Ghana's FDI inflows increase by 500 percent in 2011

The total value of the country's Foreign Direct Investment, FDI inflows increased by 500 percent last year compared to 2010.

Over 500 new projects registered in the country in 2011 were estimated at a total value of 7.68 billion dollars - equivalent to 11.52 billion cedis. This includes the estimated value of the STX project which is 2.5 billion dollars and Asanteman Home Group limited which is also 3 billion dollars and both yet to be raked in.

Excluding these two projects leaves the 2011 estimated figure at almost 2.2 billion which still exceeds the 1.5 billion dollar target. These were contained in the 2011 4th quarter investment report by the Ghana Promotion Investment Centre, GIPC.

These investment inflows into the country for the fourth quarter of 2011 are expected to create over 8,351 jobs this year. The quarter recorded 117 new projects at an estimated 2.69 billion dollars.The Ghana Investment Promotion Centre, GIPC says the jobs expected to be created from this represent a quantum leap over that for the same period in 2010.

The Chief Executive, George Aboagye also noted plans are underway to ensure the jobs projected to be created by these projects reflect on the ground. He said “Unlike before, we have now embarked on an exercise to capture the actual figures on the ground regarding the employment opportunities. Out of the total number of jobs we created in the fourth quarter, 91.35 percent which is about 7629 will be for Ghanaians while the remaining 8.65 percent that is 722 will be for Ghanaians.

Story by Emmanuel Agyei/Nana Agyei-Essuman