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Ghana Investment Promotion Centre records $3bn new investments in first quarter of 2017
The Ghana Investment Promotion Centre (GIPC) has recorded new investments to the tune of $3 billion in the first quarter of the year.
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GIPC has tremendously surpassed the threshold it reached last year, which was about $249.49 million at apparently the same period.
The new investments are as a result of 49 new projects that would hopefully create 2,551 jobs for Ghanaians.
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GIPC is therefore expectant that the $5 billion target set to be attained by the end of the year would be exceeded having achieved the majority in only the first three months.
Out of the cumulative number of projects, 13 manufacturing projects were newly registered to the tune of $2.5 billion, with 12 projects under the service industry registered worth $10.62 million while general trading recorded 10 projects at $15.87 million.
Five new projects were recorded under the building and construction industry worth $6.40 million, with agriculture recording only one project at $6.91 million while tourism recorded no project.
The Chief Executive Officer (CEO) of GIPC, Mr Yoofi Grant, who had earlier addressed a large gathering of American and Ghanaian investors at the US/Ghana Chamber of Commerce seminar said that among the 49 projects registered during the first quarter, 43, representing 87.76 per cent were wholly-foreign owned enterprises valued at $539.56 million which is 17.75 per cent of the total estimated value of the projects registered.
The remaining six per cent (12.24 per cent) were joint ventures between Ghanaians and foreign partners valued at $2,500.56 million which is 82.25 per cent of the total estimated value of total projects registered.
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Mr. Grant expressed excitement about the number of newly registered projects recorded in the period under review and hoped that it would propel them to exceed the target of the year.
‘‘We need to push harder and we are doing so with our travels across the world to sell our country and its potential’’ he added.
He said the government was expecting an investment in railway and “that will be in the region of $3 billion; bauxite will also bring another $3.5 billion and then iron and ore and steel is also another $5 billion to $8 billion, so the future is exciting.”
Ghana has a greater potential for private business expansion, therefore they need to push a bit harder to attract more partners, Grant noted.
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