FDIs up 80% in 9 months

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Foreign Direct Investments (FDI) for the first nine months of 2017 amounted to US$ 3.25 billion representing an 80 percent increase over the US$ 1.81 billion figure recorded in the corresponding period in 2016.

According to figures from the Ghana Investment Promotion Center (GIPC), the total number of projects registered was 139 with a total estimated value of approximately US$3.37 billion.
A minimum of 7,232 jobs are expected to be created for Ghanaians.

The figures added that from January to September 2017, already existing companies brought in additional equity totaling US$ 25.9 million. This comprises cash to the tune of US$ 14.6 million and goods valued at US$ 11.3 million.

With regard to top investor countries, China was the leading source of investments in terms of project numbers. It registered 25 projects.
India and the United Kingdome followed suit with 19 and 13 projects respectively.
On the other hand, with FDI value of US$ 2.44 billion, the Netherlands ranked tops of the list of source countries in terms of FDI Values. Again, India occupied the second position with total FDI Values of US$ 411.75 million.

On sectoral distribution, a total of 139 new investments were registered from January to September 2017.
The manufacturing sector recorded the highest number of investments with 37 projects, followed by the services sector with 34 projects. The agriculture sector recorded only one project whilst there was no investment recorded in the tourism sector.
In terms of the estimated value of investments, the manufacturing sector again topped with US$ 2.65 billion. The high value is attributable to a joint venture investment from Netherlands with an activity of manufacturing power for sale to ECG.

For geographical distribution, Six (6) out of the ten regions directly benefited from the registered projects during the quarter. The regions were Ashanti, Central, Greater Accra, Northern, Volta and Western regions.
But 84.09 percent of all the projects registered were located in the Greater Accra region.

Of the 44 projects registered during the 3rd quarter, 33 representing 75 percent were wholly-foreign owned enterprises valued at US$61.08 million. The remaining 11, about 25 percent were joint ventures between Ghanaians and foreign partners valued at US$58.73 million.
India and the United Kingdom, with five projects each, were the leading sources of investments by project numbers in the 3rd quarter.

On the other hand, with an FDI value of US$21.62 million, Denmark topped the list of countries with the largest value of investments registered during the quarter.
Commenting on the latest figures, CEO of GIPC, Yofi Grant said “We at GIPC are indeed encouraged to work harder to exceed our targeted FDI of US$5 billion for the year.”

He explained that the GIPC continues to be a central pivot of government in facilitating foreign direct and domestic investments to support development of our economy, adding there are clear indications of increasing FDI interest to Ghana on the back of improving macroeconomic environment and a government committed to improving the business climate as well as the repositioning of the GIPC to play a more active and aggressive role in making Ghana the most attractive and competitive investment and business destination in Africa.

By Augustine Amoah

ABOUT: Nana Kwesi Coomson

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A Freelance Journalist, Entrepreneur and Philanthropist. Editor-in-Chief of www.233times.com. A contributory writer for Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow (YALI) who studied at Clark Atlanta University on the Business and Entrepreneurship track. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morgan

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