Ghana’s numerous economic challenges may have put off foreign investors as foreign direct Investments declined in the third quarter of 2015 as compared to 2014.
[contextly_sidebar id=”g5TqNO9IMbKeOUu5NYNEfLBYZbQMthkC”]According to figures released by the Ghana Investment Promotion Centre (GIPC), investments for the third quarter of 2015 compared to the same period of 2014 showed a marginal decline in foreign owned projects.
The country recorded low foreign investments for total number of projects, FDI components and value of foreign investments.
According to the GIPC, foreign projects accounted for 43 out of a total of 56 recorded in the third quarter of 2014.
This however reduced to 37 out of a total of 52 recorded in third quarter of 2015. The FDI component for the third quarter of 2014 which was 1.3 billion US dollars also dropped to 802 million dollars with the value of projects for the country with the largest FDI, declining from about 1.1 billion to 301 million dollars.
While Lebanon led 2014 third quarter with 14 projects, China led third quarter of 2015 with 10 projects.
Major investments for the period included power generation by Aska Energy Company limited investing 300.5 million dollars; Electricity power generation by Karpowership Ghana Company limited a subsidiary of the Turkish company manufacturing Ghana’s power barges.
Karpowership Ghana’s investment for the third quarter was 73.27 million dollars.
Also, the rehabilitation, development and management of the University of Ghana Botanical Gardens by Mulch Company amounted to 1.19 million dollars.
Other projects were conducted by agricultural trading company, Jubaili Agrotec limited and Safi Sana Ghana limited, providers of communal water electricity and organic fertilizers.
Meanwhile a regional breakdown of the investments showed that six out of the ten regions did not record any project during the period under review.
These were the Northern, Upper East and West regions as well as the Volta region. Greater Accra however recorded 39 out of the total of 52 projects recorded in third quarter of 2015.
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By: Pius Amihere Eduku/citifmonline.com/Ghana