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Business News of Thursday, 4 August 2011

Source: GNA

GIPC registers 127 projects in second quarter of 2011

Accra, Aug.4, GNA – Ghana Investment Promotion Centre (GIPC) recorded a total of 127 registered projects amounting to GH¢900.45 million in the second quarter of 2011.

The total number of projects registered for the first half of 2011 was 109, with the total estimated value of GH¢567.66 million.

Mr George Aboagye, Chief Executive Officer of GIPC, who announced the figures at a press briefing in Accra on Thursday, said Ghana had been selected as the fourth best investment destination in Africa because of the effective measures government had taken to grow the economy.

Out of the 127 registered projects 71 (55.91 per cent) were wholly-owned foreign enterprises and 56 (44.09 per cent) were joint ventures between Ghanaians and foreign partners.

The joint venture projects were valued at GH¢561.36 million and the wholly-owned foreign enterprises were valued GH¢339.09 million.

For the corresponding quarter of 2010, 67 wholly-owned foreign enterprises and 38 joint ventures were registered and valued at GH¢907.76 million and GH¢20 million respectively.

Mr Aboagye said the Foreign Direct Investment (FDI) component of the estimated value of the projects registered during the second quarter in 2011 amounted to GH¢828.44 million, representing 92 per cent of the total estimated value and a local currency component of GH¢72.01 million representing eight per cent.

China, with 23 projects, topped the list of countries with the highest number of projects, while The Netherlands registered the largest value of investments.

The 127 registered projects are expected to create a total of 7,408 jobs compared to the corresponding quarter in 2010. There was a decrease in investment in the services and manufacturing sectors.

Out of this, 6,673, representing 90.08 per cent, would be for Ghanaians and the remaining 735, representing 9.92 per cent, would be expatriates.

Mr Aboagye said GIPC would step up its missions and campaigns, leveraging on the improved perception of the country as a safe investment destination and the democratic credentials.

He said the GIPC would continue to encourage both local and foreign investors and facilitate investment projects for development of the nation.