Ghana Attracts $316 Million in Foreign Direct Investment in Early 2024

Ghana has attracted Foreign Direct Investment (FDI) worth $316 million during the first three quarters of 2024, reinforcing its position as a prime investment destination in the sub-region. The Ghana Investment Promotion Centre (GIPC) revealed in its Third Quarter Report that 108 projects were registered within this period, with a total estimated investment cost of $325.88 million.

Of this total, $9.88 million came from local investment, highlighting robust foreign interest coupled with domestic participation. Out of the 108 projects, 85 were wholly foreign-owned, accounting for 78.7% of all projects with a cumulative estimated investment of $303.49 million. Joint ventures between Ghanaian and foreign entities made up the remaining 23 projects, representing 21.3% of the total, with an investment value of $22.39 million.

Initial capital transfers into the country amounted to $22.1 million, indicating strong investor confidence. The manufacturing sector emerged as the top recipient of foreign investments, with 55 projects and an FDI value of $190.7 million, underscoring its role as a key driver of Ghana’s industrial development. The liaison sector followed with FDI inflows of $76.3 million, while the general trade sector recorded $21 million in investments.

The sectoral breakdown of the 108 projects shows a strong emphasis on industry and services. Beyond manufacturing, the services sector secured 27 projects, followed by general trade (11 projects), export trade (7 projects), agriculture (3 projects), tourism (2 projects), and building and construction (2 projects). Liaison services rounded out the list with one project.

These substantial FDI inflows into Ghana’s manufacturing sector reflect the country’s strategic focus on industrialization and job creation, positioning it as a significant player in the global investment landscape.