The Ghana Investment Promotion Center (GIPC) released its report on investment numbers for the second quarter of 2009. Ghana attracted investments totaling $111.67 million - a 91.9% increase from the second quarter of 2008. The GIPC’s report also found that the increase in investments partly came from 83 new registered projects, bigger than the 59 projects registered in the second quarter of 2008. Of these 83 projects, 56 were established by wholly owned foreign enterprises and the other 27 were joint ventures between Ghanaian citizens and foreign investors.

One project highlighting the increased growth in Ghana involves underwater logging at Lake Volta Lake. Clark Sustainable Resource Development and Triton Logging, a Canadian company, recently announced an agreement to establish an underwater logging enterprise by September of 2010. This project will invest an estimated $100 million worth of investments in addition to corporate tax revenues. The agreement between Clark and Triton maintains that the parties will conduct comprehensive environmental impact studies and secure all financing for the project before the commencing any commercial operations. The Volta Lake logging project is expected to produce environmentally certified timber, create safer passage routes for communities along the river, as well as bring technology and employment opportunities to the region.

Ghanaians continue to put Ghana on the map by their innovation and business intuition. Bright Simons, a Ghanaian a technical innovator is the recipient of several international awards for his ICT software, mPedigree. Mr. Simons created mPedigree in response to dangerous counterfeit medications infiltrating the Ghanaian economy. Ghanaian consumers can authenticate medical products by entering product codes into mPedigree. Mr. Simons won the 2009 Tech Awards Laureate by the Tech Museum for Innovation while mPedigree won first place at the Emerging Markets category of the Nokia Innovators contest and an award at the WAS e-Health and Environment category.

This Eye on Africa was provided by Manka Azefor, a steadfast IWB volunteer and supporter for over a year! Manka will receive her Master in Law from The George Washington University Law School in December after completing her thesis on international investment law. She is originally from Cameroon, and has lived in Benin, Ethiopia, Haiti and Honduras. While in Benin, she visited Ghana and experienced the vast growth and potential of the country. She is looking forward to traveling in the Fall and continuing her education and exposure to the African continent - thanks Manka! Looking forward to your future insights!