12 October 2012

Ghana: Gov't Created 16,364 Jobs in 2012 - GIPC

The Ghana Investment Promotion Centre (GIPC), government investment agency has created a total of 16,364 jobs from 305 newly registered projects in 2012.

Out of the number, 14,560 jobs were offered to Ghanaians, while the remaining 1,804 jobs went to expatriates, the Chief Executive Officer of GIPC, George Aboagye, has revealed in Accra yesterday.

He explained to journalists: "Of the 305 registered projects during the first three quarters of 2012, 176 were wholly-owned foreign enterprises and 129 were joint ventures between Ghanaians and foreign partners".

The joint venture projects, according to him, were valued at GH¢3.40 billion (US$1.89 billion), and the wholly-owned foreign enterprises valued at GH¢5.54 billion (US$3.08 billion).

These projects cover sectors including agric., building/construction, general trading, manufacturing, tourism and service.

The investment agency noted that at the end of the third quarter of 2012, records indicated that the total estimated value of newly registered projects for the three quarters stood at GH¢8.95 billion (US$4.97 billion), depicting an increase of 6.4% over that amount recorded for the same period last year.

Mr. Aboagye was quick to add that of the estimated value of the newly registered projects (305), the Foreign Direct Investment (FDI) component amounted to GH¢7.88 billion (US$4.38 billion, which is an increase of 6.05% over the value recorded in the same period of 2011 (GH¢1.07 billion) (US593.94 million).

According to the GIPC boss, China, with 40 projects, topped the list of countries with the highest number of registered projects within the first three quarters under review.

He, however, indicated that Lebanon topped the list of countries with the largest FDI value, amounting to US$1.48 billion.

Touching on quarters specifics, Mr. Aboagye disclosed that the 3rd quarter of 2012 recorded 102 projects, explaining to journalists that "of the number of registered projects, during the period, 56 representing (54.90%), were wholly-owned foreign enterprises and valued at GH¢3,370 million (US1,872.23 million) which is 97.81% of the total estimated value of projects registered."

The remaining 46 (45%) were joint ventures between Ghanaian and foreign partners also valued at GH¢75.63 million (US$42.02 million) representing 2.19% of the total estimated value of projects registered. The represents a decrease of 41.23% compared to the value recorded in the corresponding quarter of 2011.

However, this also represents a significant increase of over 150% compared to that same period's value and exclusive of the estimated value of the botched STX project which accounted for US$2.5billion.

Mr. Aboagye pointed out that the FDI component of the estimated value of the projects registered during the period under review (1st July to 3oth September 2012) was GH¢3.35 billion (US$ 1.86 billion), representing 97.12% of the total estimated value of (GH¢99.10 million) (US$55.06 million) representing 2.88%.

The total foreign equity was GH¢2.89 billion (US$1.61 billion) and the initial equity transfers was GH¢32.70 million (US$18.17 million) this quarter, he further noted.

During the second quarter of 2012, 68 wholly-owned foreign enterprises and 40 joint ventures were registered and valued at US$786.81 million and US$1,090.55 million respectively, while the FDI component of these projects valued US$786.81 million and US$1,090.55 million respectively.

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