GIPC Attracts More Investments

By Rowland Phillips-Addo

The 1st quarter of 2012 saw the GIPC recording a total of 95 projects, newly registered with an estimated value of US$1.86billion representing an increase of 67.98% compared to value recorded in the same quarter of 2011.. The FDI Component of the estimated value of the newly registered projects over the period under review amounted to US$979.85 million indicating a significant increase of about 178% over the recorded FDI value in the corresponding quarter of the previous year.

These performance indicators, according to George Aboagye, CEO of GIPC “give a good indication of the Foreign Direct Investment (FDI) that the country will attract in 2012”.

Expatiating, he told a press briefing that, of the 95 projects, 52 were wholly foreign owned enterprises valued at GH718.71 million and the remaining 43 were joint ventures between Ghanaians and foreign partners valued at about GHC1.29 billion.

Mr. Aboagye explained that the total foreign equity was GHC536.19 million and the initial equity transfers were GHC73.57 million for the quarter. From the 95 projects registered, George Aboagye expects that 4,468 jobs will be created saying “this is a decrease of 36.21% over 7000 expected jobs to be created in the corresponding quarter of 2011.

He said 3,997 of the total jobs to be created in the period under review will be for Ghanaians and the remaining 471 representing 10.54% for expatriates. He said results from his outfit’s re-registration exercise has it that 577 companies which renewed their registration last year created a total of 43,923 actual jobs as against 24,028 expected on initial registration. On investment promotion activities on the local front, the GIPC according to the CEO participated in programmes that enabled it to effectively utilize the platforms to market investment opportunities in Ghana.

Notable among which was the Ghana-China Trade and Investment Forum. He disclosed that the centre received and facilitated various investment opportunities in various sectors of the economy.

He hinted that the centre will embark on some investment missions to market investment opportunities in this second quarter in the USA, Germany and Portugal.

To promote local indigenous investments, Mr. Aboagye noted that the Centre will initiate a nationwide investment promotion and sensitization tour. The purpose, according to him is to enable the centre interact and deliberate with Regional Authorities, those of the Districts and other stakeholders on how to attract investments into their respective jurisdictions.

“It is also to identify for promoting investment opportunities, call for project proposals and to brief local investors on opportunities available for partnership and joint ventures”, he elaborated.

He assured the public and business community of the GIPC’s commitment to its core mandate of encouraging, promoting and facilitating investments.