GIPC attracts usd 1.18billion investment

The results of the 1st Quarter of this year, give a good indication of the levels of Foreign Direct Investments (FDI) that the country will attract in 2012.

In the first quarter of this year, the Centre recorded a total of 95 new projects with a total estimated value of US$1.18 billion. The estimated value represents an increase of 67.98% compared to the value recorded in the same quarter of 2011.

The FDI component of the estimated value of the newly registered projects amounted to US$979.85 million which is a significant increase of about 178% over the recorded FDI value in the corresponding quarter of 2011. The total initial capital transfers for the quarter amounted to US$43.27 million. The USA with an FDI value of US$407.21 million was ranked first and China remains the top source of FDI in terms of the number of projects.

Of the 95 projects registered during the first (1st) quarter, 52 representing (54.74%), were wholly-foreign owned enterprises valued at GH¢718.71 million (US$422.77 million.) This figure also represents 35.77% of the total estimated value of projects registered. The remaining 43 projects being (45.26%) were joint ventures between Ghanaians and foreign partners and valued at GH¢1.29 billion (US$759.28 million) constitutes 64.23% of the total estimated value of projects registered.

For the corresponding quarter of 2011, 66 wholly- foreign owned enterprises and 43 joint ventures were registered and valued at GH¢175.07 million (US$116.71 million) and GH¢392.58 million (US$261.72 million) respectively.