Ghana overtakes Nigeria, records $1.4b in FDI second quarter of 2016
Details from Ghana News Agency have revealed that the economy in second quarter of 2016 received foreign direct investments (FDI) to the tune of $1.4b within the same period, the National Bureau of Statistics (NBS), here in Nigeria said FDI dropped below targets.
The country’s statistical agency said there have been percentage increases in all parameters used to measure FDI inflows.
The most apparent of them is the more than 400 per cent increase in Total Initial Transfers of $59.12 million as against $10.03 million in the same quarter of 2015.
FDI is a controlling ownership in a business enterprise in one country by an entity based in another country.
According to the Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Mrs. Mawuena Trebarh, the Centre continues to stay on course to achieve its target for increased domestic and foreign investment.
She stated that the total number of projects registered was 51 with a total estimated value of $1.41 billion.
Data provided shows a considerable improvement in FDI results recorded during the second quarter of 2016 as compared to the first quarter of the same year and the corresponding quarter of 2015.
China, with 13 projects, ranked the number one source of investments by the number of projects. Singapore topped the list of countries with the largest value of investments being $1.06 billion, for the quarter under review.
Out of the 51 new projects registered by the Centre, 40 were wholly foreign owned enterprises valued collectively at $391.17 million, representing 78.43 per cent of total projects for the quarter.
The remaining 11 projects which represent 21.57 per cent were joint venture projects valued collectively as $ 1.06 billion.
Additionally, a total number of 4,112 jobs (3729 for Ghanaians and 383 for expatriates) is expected to be created by the projects recorded giving an increase of 105.39 per cent over 2,002 expected to be created in the corresponding quarter of 2015.
Notable projects among the lot include the 660 megawatt combined cycle plant to be developed in Aboadze valued at $1.06 billion and the ceramic tiles and allied products project also estimated at $182.60 million.