GIPC exceeds intended target for 2011
The Ghana Investment Promotion Centre (GIPC) has exceeded its target of $1.5 billion dollars for the year 2011.
Foreign Direct Investment (FDI) inflows are expected to even go up considering the economic stability and peaceful atmosphere in the country.
Disclosing this at a press conference in Accra, the Senior Investment Promotion Officer, Mr Prosper Tom Quarshie said, in the fourth quarter, new project registered were 117, an increase of 56 per cent compared to 75 registered projects in the corresponding quarter of 2010.
He hinted that out of the 117 projects registered, 85 projects representing (72.65 per cent) were wholly-owned foreign enterprises valued at GH¢637.23 million (US$ 424.83 million) with the remaining 32 projects being joint ventures between Ghanaians and foreign partners also valued at GH¢4.55 billion (US$3.03 billion) which represents 87.70 per cent of the total estimated value of projects registered.
Mr Quarshie explained that from the 117 new projects registered in the fourth quarter, it is expected that 8,351 jobs will be created. This is an increment of 134.32 per cent over 3,564 expected jobs created in the corresponding quarter of 2010.
Out of the total number of jobs to be created in the fourth quarter, 91.35 per cent (7,629) will be for Ghanaians and the remaining 8.65 per cent (722), for expatriates.
He further stated that a total of 514 projects were registered in 2011, an increase of 33.51 per cent compared to 3385 registered projects in the corresponding period of 2010
He emphasized that the total estimated value of registered projects for 2011 was GH¢11.52 billion (US$7.68 billion) a significant increase of 500.47 per cent compared to the corresponding period of 2010.
The total initial capital transfers for the registered projects in 2011 amounted to GH¢319.94 million (US$213.29 million) a significant increase of 262.49 per cent compared to the corresponding period of 2010.
Accra, May 17, 2012
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