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Friday, September 24, 2021

Ghana records $874 million of inbound investments in first half of 2021 – Citi Business News

Latest Data from Ghana Investment Promotion Centre, GIPC, indicates that the country recorded $874m in investments in the first half of this year from 122 projects.

Of the total investments, the Foreign Direct Investment (FDI) component amounted to $829.29 million, while the local component accounted for $44.72 million. This is an increase 32.15% over the FDI value of $627.52 million recorded in the first half of 2020.

The FDI amount of US$ 829.29 million was a remarkable increase of 32.15 percent in inbound FDI compared to the FDI value of US$ 627.52 million recorded in the same period last year.

The data also notes that the strong FDI performance in the first half of the year was driven by success in key sectors including the services sector and the manufacturing sector.

Out of the 122 projects registered, the services sector, with 63 projects, recorded the highest number of projects. It was followed by manufacturing with 24 projects. General Trading and Building and Construction followed with 18 and 6 projects respectively.

The oil & gas sector as well as export trade sectors recorded five projects each. The agriculture sector also recorded a project.

In terms of the FDI values, the services sector recorded the largest value of $597.63 million. This was followed by the manufacturing sector with FDI value of $98.74 million.

The general trading as well as building/construction sectors recorded FDI values of $41.87 million and $22.63 million respectively.

With respect to the distribution of projects, nine regions gained from the dispersion of the 122 projects. The Greater Accra area surpassed all other regions, with 96 projects, accounting for 78.69 percent of all projects filed in the first half of the year. The other regions to have recorded projects are the Ashanti and Western regions with 8 and 9 projects respectively, Bono, Central and Eastern regions with two (2) projects each, whilst Ahafo, Northern and Upper West regions recorded a project each.

Overall, Ghana’s upbeat half year FDI performance has varied marginally from the globally anticipated slowdown in FDI flow. Perhaps unsurprisingly, the steady performance can be attributed to the activation of the Ghana Covid 19 Alleviation and Revitalization of Enterprises program as well as the timely roll out of several government incentives which prompted a quick recovery of the Ghanaian economy.

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