Ghana Records Boost in Investments

The Ghana Investments Promotion Center (GIPC) has disclosed that Ghana recorded a double increase in investments of GH ¢ 5.27billion in 2007 as against GH ¢ 2.22 billion in the previous year.

The figure comprises of total new cash investment, re-investment by existing companies and initial equity transfer for newly registered enterprises.

During the year 2007, the centre also recorded an impressive increase in projects registrations of 28%, creating an estimated 25,367 new jobs relative to the 12,044 in 2006.

Briefing the media on the 2007 Annual Investment Report in Accra yesterday, the Chief Executive Officer of the Center, Mr. Robert Ahomka-
Lindsay, pointed out that these impressive figures confirm that the center is on the right path in respect to the government's policy on Private Sector Development and 'will go a long way to position the centre to become the premier investment agency in Africa and compete globally.'

He intimated that the Foreign Direct Investment (FDI), component of registered projects also shot up to GH ¢ 5.18bn in 2007 as compared to GH ¢ 2.15bn in 2006 with a local currency component also increasing from GH ¢ 46.86m to GH ¢ 92.93m.

As part of efforts to restructure, the GIPC Mr. Lindsay disclosed that 34 young graduates were recruited, trained and deployed in the various priority sectors of the economy, adding that it would help transform the country into the preferred investment destination in Africa.

The re-structuring, he said, would seek to improve investor perception by 50%, increase Ghana's overall competiveness ranking in Africa and the world to the top 10 and 80 respectively as well as raise the value of FDI inflows to GH ¢150m and GH ¢1.3bn of capital re-investment this year.

Mr. Ahomka - Lindsay observed that the investment climate in the country has become extremely buoyant and urged foreign investors to invest in the country with strict adherence to the country's investment laws.