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GIPC records GH¢1.79 Billion (US$1.279 Billion) worth of investments in 2010

GIPC RECORDS GH¢1.79 BILLION (  US$1.27 BILLION) WORTH OF INVESTMENTS IN 2010

The Chief Executive Officer, the Board, Management and Staff of Ghana Investment Promotion Centre (GIPC) take this opportunity to wish all our cherished stakeholders a happy and prosperous New Year.

Registered projects-Forth quarter

For the last quarter of 2010, the GIPC continued to see growth in its recorded projects. 75 new projects, valued at US$ 141.88 million3, 6564 jobs expected to be created by these project. were recorded with an estimated

2010 Registered Projects

The year 2010, ended on a very strong point with a total of 385 projects registered. It is heart-warming to note that the number of projects registered for the year 2010 is an increase of 49.81% over 257 registered in 2009. The estimated value of projects registered in 2010 is US$1.279 billion (GH¢ 1.79bn), again, a significant increase of 106.78% as compared to US$619.99m (GH¢ 867.98m)recorded in 2009.

The FDI component of the estimated value of the projects registered for the year 2010 is US$1.11 billion, (GH¢ 1.55bn) representing 86.59% of the total estimated value and a significant increase of 101.34% compared to US$551.30 million (GH¢771.82m) recorded for the year 2009. The local currency component also amounts to GH¢239.01 million, an equivalent of US$170.74 million. This represents an increase of 148.60% over the local currency component of total estimated projects registered in 2009.

Estimated Jobs to be Created

The total number of Jobs expected to be generated by these registered projects in 2010 total 119,578. This signifies a 531.78% increase over 22,486 expected jobs recorded for the year 2009. A total of 103,099 expected jobs in 2010 are targeted at Ghanaians while the remaining 16, 479 jobs may be for expatriates.

 
INVESTMENT PROMOTION ACTIVITIES

London Conference

The Business Council for Africa-West and Southern organised a business forum on “Ghana’s Oil & Investment Opportunities” in London on 27th October 2010.

The purpose of the forum was to brief members of the Business Council for Africa on Ghana’s Oil find and the opportunities arising as a result.

The Business Council for Africa is an association of businesses with high interest in Africa in a wide range of industries and sectors and provides a good platform to market Ghana.

The Chief Executive Officer of the Ghana Investment Promotion Centre, GIPC, Mr. George Aboagye made a presentation on the Investment Opportunities available in Ghana from the Oil and Gas Industry.

India Africa Business forum.

The Centre participated in the India Africa business Forum in Johannesburg 24th -27th October 2010. The purpose was to create a platform for 4 selected countries including Ghana to show investment opportunities in their respective countries. The GIPC made a presentation on the investment opportunities and the legal and regulatory framework in Ghana.

Paris Chocolate Fair

The Ghana Investment Promotion Centre and the Ghana Free Zones Board represented Ghana at the Chocolate Fair held in Paris from  28th October -1st November 2010. During the event , the two agencies mounted a exhibition to showcase Ghana’s cocoa industry and the various business opportunities existing in the sector.

Investment Promotion Mission to  Belarus

The Centre participated in a reciprocal business visit to Belarus Republic to follow up on interest expressed by a high powered delegation which visited Ghana during the third quarter of 2010.

The GIPC provided information on the sectors of interest as well as the legal framework for doing business in Ghana.

Investment Promotion mission to Czech Republic

The GIPC participated in the Ghana -Czech Investment Forum  which was held in Prague from 9th -12th November 2010. The forum, was organised by the Ghana Embassy in Prague in collaboration with  the Ghana Investment Promotion Centre, the   Czech Chamber of Commerce, and the Czech Export Guarantee and Insurance (EGAP) is under the theme: ‘Ghana’s Discovery of Oil and Gas; Exciting Opportunities for Business.’

The organisation of the forum was  informed by the need to renew and reestablish meaningful economic ties between the Ghana and the Czech Republic and brought  together the relevant stakeholders in trade and industry of both countries to discuss opportunities for mutually beneficial commerce.

The Centre made a presentation on the investment opportunities and legal and regulatory framework in Ghana

The Ghana delegation was led by H.E. the Vice President , John Dramani Mahama.

HUBEI CHINA – GHANA TRADE & INVESTMENT EXHIBITION

Following the visit of H.E. President J.E. A. Mills to China in September 2010,The Hubei Sub-Council of the China Council for the Promotion of International Trade (CCPIT) organized  a four-day trade and investment exhibition in Accra from 2nd -4th December 2010. The exhibition was aimed at creating a platform for companies from the Hubei Province of China to explore areas of collaboration with their Ghanaian counterparts.

The centre collaborated with the Hubei Province in organising the programme which included a business seminar and matchmaking session.

The GIPC participated actively by making a presentation on the investment opportunities at the Business Seminar, facilitating the one –on- one business meetings, and mounting an exhibition

Investment Promotion Mission to Saudi Arabia and Egypt

The GIPC organised a public private sector business delegation to Saudi Arabia Arabia and Egypt from 2nd -12th December 2010. While in Saudi Arabia, the delegation participated in the Arab Africa Business Forum. The delegation also met with the Saudi Chamber of Commerce for one one one meetings between the Saudi and their Ghanaian Counterparts.  

In Egypt the GIPC made a presentation at the Ghana –Egypt Business Seminar  and participated in the one –on –one business meetings by providing advisory services to Egyptian companies interested in investing in Ghana and also assisting members of the Ghanaian delegation in their one on one business meetings.

H.E. the Vice President,John Dramani Mahama led the Ghana Delegation to both countries and made presentations at the two fora.

 Upcoming Events

The GIPC begins the year 2011 positively by leveraging on the improved perception of the Ghana as a safe investment destination thanks to the prudent management of the economy together with strong investment positioning of the Ghanaian economy by H. E the President. The investment trips undertaken to China and Japan continue to draw the attention of big industrial players in not only Asia but the whole world to Ghana.

 

Incoming Investment Missions

Notable among the  incoming missions in the early part of 2011 are:

a.      A visit by Messrs Hong-Kong Construction Company, one of Asia’s most respected building contractors, a major Chinese property developer and an alternative energy player. The company is interested in infrastructure and commercial property development in Ghana and another visit by Jiangxi Deng Ni Teindustrial Company of China. The company is a major player in Real Estate Development, infrastructure and Agriculture Development in Asia and wishes to explore investment opportunities in similar sectors in Ghana.

b.      A thirty member Korean business delegation to discuss investment opportunities in infrastructure, property development, and oil and Gas sectors among others.

c.       Visit by a delegation from the Scania Group of Sweden to explore opportunities in the transportation and infrastructure sectors.

d.      28 member German business delegation to strengthen the links between Ghana and Germany.

 Official Opening of GIPC Information & Documentation Centre (Library)

In readiness for the task (which our new oil economy comes with) the Centre thinks the best note on which to open the year 2011 is to officially commission its well-stocked modern library. This underscores the value the Centre places on the development of its most treasured Resource-the Human Capital. No doubt, this will go a long way in enhancing our capacity building efforts.

Oxford Business Group

By way of recall, the Centre signed a Memorandum of Understanding (MOU) with the Oxford Business Group in December, 2010. The  MOU will among others generate the ‘Report: Ghana 2011’ This report is set to become Ghana’s leading business intelligence report of reference and will consist of comprehensive and accurate analysis of the country’s economic performance targeted at local and foreign investors. The centre will pursue this collaboration for the benefit of the investor community.

Home front

Prominent among the programs on the home front is Regional visits for project sensitization. This will enable the Centre to identify for promotion investment opportunities and call for project proposals to be profiled for promotion. 

  For further information on this topic, please contact the

Promotion & Public Relations DIvision
Phone: 0302- 665125-9
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Ghana Gazettes ECOWAS Directives on Mining Sector

Ghana has gazetted the "Economic Community of West African States (ECOWAS) Directive on The Harmonization of Guiding Principles and Policies in the Mining Sector" to serve as a notice to Ghanaians of its existence.

The gazetting also serves notice that steps are being taken toward making it a law in the Country.

One of the key principles of the Directive is the obligation placed on mining companies to respect the rights of local communities – "companies shall obtain free, prior and informed consent of local communities before exploration begins and prior to each subsequent phase of mining and post-mining operations; maintain consultations and negotiations on important decisions affecting local communities throughout the mining cycle (Article 16)".

Mining companies have the obligation to respect and promote recognized human rights, including the rights of women, children and workers (Article 15).

The Directive, which was enacted by the 62nd Ordinary Session of the ECOWAS Council of Ministers in Abuja in May 2009, makes the submission of corporate social responsibility and alternative livelihood programmes by mining companies as part of the conditions for granting mining rights (Article 11).

It states that: "Where land is required for the development of mineral resource, the land must be acquired or occupied in accordance with existing laws of Member States. The owner or lawful occupier of such land shall be paid adequate and prompt compensation (Article 4)."

The computation of the compensation should take into consideration: losses; disturbances; losses and damages suffered by immovable assets; loss of revenue (including expected losses of agricultural revenue) in accordance with best international practices (Article 4).

To protect the environment, the Directive has designated "no go zones" for mining activities if such lands have environmental, social and cultural sensitivity (Article 4) – forest reserves for example.

It states that: "In the granting or withdrawal of mining rights there shall be transparency at each stage of the decision making process (Article 5)", adding: "Qualification for acquiring a mining right in a Member State must meet international best practices in the mining industry and shall include respect of the integrity of the environment; rights of mining communities; a plan approved by the competent authority for the mining companies to utilise local goods, services and manpower (Article 5)."

The main areas the Directive deals with are: Ownership of Minerals; Grantor of Mining Rights; Eligibility for Grant of Mining Rights; Fiscal Framework; Foreign Exchange Controls; Equity Participation by Member States and Localisation Policy.

The others are; Artisanal and Small-Scale Mining; Stabilisation Agreement; Acquisition or Occupation of Land and Compensation; Dispute Settlement/Complaint Procedure; Indigenous/ Special Rights/Human Rights and Environmental Protection.

Speaking to the GNA, Mr Daniel Owusu-Koranteng, Executive Director of WACAM, a human rights and mining advocacy nongovernmental organisation, commended the Government for gazetting the Directives.

He said mining communities could challenge the impunity of mining companies in the law courts if the Directives eventually became law.

Source: GNA / Ghana

 

Duffuor adjudged best African finance minister

The Minister of Finance and Economic Planning, Dr Kwabena Duffuor, has won the prestigious Finance Minister for Africa award for 2011 after beating six other African finance ministers shortlisted for the award.

The authoritative London-based magazine, The Banker, published by the Financial Times Group since 1926, conferred the award on Dr Duffuor for leading a team that initiated prudent fiscal policies anchored on checking waste in public spending, ensuring quality of expenditure and enhancing domestic revenue mobilisation through improvement in tax policies.

In its January 2011 edition, the publication considered that in less than two years at the Ministry of Finance and Economic Planning, the minister "has been leading an arduous campaign to weed out wasteful public spending and enhance revenue",

It stated, "His vision for the medium term has been to accelerate growth of the Ghanaian economy without compromising macroeconomic stability."

It added that Dr Duffuor had also implemented fiscal and financial policies that promoted fiscal sustainability and support for the domestic financial system.

Dr Duffuor told the Daily Graphic that he was happy when he received the gipc_news, as it went to show that the nation's efforts at turning the economy around within a short period had received international recognition and approval.

But he would not like to take the credit but rather dedicated the award to the people of Ghana and the President, Prof. John Evans Atta Mills, who, he said, did not only appoint him but also gave him the necessary support and personal commitment to ensure that the economy became sustainably stable.

The African finance ministers who raced with Dr Duffuor were those from South Africa, Egypt, Kenya, Tanzania and Rwanda.

"The distance we have travelled in these few months is remarkable. The benefits of the government's commitment to its economic programmes are clearly visible and the decline in the overall budget deficit this year (2010) is appropriate," the Finance Minister told The Banker.

The Independence, a local gipc_newspaper, crowned Dr Duffuor Man of the Year in 1997. Around the same period, he was also crowned the Marketing Man of the Year by the Chartered Institute of Marketing, Ghana (CIMG).

Just last year, Dr Duffuor also received the International Distinguished Merit Award from the Gambia-based West African Institute of Insurance (WAII).

Dr Duffuor holds a PhD from the University of Syracuse, New York. His dissertation was titled:

"The impact of the post 1971 exchange rate system on developing countries, with special reference to Ghana".

The Finance Minister also holds two masters degrees - an MBA in Finance and Banking and a Master of Arts in Economics.

Source: Daily Graphic

 

Ghana improves in rankings of business-friendly countries

Ghana has moved up 10 places from 77 to 67 in the latest rankings of countries where the environment for doing business is good.

The 2011 World Bank/International Finance Corporation Doing Business report ranks 183 economies around the world who have improved the environment for local businesses especially to thrive.

The forward looking rankings track some regulatory reforms that have taken place from June 2009 and May this year which has gone a long way to improve the environment for doing business.

The report is based on 10 indicators that track the time and cost involved to meet government requirements in starting and operating a business. It also looks at other factors such as trading across borders, paying taxes, closing a business, getting credit, enforcing contracts and protecting investors.

Ghana also came up as the global best reformer in access to credit and still the best place for doing business in West Africa.

The rankings also revealed that Ghana made some strong showing in protecting investors ranking 44th out of 183 countries.

The rankings also showed that Ghana has shown continued improvement over the past five years in improving the environment for doing business.

Source: Joy Business/Ghana

 

Renewal of GIPC Registration by All Companies

PUBLIC NOTICE

RENEWAL OF GIPC REGISTRATION BY ALL COMPANIES

The Ghana Investment Promotion Centre (GIPC) wishes to inform all companies registered with the Ghana Investment Promotion Centre (GIPC) under the GIPC Act,  1994, ACT 478 and all its predecessor institutions under repealed legislation such as the Ghana Investment Centre (Investment Code 1985, PNDCL 116), that as a new policy directive, all existing companies registered with the Centre and its predecessor institutions prior to February 2007are required to apply for the renewal of their registration documentation before the 30th of April 2011. Such renewals will henceforth be valid for two(2) year period, only.

This policy directive is to ensure that the records of applicable companies are kept up to date at the GIPC and that such companies are compliant with GIPC legislation. It is recommended that the renewed Certificate be displayed at company premises for ease of inspection during official monitoring and visits.

It must be emphasised that renewals will ensure that your company continues to enjoy the benefits, incentives and guarantees under GIPC ACT 478 as well as to support services provided by the GIPC to its clients.

The renewal procedure entails the submission of the following:

  • GIPC Renewal of Registration Form/ written request to the Centre for renewal with information provided on the company’s name, address an original registration dates. Kindly attach a copy of the original registration documentation if available.
  • A copy of the latest Audited Accounts or Annual Report of your company
  • A fee of US$500.00 or its Ghana Cedi equivalent by Bankers Draft, ( Note that this is reduced from the renewal fee of US$1500.00 payable by companies who registered with the GIPC after February 2007)

For further information Please contact Augustine O. Otoo on +233-302-665125 to 9 

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Upcoming Events

Tue Sep 25 @ 8:00AM - 08:00PM
Euromoney Ghana/West Africa Conference 2018
Tue Oct 23 @ 8:00AM -
Ghana Investment Opportunities Summit 2018
Fri Nov 23 @ 7:00PM - 11:00PM
17th Edition Ghana Club 100 Awards