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Business News of Thursday, 23 August 2007

Source: GNA

GIPC registers more projects in second quarter-Report

Accra, Aug. 23, GNA- The Ghana Investment Promotion Centre (GIPC) registered 95 projects at an estimated value of 78.95 million dollars for the second quarter of this year

Five of the projects are Ghanaian owned, 42 joint ventures and 48 foreign owned, making the number much higher that the average number normally registered within a quarter.

It was also much higher than the 70 projects registered during the same period last year. A GIPC Quarterly report signed by Mr. Robert Ahomka-Lindsey, the Chief Executive Officer of the Centre, and issued to GNA on Wednesday, indicated that the amount included Foreign Direct Investment component of 88.9 percent and a local currency of 8.61 per cent.

The report said Chinese and Indians continued to top the list of countries from where a greater number of projects originated during the period.

The others included the UK, Lebanon, Germany, USA, South Africa, Korea, La Cote d'Ivoire, Benin, the Netherlands, Austria, Bahrain, Sweden and Cyprus.

All the 10 regions of the country benefited from the projects with the Greater Accra recording 81 being the highest of number projects. By way of employment, 5,449 job openings were to be created from the number of projects with 4,634 expected to be Ghanaians. The report indicated that the registration of fully owned Ghanaian projects was a decision taken by the Centre to help build a data base for local companies.

It said the data base would look at the sectors that the companies operated in, level of employment and other details to enable the Centre to perform its advocacy role.

Sectoral composition of projects was: manufacturing, 26, Service, 16, tourism, 12, building and construction, 14 and export trade, 6, agriculture, 4, and general trading, 16.

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