Modern Ghana logo

FEATURED: Ghana Needs A College Of Common Sense To Function Well...

body-container-line
Business & Finance | Feb 7, 2005

Over 13,000 Jobs to Be Created - GIPC

Ghanaian Chronicle

About 13,545 jobs are expected to be generated from the 183 projects registered at the Ghana Investment Promotion Centre (GIPC) last year, the fourth quarter report of the GPIC has stated.

This number is made up of 12,804 Ghanaians and 741 foreigners, representing 94.53% and 5.47% respectively. In line with the growth in the service sector, 5,667 people would be employed in that sector whilst the manufacturing sector is expected to employ 2,794 people.

The remaining sectors are expected to employ 1,456 for building and construction, 1,438 for the agriculture sector, 976 for tourism, 1078 for trade and 127 for export.

A total value of $186.26 million was realized from 183 registration of projects with foreign participation at the GIPC last year. The number of registration last year grew by 20% over the 2003 figure.

Out of the number,78 (42.6%) were wholly foreign owned whilst the remaining 105 (57.4%) were joint ventures between Ghanaians and foreigners. As at the end of last year, the total number of projects registered since 2001 was 771.

Equity capital transferred into the country during the fourth quarter was $6.28 million, which is higher than the corresponding figures of $5.37 million and $4.29 transferred during the second and third quarters respectively, slightly lower than the first quarter's of $6.32 million. The total actual equity capital attracted during the year under review was $22.23 million.

The cost of 183 projects was estimated at $186.28 million, showing a dramatic increase over the $118.38 million for year 2003. The manufacturing and service sectors continued to lead in the attraction of FDIs. The sector registered 52 projects at $28.25 million whilst the service sector registered 48 projects, valued at $78.24 million.

In terms of number projects registered, India overtook Britain with183 projects. Britain registered 177, China, 161, Lebanon, 135, USA, 126 and Germany, 104. Nigeria and South Africa had 53 and 33 respectively.

On the distribution of the projects, the statement said most of them, as usual, were concentrated in the Greater Accra as this region alone took care of 78.88% of them, 6.98 going to the Ashanti Region, the Western Region attracting 4.75%, Central, 3.30%, Eastern, 2.84%, with the remaining five sharing 3.31%.

It said the Investor Services Centre (One Stop Shop) that had been set up to facilitate the implementation of investments in the country is now operational.

"The centre now houses top-level officials from the GPIC, Ghana Immigration Service, Registrar Generals Department and the Custom Excise and Preventive Service with Bank of Ghana and the National Communications Authority linking electronically".

This, according to the statement, has reduced the time of registering businesses in Ghana significantly.

body-container-line