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GIPC registers 49 new projects worth $3 billion in first quarter

.The Ghana Investment
Promotion Centre says it has registered 49 new projects with estimated value of
US$3,040.13 million for the first three months of 2017.

The Foreign Direct Investment component of the
estimated value of registered projects was US$2,954.61 million.

Commenting on the performance, Chief Executive
Officer of GIPC, Yofi Grant, said the first quarter had been an exciting period
for the GIPC following the initiation and commencement of some critical
business-friendly policies and projects of the new political administration.

He said some of government’s innovative
policies and programmes and improved tax system had boosted investor
confidence, leading to the influx of visits by potential investors.

Mr. Grant said the move had also rejuvenated
local businesses to ready themselves for possible partnerships with their
foreign counterparts.

“GIPC’s new direction is to take business
people on all missions, to have B2B and direct engagements, and to prepare
investment memoranda for all activities undertaken. The GIPC recorded an
appreciable level of FDI inflow within the period,” he said.

In 2016, the total FDI into the country was
about US$2.4 billion, an amount which was lower than the US$2.7 billion
recorded in 2015.

Mr Grant said there was the need to have 2016
total inflows doubled to spur job creation.

“Judging by the current approach of the
staff and management to their activities of promoting investments and
delivering all round positive results, the GIPC is confident of achieving its
set target of US$5 billion for the year 2017 and to also make Ghana the best
investment destination in Africa,” he said.

Based on the projects registered by the GIPC
in this quarter alone, about 2,551 jobs are expected to be created out of which
343 are expected to go to expatriates.

A total of 14 Ghanaian projects were
registered during the period in five regions, with Greater Accra registering
the highest number of eight.

The services sector registered the highest
number, with 6 projects. The building & construction sector recorded the
highest number of expected jobs (1,447) to be created.

China, with 10 projects, was the country with
the highest source of investments in the first quarter of 2017. However, with
an FDI value of US$2.43 billion, Netherlands topped the list of countries with
the largest value of investments registered during the quarter.

Apart from the Upper East and West, and
Central regions, all the other regions will benefit from the registered
projects.

The Greater Accra Region accounts for the
highest number of project, 39 out of the total 49 newly registered projects for
the quarter.

 

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