GIPC rakes in GH¢ 1.79 billion worth of investments

January 18, 2011 Accra, Jan. 18, GNA - The value of projects registered by the Ghana Investment Promotion Centre (GIPC) has gone up 106.78 per cent to GH¢1.79 billion in 2010 from GH¢867.98 million for the same period in 2009.

The Centre registered a total of 385 projects in 2010 compared to 257 projects, a year ago.

Mr George Aboagye, Chief Executive Officer of GIPC, who announced the figures at a press briefing, said the success was on the back of vigorous investment promotional activities and services offered to existing and potential investors.

Out of the 385 registered projects, 249 were wholly-owned foreign enterprises and 136 were joint ventures between Ghanaians and foreign partners.

The joint venture projects were valued at GH¢ 163.91 million and the wholly-owned foreign enterprises were valued at GH¢ 1.63 billion.

The Foreign Direct Investment (FDI) component of the estimated value of the projects registered during the four quarters in 2010 amounted to GH¢1.55 billion and the local currency component of GH¢ 239.01 million.

China registered the highest number of 67 projects in 2010, while Bermuda topped the list of countries with the largest value of investments in the year worth $300 million.

The projects are expected to create a total of 119,578 jobs in 2010, up from 22,486 jobs in 2009.

Out of this, 103,099 jobs would be for Ghanaians and the remaining 16,479 for expatriates.

Mr Aboagye said the Centre began 2011 on a positive note, leveraging on the improved perception of the country as a safe investment destination due to the prudent economy management.

He said various investment missions had been lined up to draw attention of big industrial players and countries in the sub-region to opportunities available in Ghana.

Meanwhile, the Centre had inaugurated its library to provide information and build the capacities of both staff and investors.

GNA