The United Kingdom (UK), has been identified as the largest contributor of Foreign Direct Investments (FDI) to Ghana by the Ghana Investment Promotion Centre (GIPC).
A report on the performance of FDI inflows for the first half of 2020, made available to norvanreports by GIPC, revealed that FDI value of $238.90 million out of the total $785.62 million recorded for the first half of the year was from the UK, making UK the country with the largest investment value share in FDI inflows to Ghana.
Following the UK in terms of FDI value share are the Netherlands and US with 191.50 million and 66.25 million respectively.
However, in terms of number of registered projects with the Centre, China leads the UK, Netherlands and the US with 12 projects, out of the total 69 projects registered in the first half of 2020.
Out of the 69 projects registered, the services sector, with 25 projects, recorded the highest number of projects, manufacturing and export trade sectors followed with 21 and 11 projects respectively.
Launching the report on the performance of FDI for Q1 and Q2 of 2020 at a press briefing on Friday, Chief Executive Officer (CEO) for GIPC, Yofi Grant, noted that FDI inflows surprisingly showed rare strength in the final moments of the second quarter of 2020 to record the current value of $785.62 million.
The total FDI value of $785.62 recorded for the first half of 2020 represents a 409 per cent increment compared to the $123.26 million recorded for the same period in 2019.
Some notable projects registered with GIPC and as revealed in the report include:
- EPL Power Operations Limited: This is a joint venture between the Netherlands and Ghana with total estimated cost of US$ 238 million. It entails operation and maintenance of bridge, power project and related activities.
- Chirano Gold: With estimated cost of US$ 231.05 million, this project entails the exploration of minerals.
- Matrix Industries: This project involves the manufacturing of paper products, aluminium products and packaging of products. The project is a Joint Venture between India and Ghana and is estimated at US$ 11.4 million.
- Rainbow Paints Limited: A Joint Venture project between Kenya and Ghana involved in manufacturing of paints, paints coating and its related products. Its estimated cost is estimated cost of US$ 4.2million.
- Magnate Precious Metals Limited: This is a Joint Venture (China and Ghana) project entailing the export of gold and other precious metals. The total estimated value is US$ 2.6 million.
- K-Frontiers Limited:The project activity entails general trading, I.T services and real estate development. It is a wholly owned Nigerian project with estimated cost of US$ 2 million.
- Karida Agro Trading Company Limited: The project involves the importation and sales of agro chemicals, farm machinery and general agriculture. The total estimated cost is US$ 1.5 million.
