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GIPC Continues to Registers More Investments in the Second Quarter of 2012

The Ghana Investment Promotion Centre continues to register more investments into the Ghanaian economy. At the end of the 1st half of 2012, records indicate that a total of 203 newly registered projects with an estimated value of GH¢5,506.92 million (US$3,059.40 million) was registered by the Centre.

Out of the estimated value of the registered projects, the FDI component amounted to GH¢4,536.94 million (US$2,520.52 million), representing a significant increase of over 170% compared to the recorded value for the corresponding period in 2011. The local currency component amounted to GH¢969.98 million (US$538.88 million) for the 1st half of the year. A total number of 10,316 jobs are expected to be created by the registered projects from the first half of 2012.

Out of the total number of jobs to be created 9,114 will be for Ghanaians and the remaining 1,202 will be for expatriates.

From the 108 projects registered during the second (2nd) quarter, 68 projects, representing (62.96%), were wholly-owned foreign enterprises valued at GH¢1,416.26 million (US$786.81 million) which is 41.91% of the total estimated value of projects registered.

The remaining 40 projects being (37.04%) were joint ventures between Ghanaians and foreign partners and also valued at GH¢1,962.98 million (US$1,090.55 million) which is 58.09% of the total estimated value of projects registered.

Foreign Investor Confidence Soars

Foreign investor confidence in the country's economy continues to soar in spite of the upcoming general election which otherwise would have compelled investors to adopt a lackluster attitude.

The show of confidence is in the number of registered investments for the first three quarters of 2012, which recorded 305 projects valued at $4.97 billion.
The feat represents an increase of 6.42 per cent on the value recorded for the same period last year.

The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Mr. George Aboagye, who announced this at a news conference in Accra said "this is an endorsement of the country's democratic credentials and trust in the economy as well".

Of the projects registered, the Foreign Direct Investment (FDI) component amounted to $4.38 billion as against $4.1 billion the same time last year, representing 6.5 per cent increase.

Mr. Aboagye said the total number of jobs expected to be created from the registered projects was about 16,364 of which 14,560 would be Ghanaians with the remaining number being expatriates.

Giving further breakdown of the projects registered for the period, Mr. Aboagye said 176 were wholly-owned foreign enterprises while 129 were joint ventures between Ghanaian and foreign partners.

The joint venture projects were valued at $1.89 billion with the value of wholly-owned foreign enterprises settling at $3.08 billion.

Mr. Aboagye said China continued to maintain its dominance as 40 projects came from that country for the first three quarters of the year, followed by Nigeria with 35; India with 32 and Lebanon with 20.

However, in terms of value, Lebanon topped the list of the FDIs registered during the period under review with $1.48 billion, while British Virgin Islands recorded $811 million; Mauritius, $545 million and the United States of America having $470 million.
For distribution into sectors, the services sector topped the list with 23 projects, while manufacturing also topped in terms of projects with the highest value of $7.39 billion.

The Brong Ahafo region recorded only one project but had the highest value of $7,360 million. The Greater Accra Region recorded 38 projects at an estimated value of $306.6 million, the second highest in the year.

Within the same period, 328 projects in the country were registered with GIPC of which the actual total investment recorded was $612.39 million.
Mr. Aboagye said the GIPC "remains resilient and steadfast towards its mandate to attract the best FDI needed for the development of the country and to enhance the livelihoods of its citizenry even as the country goes into the December general elections which we expect to be another peaceful one".

He assured potential and existing investors in the country to make Ghana their investment destination of choice and be part of its development drive.
According to him, investments in the country were secure and noted that the government was well-positioned to ensure that their investments were protected at all times to enable them to continue creating jobs for the people.

Source: Daily Graphic

Ghana Economic Outlook & Business Strategy Conference

The Ghana Investment Promotion Centre (GIPC) is collaborating with The Ministry of Finance, Ministry of Trade and Industry, Dominion University College Business School and The Africa Business Media (Publishers of the Ghana Business & Finance Magazine) to organize the Ghana Economic Outlook and Business Strategy Conference on 21st November 2012 at the Accra International Conference Centre (AICC) under the theme; "Strategy for a Good Year 2013"

The conference will provide a platform towards the end of the year for the business community to adequately strategize for the following year, based on the economic outlook as will be presented by a number of economic experts. The event will offer participants the opportunity to have insight into the plans and projections of managers of the economy and also foster a healthy business networking discussion among CEOs from top corporate institutions in Ghana that constitute the Ghana Club 100.

The event is being organized under the distinguished patronage of His Excellency , President John Dramani Mahama, the Minister of Finance and Economic Planning, Dr. Kwabena Duffour, the Minister of Trade and Industry , Ms Hanna Tetteh and the World Bank Country Director, Mr. Yusupha B. Crookes will deliver a number of keynote speeches and moderate some panel discussions.

In September of this year the GIPC organized the Ghana Club 100 awards to recognize the contribution of the private sector to the economic development of the country. The centre has as one its major objectives to facilitate the development of the private sector to enable it play its proper role as the "engine of growth of the economy. It is in this vain that the focus on the CEOs of the Club 100 member companies cannot be over emphasized.

Admission to this event is strictly by invitation. To register please visit

GIPC Records US$5.63 billion (GHc 10.14 billion) worth of Investments in 2012

The Ghana Investment Promotion Centre recorded relatively positive growth in Foreign Direct Investment (FDI) notwithstanding the election in 2012. This reflects the continued confidence of investors in Ghana as being amongst the best investment destinations in Africa. Highlights of the report are as follows:


 Specifically, the 4th quarter of 2012, recorded 94 projects. Of the 94 projects registered during the fourth (4th) quarter, 63 projectsrepresenting (67.02%), were wholly-owned foreign enterprises valued at GH¢1.05 billion (US$583.17 million) which is 88.76% of the total estimated value of projects registered. The remaining 31 projects  (32.98%) were joint ventures between Ghanaians and foreign partners also valued at GH¢132.97 million (US$73.87 million) which represents  11.24% of the total estimated value of projects registered.

 The total estimated value of the registered projects for the quarter was GH¢1.18 billion (US$657.05 million). This represents a decrease of 65.68% compared to the value recorded in the third quarter of 2012.

The initial capital transfers for the newly registered projects during the quarter summed up to GH¢29 million (US$16.11 million).


The FDI component of the estimated value of the projects registered during the period under review (1st October to 31st December) was GH¢944.47 million (US$524.71 million), representing 79.86% of the total estimated value, and a local currency component ofGH¢238.21 million (US$132.34 million), representing 20.14%.

Also the FDI component of the estimated value of the projects registered in the corresponding quarter of 2011 was US$ US$2.69 billion and the local currency component was US$762.06 million

 The FDI component of the estimated value of the projects registered in the third quarter of 2012 was US$1.86 billion and the local currency component was US$55.06 million.

 The total foreign equity was GH¢227.59 million (US$126.44 million) and the initial equity transfers was GH¢34.52 million (US$19.18 million) for this quarter.


 From the new investment inflows, it is expected that 8,198 jobs will created. Out of this, the total number of jobs expected to be created for Ghanaians from the projects registered in the fourth quarter of 2012 is 7,632 with 566 jobs also expected to be created for expatriates.


The Centre registered a total of 399 projects in 2012 showing a decrease of 22.37%  if compared to 514 projects registered in the corresponding year of 2011 and an increase of 34.80% compared to 296 projects registered in 2008 (election year).

The total estimated value of registered projects for 2012 amounted to GH¢10.14 billion (US$5.63 billion) reflecting a decrease of26.68% compared to the value of US$7.68 billion recorded in corresponding period of 2011. Excluding the estimated value for STX (US$2.5billion) registered in 2011, the estimated value of US$5.63billion registered in 2012 gives an increase of 8.69% over theUS$5.18 billion estimated value recorded for 2011.

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High level Microsoft executive to visit Ghana

MicrosoftThe world's largest software and programme developer, the Microsoft Corporation, has confirmed its Senior Vice President in charge of Corporate Business, Ali Famamwy, will pay a day's working visit to Ghana on March 4, 2013.

Mr Famamwy's visit will be at the invitation of rlg Communications Limited, the pioneer ICT devices assembler in Africa based in Ghana.

While in the country, Mr Famamwy will be the Guest of Honour at the official Sod Cutting Ceremony for the multi-million dollar ICT Park to be known as the Hope City in Accra next month.

He will also pay courtesy call on President John Mahama at the Flagstaff House.

The Hope City Project is an integrated village with facilities for housing, ICT, recreation, business and much more and is expected to create jobs for about 50,000 people, directly and indirectly.

In August last year, Microsoft and rlg signed an agreement which allows rlg phones and computers to run on Microsoft Windows.

The influential business magazine Forbes described the rlg-Microsoft deal as a "partnership of the future."

The deal also granted rlg Original Equipment Manufacturing (OEM) status, making it one of the few such organizations in Africa.

"This visit by a very senior official of Microsoft excites us because it reaffirms the growing trust and confidence the international community is reposing in us," said Roland Agambire, Founder & Chief Executive of rlg Communications Ltd.

Mr Famamwy, who is also the President for Microsoft Middle East & Africa (MEA), has a number of responsibilities spanning business strategy and operations. He is a key member of the international leadership team that is responsible for the company's global strategy, with a particularly visible role amongst the company's worldwide emerging markets community.

He is directly responsible for Microsoft's operations in MEA, one of thirteen areas that comprise Microsoft's worldwide operations. The area represents one of Microsoft's fastest growing and most dynamic markets and is certainly its most diverse. Microsoft MEA operates through 32 offices and covers 79 countries across three continents.

Throughout his twenty-year career in the IT industry, Mr Famamwy has held different technical, sales and managerial roles in different parts of the Middle East and in Europe with companies including Dun & Bradstreet Software, NCR Corporation, Yokogawa Marex and finally Microsoft Corporation.

Ali joined Microsoft in October 1997 as the General Manager of Microsoft Egypt. After four successful years in that role, he assumed additional responsibilities in the Eastern Mediterranean area, which encompasses Egypt, Lebanon, Jordan, Cyprus & Malta.

In May 2002, Ali was named as the Regional Director for Sales, Marketing and Services for a newly consolidated Microsoft Middle East and Africa region. In this role, he led efforts to transform and grow the company's regional presence with a newly established regional headquarters. In 2004, he was promoted to President of Microsoft Middle East and Africa and in 2011 to Corporate Vice President of the Microsoft Corporation.

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