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28.04.2011 Business & Finance

GIPC registers 109 projects in first quarter of 2011

By GNA
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April 27, 2011
Accra, April 27, GNA - The estimated value of projects registered by the Ghana Investment Promotion Centre (GIPC), for the first quarter of 2011 is up 101.13 per cent to GH¢567.66 million, from GH¢263.42 million for the same period in 2010.

The Centre registered a total of 109 projects for the period compared to 108 projects, a year ago.

Mr George Aboagye, Chief Executive Officer of GIPC, who announced the figures at a press briefing in Accra , on Wednesday, said the success was achieved on the back of investment promotional missions abroad and on the domestic front.

Out of the 109 registered projects, 66 were wholly-owned foreign enterprises and 43 were joint ventures between Ghanaians and foreign partners.

The joint venture projects were valued at GH¢392.58 million and the wholly-owned foreign enterprises were valued at GH¢175.07 million.

This compares with 63 wholly-owned foreign enterprises and 45 joint ventures registered in the first quarter of 2010, valued at GH¢217.83 million and GH¢45.59 million respectively.

The Foreign Direct Investment (FDI) component of the estimated value of the projects registered during the first quarter in 2011 amounted to GH¢527.63 million and the local currency component of GH¢40.02 million.

India registered the highest number of 19 projects, while a joint venture between Britain and Belize topped the list of countries with the largest value of investments in the first quarter, worth $70.50 million.

The registered projects in the first quarter are expected to create a total of 7,004 jobs, up from 6,122 jobs in the first quarter of 2010.

Out of this, 6,497 jobs would be for Ghanaians and the remaining 507 for expatriates.

Mr Aboagye said the Centre would step up its missions and campaigns, leveraging on the improved perception of the country as a safe investment destination and the democratic credentials.

He said various investment missions to Europe, Asia and North America and the hosting of Jareco General Construction Limited from Dubai had been lined up to draw attention of big industrial players to opportunities available in Ghana.

GNA

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