No Result
View All Result
Monday, October 2, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    BOST clarifies amount paid for iPhones bought for company executives

    IMF hopeful Ghana will soon reach agreement with Official Credit Committee

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    2023 #CitiBusinessOlympics: Defending champions GCB retains title

    Check out some lively photos from 2023 #CitiBusinessOlympics

    #CitiBusinessOlympics: Citi TV/Citi FM applauded for well-organized event

    Photos: 2023 #CitiBusinessOlympics underway at Eden Heights

    Stakeholders push for West African airline to boost sub-regional trade

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    FBNBank Ghana launches Akye promotion

    Transport owners and the missing NPA: who assured Sentuo to import BRVs?

    BOST clarifies amount paid for iPhones bought for company executives

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    Thousands to participate in 2023 #CitiBusinessOlympics today

    Vodafone Ghana’s commitment to SMEs shines at Business Runway 2023

    SMEs must incentivize staff to unlock full potential – Access Bank Board Chair

    Rock of the Future: Chairman of Atlantic Lithium Neil Herbert (l) presents a sample of Lithium ore to MIIF CEO Edward Nana Yaw Koranteng. Demand for Lithium is set to quadruple over the next ten years due to the accelera- tion in the production of Electronic Vehicles (EVs).

    MIIF to invest an initial $32.9 million into Ghana’s first lithium mine

  • TECHNOLOGY

    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

    Cyber hygiene key for public safety – Dr. Albert Antwi Boasiako

    Ban on cryptocurrency still in force – Finance Ministry warns

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    South Africa adds Ghana to E Visa list

    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

    Nine ventures announced for Africa Money and DeFi Summit investment showcase

    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

    African leaders emphasize in-continent processing of mineral wealth at climate summit

    Indian investors commit $14 billion to Nigeria, to strengthen several Nigerian sectors

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    BOST clarifies amount paid for iPhones bought for company executives

    IMF hopeful Ghana will soon reach agreement with Official Credit Committee

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    2023 #CitiBusinessOlympics: Defending champions GCB retains title

    Check out some lively photos from 2023 #CitiBusinessOlympics

    #CitiBusinessOlympics: Citi TV/Citi FM applauded for well-organized event

    Photos: 2023 #CitiBusinessOlympics underway at Eden Heights

    Stakeholders push for West African airline to boost sub-regional trade

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    FBNBank Ghana launches Akye promotion

    Transport owners and the missing NPA: who assured Sentuo to import BRVs?

    BOST clarifies amount paid for iPhones bought for company executives

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    Thousands to participate in 2023 #CitiBusinessOlympics today

    Vodafone Ghana’s commitment to SMEs shines at Business Runway 2023

    SMEs must incentivize staff to unlock full potential – Access Bank Board Chair

    Rock of the Future: Chairman of Atlantic Lithium Neil Herbert (l) presents a sample of Lithium ore to MIIF CEO Edward Nana Yaw Koranteng. Demand for Lithium is set to quadruple over the next ten years due to the accelera- tion in the production of Electronic Vehicles (EVs).

    MIIF to invest an initial $32.9 million into Ghana’s first lithium mine

  • TECHNOLOGY

    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

    Cyber hygiene key for public safety – Dr. Albert Antwi Boasiako

    Ban on cryptocurrency still in force – Finance Ministry warns

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    South Africa adds Ghana to E Visa list

    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

    Nine ventures announced for Africa Money and DeFi Summit investment showcase

    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

    African leaders emphasize in-continent processing of mineral wealth at climate summit

    Indian investors commit $14 billion to Nigeria, to strengthen several Nigerian sectors

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Foreign Direct Investments increase by over 400% in 2020 first half

byNerteley Nettey
October 24, 2020
in Local Economy, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Foreign Direct Investments (FDI) increased by over four hundred percent for the first half of 2020, figures from the Ghana Investment Promotion Centre (GIPC) has shown.

The Foreign Direct Investments increased from US$627.52 million in the first half of 2020 compared to the FDI value of US$123.26 million recorded within the same period last year.

The data also shows that Ghana recorded total investments of US$869.47 million for the first half of the year.

ADVERTISEMENT

Out of this, total Foreign Direct Investments of US$785.62 million was recorded by both the Ghana Investment Promotion Center and the Petroleum Commission between January to June 2020.

For the Ghana Investment Promotion Center itself, a total of 69 projects with a total estimated value of US$688.74 million was recorded at the end of June 2020.

Out of this, the total Foreign Direct Investment component amounted to US$627.52 million while local component accounted for an estimated US$61.22 million.

Speaking at a press briefing, Chief Executive Officer of the GIPC, Yofi Grant, stated that 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, depicting a strong performance irrespective of the global pandemic.

“However, in spite of a sluggish start in the first quarter of 2020 and a worrying slump in the beginning of the second quarter due to severe lockdown measures to contain the spread of the coronavirus, FDIs to Ghana have begun to rebound resulting in a notable increase in FDI inflow for the first half of the year,” he said.

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 regard to value, general trading recorded the highest amount of $246.05 million.

This was closely followed by the mining exploration sector with S$231.02 million having sealed some major investments such as the Chirano Gold mine project for the exploration of minerals.

The manufacturing sector also saw significant investments valued at $170.67 million on the back of some notable ventures such as a deal by Matrix industries for the manufacture of paper and aluminium products as well as the Rainbow Paints Limited project which is a joint venture between Ghana and Kenya for the manufacturing of paints and related products.

All 69 projects are expected to make significant contributions to job creation in the country.

Mr Yofi Grant said, “an estimated 14,614 jobs would be created when the projects became fully operational.”

Out of this, 14,052 of the jobs, representing 96.15 percent will be for Ghanaians, while the remaining 562 jobs, representing 3.85 per cent, will be taken up by foreigners.

He further noted that the GIPC would continue to pursue worthwhile investments for economic development as well as support government initiatives such as the COVID-19 Alleviation and Revitalisation of Enterprises Support Programme to help bolster the Ghanaian economy towards recovery and remain resilient during and after the pandemic.

Related Posts

Top Stories

BOST clarifies amount paid for iPhones bought for company executives

byEmmanuel Oppong

The Bulk Oil Storage and Transportation Limited (BOST) has debunked earlier media reports which suggested that the company paid a...

Read more

IMF hopeful Ghana will soon reach agreement with Official Credit Committee

Fuel prices to remain fairly stable at the pumps – COPEC

Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

2023 #CitiBusinessOlympics: Defending champions GCB retains title

Check out some lively photos from 2023 #CitiBusinessOlympics

#CitiBusinessOlympics: Citi TV/Citi FM applauded for well-organized event

Next Post

Economist bemoans increasing use of domestic revenue for debt servicing

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.