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FDI up by 45% in 1st qtr.

By Kofi Ahovi
Foreign Direct Investment (FDI) recorded for the country during the first quarter of 2009 has increased from GH¢351.79 (USD256.68 million) to GH¢521.25 million (USD372.32 million) as new investment. The increase represents 45.05% over the corresponding quarter of 2008.

The figure comprises of GH¢508.68 (USD363.34) worth of re-investments and GH¢12.57 (USD8.98 million) as equity transfer for new projects registered.

Total new projects of 35 were registered, a decrease of 62% compared to 92 new projects recorded for the same period of 2008.

The total estimated value of the newly registered projects is GH¢25.27 million (USD18.05 million) compared to GH¢2.97 billion (USD3.03 billion) recorded for the same period last year.

This development indicates that even in the face of the global credit crunch, investors in Ghana have retained their confidence in the economy and maintained their re-investments while the country have attracted new players albeit at a slower rate.

Of the 35 projects registered during the quarter, 26 (74.29%), were wholly-owned foreign enterprises and 9 (25.71%) were joint ventures between Ghanaians and their foreign partners. The joint venture projects were valued at GH¢7.50 million (US$5.36 million), whilst the 100% foreign-owned enterprises were valued at GH¢17.77 million (US$12.69 million).

For the corresponding quarter in 2008, 56 wholly-owned foreign enterprises and 36 joint ventures were registered and valued at GH¢45.14 million (US$46.06 million) and GH¢2.93 billion (US$2.99 billion) respectively.

General trading was the sector with the most recorded projects (12) followed by manufacturing which recorded nine projects. Services and agriculture recorded seven and four projects respectively, while building and construction, tourism and export trading all recorded one project each.

China topped the list of countries with the highest number of projects and the largest number of investments registered during the quarter. Seven projects worth USD3.20 were recorded from china

Three out of the 10 regions benefited directly from the projects with 88.57% of all projects located in Accra. The rest were Eastern and Western region respectively.

Out of the new projects recorded, 3,668 new jobs are expected to be created out of which 95.23% (3,493) is for Ghanaians and the remaining 4.77% (175) for expatriates.

Though, with only four projects recorded the agricultural sector is expected to employ about 2,000 people.
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