as China FDI Tops Q4 figures – GIPC

The Ghana Investments Promotions Center (GIPC) reported here on Friday it had recorded a 6.19 billion US dollars worth of investments for the country in 2017.

It said the Foreign Direct Investment (FDI) component of this value of projects was 4.91 billion dollars or approximately 9.82 percent of the total original target for the year.

The remainder was the local investment component of the registered projects.

A release issued here said the center had set itself the target of attracting 5.0 billion dollars worth of FDI into the country last year but ended up with 4.91 billion dollars worth of FDI.

“GIPC closed the fourth quarter of the fiscal year ending 31st December 2017, directly booking a total 3.61 billion dollars of the FDI inflows,” the release stated.

In addition, it said the Ghana Free Zones Board, the Minerals Commission and the Petroleum Commission also registered investments worth 248.32 million dollars, 549.59 million dollars and 493.86 million dollars respectively in FDI.

“These are significant figures that will substantially impact on the economy,” Chief Executive Officer of the centre Yoofi Grant stated in a comment.

The investments recorded during the year under review have the prospects of generating a minimum of 22,570 jobs, according to GIPC.

In 2016, FDI figures dropped by 11 percent to 2.4 billion dollars from the previous 2.7 billion dollars recorded in 2015, according to the GIPC.

“The results of our concerted efforts, reflected in the improving investment climate, the unwavering investor interest in the country and the improved FDI flows is encouraging. Despite the significant strides made, we at GIPC would not take our foot off the pedal,” the CEO pledged.

He added that the GIPC would reinforce the gains made, increase the quality of investments and the empowerment of indigenous businesses would be a decisive factors moving forwards towards increasing the FDI target for the 2017 to 10 billion dollars.

With 13 projects, China was the leading source of investments by project numbers during the fourth quarter, followed by France, India, Mauritius and UK(Britain), each with three projects.

“China again topped the pack in terms of value, recording 183.85 million dollars within the quarter. India and Iran followed with 42.00 million dollars and 30.00 million dollars respectively. Mauritius and Singapore occupied the fourth and fifth positions recording 27.01 dollars and 20 million dollars respectively. Enditem

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