The Ghana Investment promotion Centre (GIPC) has, in its report for the third quarter of 2017, indicated that the country registered Foreign Direct Investments (FDI) to the tune of US$4.4 billion, more than 108 percent increase from the US$2.4 billion recorded in 2016.
The third quarter value is $600 million shy of the overall 2017 target of $5 billion, as the Centre is yet to release figures for the fourth quarter of 2017.
In terms of projects, the Centre recorded a total 139 new investments, of which the manufacturing sector recorded the highest number of investments with 37 projects.
It is followed by the services sector with 34 projects. The agriculture sector recorded only one project, whilst no investment was recorded in the tourism sector.
The overall value of transactions is a major boost to the economy as FDIs into the country have averaged between US$2.5 billion and US$3 billion annually.
CEO of the GIPC, Yofi Grant, is confident that his outfit will exceed its target for year 2017.
“We at GIPC are indeed encouraged to work harder to exceed our targeted FDI of US$5 billion for the year,” he said.
Mr. Grant further opined that, for the country to achieve sound economic growth and development, government must continue putting in the right measures to attract more foreign investors into the country.
“We cannot grow the economy on our own and government does not have much to spend. That is why we need to rely on and/or increase foreign direct investments,” he said.
This development comes as a welcoming news to investors, especially those in the real estate sector, as there are enormous opportunities that remain untapped, considering the country’s housing deficits which is estimated around $7 billion.
Green Views has already seen the potential in the real estate sector as its luxurious apartments sited at the Airport Residential Area is now selling.
The apartment is made of eight one bedroom, eight two bedrooms, eight three bedrooms, and four duplexes (four bedrooms), with spacious balconies.