23 Oct Ghana’s FDI value hits $785m in half of 2020 – GIPC
Ghana’s Foreign Direct Investments (FDI) between January to June 2020 has been valued at US$785.62 million, the Ghana Investment Promotion Center has said.
FDI inflow showed rare strength in the final moments of the second quarter of the year, undeterred by the COVID-19 pandemic.
Although Ghana recorded total investments of US$869.47 million, Ghana Investment Promotion Center (GIPC) and the Petroleum Commission came up with US$785.62 out of the total investments.
Chief Executive Officer of the GIPC, Yofi Grant told the press on Friday, October 23, 2020, that FDI to Ghana has begun to rebound resulting in a notable increase in FDI inflow for the first half of the year.
“At the GIPC, a total of 69 projects with a total estimated value of US$688.74 million was recorded by the end of June 2020. Of this, the total FDI component amounted to US$627.52 million while local component accounted for an estimated US$61.22 million.
The FDI value of US$627.52 million was a considerable increase of about 409.10 percent from last year’s FDI value of US$123.26 million recorded within the same period (Jan-Jun 2019), depicting a strong performance irrespective of the global pandemic”, he said.
He indicated that the country’s service sector received the highest level of FDI in the first half of 2020.
“Out of the 69 projects recorded, the services sector registered a majority of 25 projects followed by the manufacturing and export trade sector with 21 and 11 projects respectively. With regards to value, general trading recorded the highest amount of US$246.05 million”.
GIPC further added that “geographically, the spread of the project’s cuts across 6 regions namely, Greater Accra, Central, Eastern, Ashanti and Volta regions with most projects registered in the Greater Accra enclave”.