Ghana Attracts $56.02 Million in Foreign Direct Investment in Q2 2024

Ghana has successfully attracted $56.02 million in Foreign Direct Investment (FDI) during the second quarter of 2024, with the manufacturing sector leading the charge. This achievement underscores the country’s growing appeal as a destination for global investors and a significant driver of economic growth.

The Ghana Investment Promotion Centre (GIPC), in its second-quarter report, disclosed that it registered 37 projects with a total estimated investment cost of $58.03 million. The FDI component accounted for $56.02 million, highlighting Ghana’s increasing attractiveness to international investors.

Local investments contributed $2.01 million, with initial capital transfers amounting to $8.06 million. The dominance of wholly foreign-owned projects was evident, with 29 ventures representing 78.4% of the total registered projects, valued at $54.45 million. Joint ventures between Ghanaians and foreign investors comprised the remaining eight projects, accounting for 21.6% of the total and contributing $3.58 million in investment.

In terms of sectoral distribution, the manufacturing sector emerged as the leading recipient of FDI, securing $30.47 million from 17 projects, reinforcing its role as a cornerstone of Ghana’s industrial ambitions. The services sector followed with 10 projects, while the general trading sector attracted seven. Other sectors, including export trade, tourism, and building and construction, each registered a single project. The general trading sector notably garnered $17.4 million in FDI, underscoring its importance in Ghana’s economic diversification efforts.

The 37 registered projects are projected to generate 4,922 jobs, reinforcing the developmental benefits of foreign investments. Ghanaians stand to benefit significantly, with 96.8% of the opportunities (4,765 jobs) earmarked for local workers. Non-Ghanaians will fill the remaining 157 positions, representing 3.2% of the total employment.

This positive development highlights the sustained investor confidence in Ghana’s economic potential and the government’s efforts to create a conducive environment for foreign investments. With the manufacturing sector at the forefront, Ghana continues to build a robust and diversified economy, fostering growth and creating job opportunities for its citizens.