GIPC registered 138 projects last year

The Ghana Investment Promotion Centre (GIPC) said on Tuesday that it registered 138 projects worth 65.13 million dollars last year.

This, however, represents a decline from 2001 when 171 projects estimated at 97.30 million dollars were registered.

In its review of last year's performance the GIPC said the decline was due to the general slump in investments worldwide.

In a breakdown of its quarterly performances, GIPC said 26 projects, estimated at 11.73 million dollars were registered in the first quarter, 28 valued at 9.21 million dollars in the second, 47 projects estimated at 14.59 million dollars in the third and 38 projects estimated at 29.60 million dollars in the fourth quarter.

It said the total amount of 65.13 million dollars was made up of 58.93 million dollars from foreign sources and 6.21 million dollars in local investments.

GIPC said the initial foreign capital transfers recorded in the period totalled 12.94 million dollars.

The manufacturing sector was the largest beneficiary, registering 42 projects involving 16.24 million dollars, followed by the services sector with 37 projects at the cost of 7.91 million dollars while tourism had 17 investment projects valued at 3.71 million dollars in both foreign and local funding.

Projected employment generated during the period involved 5,522 Ghanaians and 466 non-Ghanaians, the GIPC said.

Greater Accra alone accounted for 116 projects.

Touching on achievements at the end of the centre's five-year Corporate Plan implemented between 1995 and 2000, GIPC said 1,084 FDI projects were undertaken with following breadowns; the service sector recorded 314, manufacturing got 300, tourism had 129, building and construction got 92, and agriculture received 87.

These projects were made up of 763 joint Foreign-Ghanaian ones and 321 were wholly foreign owned ane were initially estimated to cost 1,209.64 billion dollars and US$398.88 million respectively.

The second medium-term Plan 2000-2004 incorporated in the last year of the first plan was designed to transform the Centre's promotional strategy from a general approach to a specifically targeted one directed at firms and sectors pre-determined in an FDI Demand Study.

"Results of this programme has been modest partly due to insufficiency funding and the prevailing down-turn in the world investment trend since the events of September 11. These issues notwithstanding the Centre recorded 165, 171 and 138 projects in 2000, 2001 and 2002 respectively making a total of 474 projects valued at an initial cost of US$ 294.49 million.

"These investments are estimated to generate employment for some 61,025 Ghananains and 3,693 non-Ghanaians in the first plan period and 20,719 Ghanaians and 1,515 non-Ghanaians in the second plan period.

Total foreign capital transfers in respect of the minimum required by the law amounted to US$202.0 million. According to GIPC, Britain remained the biggest source of foreign investments flow into the country, registering 146 projects. It is closely followed by India with 131 projects, China 128 projects, USA 107 projects, Lebanon 102 projects and Germany 90 projects.

Others are Korea 58 projects, Italy 55 projects, Netherlands 51 projects, Switzerland 48 projects, Canada 30 projects and France 29 projects. Nigeria tops the list of developing countries with investment in the country with 39 projects, South Africa 26 and Malaysia 12.

foreign owned projects, which were initially estimated to cost 1,209.64 billion dollars and US$398.88 million respectively.

The second medium term Plan 2000-2004 incorporated in the last year of the first plan was designed to transform the Centre's promotional strategy from a general approach to a specifically targeted one directed at firms and sectors pre-determined in an FDI Demand Study.

"Results of this programme has been modest partly due to insufficiency funding and the prevailing down-turn in the world investment trend since the events of September 2001. These issues notwithstanding the Centre recorded 165, 171 and 138 projects in 2000, 2001 and 2002 respectively making a total of 474 projects valued at an initial cost of US$ 294.49 million."

These investments are estimated to generate employment for some 61,025 Ghananains and 3,693 non-Ghanaians in the first plan period and 20,719 Ghanaians and 1,515 non-Ghanaians in the second plan period.

Total foreign capital transfers in respect of the minimum required by the law amounted to US$202.0 million.

According to GIPC Britain remained the biggest source of foreign investments flow into the country, registering 146 projects. It is closely followed by India with 131 projects, China 128 projects, USA 107 projects, Lebanon 102 projects and Germany 90 projects.

Others are Korea 58 projects, Italy 55 projects, Netherlands 51 projects, Switzerland 48 projects, Canada 30 projects and France 29 projects. Nigeria tops the list of developing countries with investment in the country with 39 projects, South Africa 26 and Malaysia 12.