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GIPC Foreign direct investment dips, according to GIPC

The FDI component of the total estimated amount of the registered projects amounted to US$2.33 billion, with a local currency component of US$351.31 million.

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CEO of Ghana Investment Promotion Centre,Mrs. Mawuena Trebarh play

CEO of Ghana Investment Promotion Centre,Mrs. Mawuena Trebarh

(File Photo)
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Latest report by the Ghana Investment Promotion Centre indicates a 31% drop in Foreign Direct Investment between 2014 and 2015.

In addition, the report said the number of registered projects in 2015 was 170, a figure lower by 14 projects compared to the number recorded in 2014.

The report corroborates the AGI's business barometer report in which it said business confidence in Ghana's economy has dropped by4.17 basis points, citing cost and supply of electricity as the number one reason.

The FDI component of the total estimated amount of the registered projects amounted to US$2.33 billion, with a local currency component of US$351.31 million.

The total initial capital transfers of registered projets for 2015 amounted to US$69.70 million.

Total jobs to be created for 2015 by the registered projects was 14,948, an increase of 13.93% over the jobs to be created by the projects recorded in 2014. 13,534 jobs for Ghanaians are to be created out of the total number for the year 2015, an increase of 15.97% over the 2014 figure.

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Ownership Structure of registered projects

The report, which also captured the new investments in the fourth quarter of 2015 said 50 new projects were registered.

Of the 50 projects registered during the fourth (4th) quarter, 35 (70%), were wholly-foreign owned enterprises valued at US$142.92 million which is 36.28% of the total estimated value of projects registered.

The remaining 15 (30%) were joint ventures between Ghanaians and foreign partners valued at US$251.04 million which is 63.72% of the total estimated value of projects registered.

Renewals

The fourth quarter of 2015 recorded a total number of 134 project renewals.

Geographical distribution of projects

Seven (7) out of the ten regions directly benefited from the registered projects during the quarter.

The regions are Greater Accra, Western, Ashanti, Northern, Central, Eastern and Volta region. 72% of all the projects registered are located in Greater Accra region.

Sources of foreign direct investment

India, with 6 projects was the country with the highest source of investments in the fourth quarter. However, with an FDI value of US$180 million, Korea topped the list of countries with the largest value of investments registered during the quarter.

Foreign direct investment

The FDI component of the total estimated value of the projects registered during the period under review (1st October to 31st December, 2015) was US$332.04 million, representing 97.67% of the total estimated value, and a local currency component of US$61.92 million, representing 2.33%.

The total foreign equity was US$244.87 million and the initial equity transfer was US$15.83 million for this quarter.

 

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