Economy to create 4,900 jobs

The job market of the Ghanaian economy would start witnessing 4,900 new vacancies as Foreign Direct Investments continue to announce their presence in the country.
With the economy's improved performance on the global market, Ghana has become a safe haven for investors who have over the last six months been battling to register their businesses with the Ghana Investment Promotion Centre (GIPC), to start operations in the country.
Out of the 53 new investment concerns registered during the second quarter of the GIPC under review, it is expected that 4,900 new jobs would be created, with majority of these (4,670 representing 95.3%) going in favour of Ghanaians and the remaining 230 (4.7%) to expatriates. The total estimated value of these 53 new investments is GH¢57.03 million, a decrease from GH¢77.37 million, recorded for the same period in 2007.
Of the 53 new investments registered during the quarter, 38 representing 71.70% were wholly owned foreign enterprises, with the remaining 15 projects (28.30%) being joint venture projects between Ghanaians and their foreign partners.
The joint venture projects were valued at GH¢13.5 million whilst the 100% foreign owned enterprises were valued at GH¢42.17 million.
This feat, according to the Chief Executive Officer of GIPC, Robert Ahomka-Lindsey in a media interaction in Accra, brings the total number of jobs created in the first half year of 2008 to 14,607.
With the registration of these 53 new investments, the Centre thus recorded a total cash investment of GH¢923.79 million (US$942.6million), being the total new cash investment for the second quarter of 2008.
This figure, according to the CEO, comprises GH¢916.06 million worth of investments (capital goods imported) and GH¢7.73 million equity transfers for the projects registered during the quarter as compared to GH¢351.54 million recorded in the same period in 2007, of which GH¢11.89 million constituted equity transfers and GH¢339.4 million worth of reinvestments (capital goods imported) with 95 projects registered.
Among the 53 new investments, China and India continue to top the list of countries who registered their businesses in the country. According to Mr. Ahomka-Lindsey, the United Kingdom registered the least projects but was of the highest value with GH¢33.45 million during the period under review.
Out of the new projects recorded, Manufacturing, Services and general trading continue to be the highest in terms of sectoral composition.
Agriculture recorded a slight improvement over the previous quarter with 9 projects being registered at an estimated value of GH¢9.88 million. Liaison Offices recorded the least projects, registering 3 projects out of the 53 with an estimated value of GH¢0.07 million.
Major projects attracted during the second quarter include DOS Oil Production- Ghana Limited, a processing factory in the field of palm fruits and palm kernel, with an estimated project value of GH¢27.44 million. Colwick Ghana Limited, a real estate development and Prairie Volta West Africa Fish Limited, notably known in fish farming and processing, announced their presence in the country with an estimated project value of GH¢2.69 million and GH¢2.04 million respectively.
According to MR. Ahomka-Lindsey, his outfit is expecting more activities in the telecom industry with the presence of Zain and Vodafone in the country. He said his outfit has outlined a 3 year building institutional capacity and would pursue it vigorously towards achieving a better investment economy for the country.