The Ghana Investment Promotion Centre (GIPC) has revised the country's investment laws to give local investors equal opportunities as their foreign counterparts. The revised laws which have been laid before Cabinet for approval also took into consideration, the issue of local content as requested by the various trade associations in the country. The Chief Executive Officer of the GIPC, Mr. George Aboagye, who disclosed this at a media briefing on the 2011 first quarter investment results said, "What we have done will give hope to our people because it offers them a lot." The review is expected to give a lot of relief to local investors at a time that the clamour for greater recognition and the need for the introduction of a more applicable and favourable local content laws are being pushed by trade and workers associations including the Association of Ghana Industries, the Ghana Trade Union Congress and the Ghana National Chamber of Commerce and Industry. "What we have proposed in the revised laws will offer the local investors the same incentives as the foreign investors," Mr. Aboagye said, but will not give any further details. During the period under review, 109 new projects were recorded, showing an increase of 0.93 per cent, compared to 108 registered projects in the corresponding quarter of 2010. The total estimated value of these registered projects was GH¢567.66 million (US$378.44 million), representing a substantial increase of 101.13 per cent compared to GH¢263.42 million (US$188.16 million) recorded in the first quarter of 2010. According to Mr. Aboagye, "The Foreign Direct Investment (PDI) component of the estimated value of the projects registered for the year was GH¢527.63 million (US$351.75 million), representing 92.95 per cent of the total estimated value and an impressive increase of 118.02 per cent compared to GH¢225.88 million (US$161.34 million) recorded for the same quarter of 2010." For the total initial capital transfers from the projects so far, the GIPC boss said, "the newly registered projects during the quarter under review amounted to GH¢103.35 million (US$68.90 million)", representing an increase of 360 per cent, compared to that of last year. Of the total inflows, building and construction attracted the highest with 41 per cent, representing US$157.04 million with six projects, followed by manufacturing with US$113, 44 million with 12 new projects, while services raked in US$82.67 million with 37 projects. Agriculture, which is considered the backbone of the economy, rather attracted the least FDI in terms of value as it recorded US$.33 million from one project. India, with 19 projects, topped the list of countries with the highest number of projects registered. China followed with 13, Lebanon 10, Nigeria eight with Britain and the United States of America (USA) having seven each. With US$70.50 million as estimated investment, Britain and Belize topped the list of countries with the largest value of investments registered during the period under review. Lebanon and Mauritania came second and third respectively with US$60 million and US$56 million while Turkey recorded the least with US$7.30 million. In terms of employment generation, Mr. Aboagye said "From the number of projects registered in the first quarter, it is expected that 7,004 jobs will be created". This, he said, represented an increase of 14.41 per cent compared to the 6,122 expected jobs to be created in the corresponding quarter of the previous year. To be specific, he said the total number of jobs expected to be created for Ghanaians from the projects registered in the first quarter of the year, 2011 amounted to 6,497, representing an increase of 18.80 per cent over the same period last year. "There was, however, a decrease of 23.36 per cent in the expected jobs to be created for expatriates from 653 for the first quarter in 2010 to 507 for the quarter under review," he said. Mr. Aboagye explained that the phenomenon was a welcome one as foreign investors in the country were beginning to have confidence and trust in Ghanaians. Source: Daily Graphic