Matthias Offodile
September 18th, 2009, 09:43 AM
UK COMPANIES INVEST $3.2BN IN GHANA`S ECONOMY IN 2008
By Naa Sifa Twum, London - Ghanaian Chronicle
Business/Finance | 2 days ago
Figures available at the Ghana High Commission in London indicate that nearly 400 private direct investment projects from the United Kingdom (UK) came to Ghana between 2008 and this year.
These figures comprise 231 wholly foreign-owned projects, 78 joint ventures between Ghanaians and their foreign partners, while the rest are solely owned by Ghanaians.
The Officer in Charge of Trade and Investment at the Ghana High Commission in London, Mr George Fynn, disclosed these at the launch of a new trade and investment networking project in London.
The project, spearheaded by the Ghana Black Star Network (GBSN), is aimed at networking with businesses in the UK, especially young Ghanaian entrepreneurs, to encourage and aid them invest in Ghana.
As part of its activities, the network is organising a trade and investment fair in London this weekend (September 19), to showcase Ghanaian trade and investment potential to the western world.
It has also organised investment trips for a cross-section of Ghanaian businesses and entrepreneurs in the UK to Ghana, to familiarise themselves with trade and investment issues in the country.
Mr. Fynn noted that in 2008, total investment that came into the Ghanaian economy from UK alone amounted to US$3.2 billion.
This, according to him, has depicted an increase of 160 per cent from the value of US$1.2 billion recorded in 2007.
He further explained that during the second quarter of 2009, the value of investment projects that were registered by the GIPC amounted to US$111.7 million, a significant increase of 92 per cent over that recorded for the same period in 2008.
Mr. Fynn mentioned agriculture, transport and health as some of the sectors which had attracted investment.
Paramount among these investments, was the Dos Palm Oil Production Ghana Limited, located in the Central Region of Ghana. “This project processes palm fruits and kennel into vegetable oil. The estimated project value is US$28 million. This project is creating hundreds of jobs for many Ghanaians,” he observed.
He mentioned that the project was owned and managed by Mr Daniel Sosi, a Ghanaian Computer Programmer who lived in the UK for several years, but had now relocated to Ghana.
He also motioned a project in Tema, known as the Triton Aquaculture Africa Limited from the UK, focusing on aquaculture, hatchery, feed plant and processing plant for fish and poultry, with an estimated value of US$1.35 million.
“There are also some Ghanaians from the UK, who are at various preparatory stages to venture into commercial farming operations such as mango production for export, and poultry,” he noted.
He said Ghana continued to be an attractive destination of trade and investments, primarily, due to her steady enviable achievements in the socio-economic and political areas.
He, therefore, called on the citizenry, both home and abroad, to help safeguard and consolidate the gains.
Mr. Fynn commended the Black Stars network for their foresight and persuasive ability to convince people to invest in Ghana.
The Project Manager of GBSN, Ms. Nadia Mensah, outlined the objectives of the organisation as “providing a critical assessment of the current economic, political and social environment in Ghana to the rest of the world, with a view to enticing investors into the country.”
She said it was also the aim of the network to bring interested parties and organisations together, to contribute to Ghana's economic development, as well as motivate people to execute their business plans and ideas, in relation to the way of doing business in Ghana.
The Project Manager noted that this year's trade and investment fair on Ghana in the UK, would reflect the opportunities in Ghana, in respect of investments, and added that “interests expressed by our 2008 delegates, and the feedback received from our members, were really overwhelming.”
She said the event, which was in its second year, was created in response to the interest and the desire of the public, regarding availability of opportunities in Ghana, and noted that last year's session attracted over 200 participants.
The exhibition, according to Ms. Mensah, would be combined with the information sharing vehicle of seminars, which had the ability for a one-on-one basis, and literature gathering, via the stalls present.
Source: Naa Sifa Twum, London - Ghanaian Chronicle
http://www.modernghana.com/news/239026/1/uk-companies-invest-32bn-in-ghanas-economy-in-2008.html
PS: Seems to be that the UK suddenly rediscovers Ghana after having left Ghana in 1957 almost without a trace! Well, it is good to know that investment pours in.
By Naa Sifa Twum, London - Ghanaian Chronicle
Business/Finance | 2 days ago
Figures available at the Ghana High Commission in London indicate that nearly 400 private direct investment projects from the United Kingdom (UK) came to Ghana between 2008 and this year.
These figures comprise 231 wholly foreign-owned projects, 78 joint ventures between Ghanaians and their foreign partners, while the rest are solely owned by Ghanaians.
The Officer in Charge of Trade and Investment at the Ghana High Commission in London, Mr George Fynn, disclosed these at the launch of a new trade and investment networking project in London.
The project, spearheaded by the Ghana Black Star Network (GBSN), is aimed at networking with businesses in the UK, especially young Ghanaian entrepreneurs, to encourage and aid them invest in Ghana.
As part of its activities, the network is organising a trade and investment fair in London this weekend (September 19), to showcase Ghanaian trade and investment potential to the western world.
It has also organised investment trips for a cross-section of Ghanaian businesses and entrepreneurs in the UK to Ghana, to familiarise themselves with trade and investment issues in the country.
Mr. Fynn noted that in 2008, total investment that came into the Ghanaian economy from UK alone amounted to US$3.2 billion.
This, according to him, has depicted an increase of 160 per cent from the value of US$1.2 billion recorded in 2007.
He further explained that during the second quarter of 2009, the value of investment projects that were registered by the GIPC amounted to US$111.7 million, a significant increase of 92 per cent over that recorded for the same period in 2008.
Mr. Fynn mentioned agriculture, transport and health as some of the sectors which had attracted investment.
Paramount among these investments, was the Dos Palm Oil Production Ghana Limited, located in the Central Region of Ghana. “This project processes palm fruits and kennel into vegetable oil. The estimated project value is US$28 million. This project is creating hundreds of jobs for many Ghanaians,” he observed.
He mentioned that the project was owned and managed by Mr Daniel Sosi, a Ghanaian Computer Programmer who lived in the UK for several years, but had now relocated to Ghana.
He also motioned a project in Tema, known as the Triton Aquaculture Africa Limited from the UK, focusing on aquaculture, hatchery, feed plant and processing plant for fish and poultry, with an estimated value of US$1.35 million.
“There are also some Ghanaians from the UK, who are at various preparatory stages to venture into commercial farming operations such as mango production for export, and poultry,” he noted.
He said Ghana continued to be an attractive destination of trade and investments, primarily, due to her steady enviable achievements in the socio-economic and political areas.
He, therefore, called on the citizenry, both home and abroad, to help safeguard and consolidate the gains.
Mr. Fynn commended the Black Stars network for their foresight and persuasive ability to convince people to invest in Ghana.
The Project Manager of GBSN, Ms. Nadia Mensah, outlined the objectives of the organisation as “providing a critical assessment of the current economic, political and social environment in Ghana to the rest of the world, with a view to enticing investors into the country.”
She said it was also the aim of the network to bring interested parties and organisations together, to contribute to Ghana's economic development, as well as motivate people to execute their business plans and ideas, in relation to the way of doing business in Ghana.
The Project Manager noted that this year's trade and investment fair on Ghana in the UK, would reflect the opportunities in Ghana, in respect of investments, and added that “interests expressed by our 2008 delegates, and the feedback received from our members, were really overwhelming.”
She said the event, which was in its second year, was created in response to the interest and the desire of the public, regarding availability of opportunities in Ghana, and noted that last year's session attracted over 200 participants.
The exhibition, according to Ms. Mensah, would be combined with the information sharing vehicle of seminars, which had the ability for a one-on-one basis, and literature gathering, via the stalls present.
Source: Naa Sifa Twum, London - Ghanaian Chronicle
http://www.modernghana.com/news/239026/1/uk-companies-invest-32bn-in-ghanas-economy-in-2008.html
PS: Seems to be that the UK suddenly rediscovers Ghana after having left Ghana in 1957 almost without a trace! Well, it is good to know that investment pours in.