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Finance & InvestmentWed, 8 Sep, 21

Singapore Leads with FDIs Inflows to Ghana

Singapore Leads with FDIs Inflows to Ghana

Singapore has surpassed China et al., in Ghana’s Foreign Direct Investment (FDI) inflow for the first half of this year, according to the Ghana Investment Promotion Centre (GIPC). The Chief Executive Officer of the Centre, Mr. Yofi Grant, disclosed this yesterday, September 7 during his presentation at the GIPC Annual Investment Summit dubbed ‘Spark Up 2021’.

He said that a total of 122 projects of foreign investment valued at US $829 million have been registered by the Centre as of June this year, notwithstanding the reported slower global FDI flow prediction. Singapore’s US $307.6 million leads in terms of the investment value, followed by Australia.

"As at the middle of the year, despite the weak predictions, we are seeing some very interesting numbers, the first half, a total of 122 projects that include 94 new projects and 28 upstream existing projects have brought in foreign direct investment of US$829million. This gives a 32.15 percent increase of what we saw in the first half of 2020 which was US$629million.

"The leading sources of investment recorded January to June, Singapore brought in US$307million with 2 projects, Australia brought in US$204million with 2 projects, India US$62.57million with 9 projects, Netherlands US$46.8million with 2 projects, the USA with US$32million with 6 projects and China $32.48million with 24 projects," Mr. Grant noted.

The data suggest that the Asian Giants has taken over from China’s position last year, 2020. The entire period of 2020 saw China bring in US$751million followed by the United Kingdom of US$243million while South Africa brought in US$242million. Australia and Netherlands respectively invested US$231million and US$238million.

The GIPC noted that out of the 122 projects; the services sector came on top with 63 projects, followed by manufacturing with 24 projects, while general trading and building and construction recorded 18 and 6 projects respectively.

This is in-line with the 2020 investment projects recorded by the Centre. The year saw a registration of 279 projects comprising 24 new projects in various sectors; 131 upstream projects in the oil and gas sector, and 90 in the free zones activity. Out of the 279 projects, the services sector registered the most with 184 projects, followed by manufacturing with 57 projects, export trading with 15 projects, and building and construction projects, among others, the Chief Executive explained.

Mr. Grant concluded by emphasising that increasing Foreign Direct Investment in the medium to long-term requires shift and articulate actions from policy makers to review, revise and revamp Foreign Direct Investment strategies. This, he believes, will make them more fit for purpose, modernise and operationalise policy measures to support value chain linked Foreign Direct Investments and thereby boosting the FDI in a digital economy.

 

Source:Mohammed Bomanso Issah(Real Estate Times Africa)

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