of companies registered in terms of Foreign Direct Investment (FDI) in Ghana, the CEO of the Ghana Investment Promotion Centre (GIPC) has said.

Mr. George Aboagye said the FDI component of the estimated value of the companies registered during the period under review was GH¢339.32 million while the local currency component amounted to GH¢24.88 million.

Speaking at a press conference in Accra, he said while Chinese companies record the highest number of companies in the country, South African companies top the list of countries with the largest value of investments in Ghana in 2009.

He said the GIPC during the third quarter of this year registered a total of 81 new companies with a combined value of GH¢374.15 million compared to 83 new companies in the second quarter which were valued at GH¢156.34 million.

Mr Aboagye said the figure for the third quarter represented a significant jump, inching closer to Ghana’s annual projected estimates of GH¢400 million, yet to be realised.

China has not hidden its growing interest in Africa in general and Ghana in particular.

In the first half of 2009, China invested about $552 million directly in Africa raising China’s direct investment in Africa to 81% from the same period in 2008.

And trade between Ghana and China has grown over the years. In 2005 trade between the two countries was $769 million.

Trade between the two countries has blossomed over the years, with China benefitting most.

Ghana’s exports to China totalled only $25 million with imports of $93 million in the year 2000. Exports grew to $32 million in 2003 with imports of $180 million. In 2006, the figure went up to $39 million for exports while imports surged to $504 million.