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India tops list of foreign investors in Ghana

By Francis Kokutse, IANS,

Accra : India topped the list of overseas investment in Ghana with 19 projects out of a total of 109 registered by the Ghana Investment Promotion Centre (GIPC) for the first quarter of this year, a top official announced here.

Last year the GIPC had registered 108 projects for the same period.

Addressing a press briefing, GIPC chief executive George Aboagye said that in terms of value of investments in the first quarter this year, a joint venture between Britain and Belize worth $70.50 million emerged on top.

The estimated value of projects registered by the GIPC for the first quarter of 2011 at 567.66 million Ghanaian Cedi ($378.44 million) is up by 101.13 percent over 263.42 million Ghanaian Cedi ($175.61 million) for the same period in 2010.

Aboagye said the success was achieved on the back of investment promotional missions abroad and on the domestic front.

“Out of the 109 registered projects, 66 were wholly-owned foreign enterprises and 43 were joint ventures between Ghanaians and foreign partners,” he added.

Aboagye said the joint venture projects were valued at 392.58 million Ghanaian Cedi ($261.72 million) and the wholly-owned foreign enterprises were valued at 175.07 million Ghanaian Cedi ($116.71 million).

He said this compares with 63 wholly-owned foreign enterprises and 45 joint ventures registered in the first quarter of 2010, valued at 217.83 million Ghanaian Cedi ($145.22 million) and 45.59 million Ghanaian Cedi ($30.39 million) respectively.

“The Foreign Direct Investment (FDI) component of the estimated value of the projects registered during the first quarter in 2011 amounted to 527.63 million Ghanaian Cedi ($351.75 million) and the local currency component of 40.02 million Ghanaian Cedi ($26.68 million),” he added.

The registered projects in the first quarter are expected to create a total of 7,004 jobs, up from 6,122 jobs in the first quarter of 2010, he said.

Out of this, 6,497 jobs would be for Ghanaians and the remaining 507 for expatriates.

Aboagye said the government would step up its missions and campaigns, leveraging on the improved perception of the country as a safe investment destination and the democratic credentials.

(Francis Kokutse can be contacted at [email protected])