Ghana records investment surge

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Flag of Ghana

Ghana said on Wednesday that it recorded a significant jum p in investment in the first quarter of this year. The Ghana Investment Promotion Centre (GIPC) said it recorded US$3 billion worth of investment in the first three months of 2008, up from 36.75 million dollars for the same period in 2007. It said 92 new projects were registered during the quarter, out of which three w ere liaison offices. The total number of projects for the same period in 2007 was 57. Mr Robert Ahomka-Lindsay, Chief Executive Officer of GIPC, said it was a demonst ration of the targeted and focused nature of the investment drive being pursued by the Centre. A high profile company that was attracted during the quarter was Kampac Resource s Ghana Limited, which accounted for more than two billion dollars in investment for the rehabilitation and modernization of the western and central railway lines. Of the 92 projects, 56 (60.9 per cent) are new wholly owned foreign enterprises, with the remaining 36 projects (39.1 per cent) being joint ventures between Ghanaians and their foreign counterparts. The joint venture projects are valued at 2.9 billion dollars while the 100 per c ent foreign owned enterprises are valued at 46 million dollars.

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