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GIPC Foreign Direct Investment increases by 400%- GIPC

A total of 51 new projects were registered with total initial capital transfer of 59.12 million dollars,  and total project value of 1.45 billion dollars and FDI component making up 1.41 billion dollars.

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Mawuena Trebarh, Chief Executive of Ghana Investment Promotion Centre play

Mawuena Trebah, Cheif Executive of Ghana Investment Promotion Centre

The Ghana Investment Promotion Centre has released investment figures for the second half of the year 2016.

According to the GIPC, Foreign Direct Investment grew by 400% in terms of  amount of initial transfers compared with the value recorded in the second half of 2015. GIPC said 12 more projects were recorded in the second quarter compared with the number of projects completed in 2016.

A total of 51 new projects were registered with total initial capital transfer of 59.12 million dollars,  and total project value of 1.45 billion dollars and FDI component making up 1.41 billion dollars.

In terms of job creation, over the 5000 jobs are expected to be created out of the investments made so far.

Ghana Investment Promotion Centre indicated a 31% drop in Foreign Direct Investment between 2014 and 2015.

READ MORE:Foreign direct investment dips, according to GIPC

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 corroborated the AGI's business barometer report  which said business confidence in Ghana's economy has dropped by 4.17 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 projects 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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