United States of America topped the list of countries with the largest estimated value -- US$ 407.21 million --of Foreign Direct Investments (FDI) into Ghana, with China being the leading source of investment projects (12) registered during the first quarter of 2012, latest reports released by the Ghana Investment Promotion Centre (GIPC) have revealed.
The GIPC during the period under review recorded 95 new projects with an estimated value of US$1.18 billion. This value represents an increase of 67.98 per cent over the value recorded in the same period in 2011. Total initial capital transfers for the quarter amounted to US$43.27 million.
“The results of the first quarter of this year, give a good indication of the levels of foreign direct investments that the country will attract in 2012, And we are optimistic that 2012 will be another year for recording appreciable levels of investments.
There is a heightened investors’ confidence in the economy despite the elections later this year” said Mr. George Aboagye, Chief Executive Officer of GIPC.
Announcing the latest investment figures at a press briefing in Accra, Mr. Aboagye said: “With our ever strong commitment to our mandate and our ongoing promotional activities, we believe the investment climate will continue to be conducive for existing and potential investors.”
He explained that the foreign direct investment component of the estimated inflows of newly registered projects amounted to $979.85 million, up 178 per cent over $351.75 million in the corresponding period of 2011.
He indicated that the 95 projects registered during the period, 52 were wholly-foreign owned enterprises valued at $422.77 million while the remaining 43 projects were joint ventures between Ghanaians and foreign partners also valued at $759.28 million.
Approximately, 4,468 jobs were expected to be created from the 95 projects, a 36 per cent decline from 7,004 jobs to be created in the same period last year.
Mr. Aboagye emphasised that results from the Centre’s on-going biennial re-registration exercise showed that a total of 577 companies renewed their registration with the body in 2011.
These companies, he said, had created a total of 43,923 actual jobs from the registered projects, comprising 41,391 jobs for Ghanaians and 2,532 jobs for non-Ghanaians.
The jobs created were far more than the 24,028 jobs estimated during the time of registration.
Besides, the current investment at the time of re-registration by the companies stood at $982.91 million compared to the projected investment of $421.10 million recorded at the time of registration.
Mr. Aboagye said GIPC would step up its investments and trade delegations missions across the world to market opportunities in the country.
“The Centre will also undertake nationwide investment tours to promote local indigenous investments between June 4 and July 27 July, to deliberate with the Regional Co-ordinating Councils, District Administrations and other stakeholders on how to attract investments into their areas.
“The tours will also help identify investment opportunities in each region and call for project proposals and to brief local investors on opportunities available for partnerships and joint ventures,” he remarked.
Eight out of the 10 regions directly benefited from the registered projects during the quarter. The regions are Ashanti, Brong Ahafo, Central, Eastern, Greater Accra, Northern, Volta and Western regions. 78.95 percent of all the projects registered are located in Greater Accra region.