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GIPC to ensure $2.7b investments yield full benefits

Government has assured that the $2.7 billion in investment inflows reported by the Ghana Investment Promotion Centre (GIPC) for the year 2020 will be put to prudent use for the benefit of Ghanaians.

Speaking at a press conference in Accra on Sunday, April 18, 2020, Minister for Information, Kojo Oppong Nkrumah said the government will continue to assiduously pursue worthwhile investments to help bolster the Ghanaian economy towards recovery by putting the inflows into good use in order to shore up the economy and better the lives of Ghanaians generally.

“The key thing that the GIPC is at this stage leading government to do is all of these investments in terms of their equity compositions and then their logistics compositions are onboarded fully so that the jobs and opportunities associated with them can be fully realized by the Ghanaian people.

“So for example it is estimated that a total of 27,000 jobs expected to be generated from the 279 projects with operations at full capacity, about 22,000 of those jobs are expected to be for Ghanaians, while about 1,064 of those jobs just about 5% expected to be taken up by expatriate or non-Ghanaians,” the Minister said.

This comes at the back of an upsurge of up to 140 per cent in Foreign Direct Investment (FDI) for the 2020 year, in spite of the ravaging effects of the coronavirus disease (COVID-19).

From January to December 2020, Ghana recorded 279 projects with a total estimated investment of US$2,796.49 million. The FDI component and the local components amounted to US$2,650.97 million and US$145.52 million respectively for 2020.

This the Minister assured that government will through the new investment inflows registered embark on meaningful projects, and creates more jobs for Ghanaians.

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