South Africa has invested over $1.2bn in Ghana since 1994 – GIPC Director
The Director and Head of Monitoring, Evaluation and Outreach Division at the Ghana Investment Promotion Centre (GIPC), Dr George Opare Asafo-Agyei, has underscored the critical role South Africa plays in Ghana’s investment landscape, describing it as one of the country’s biggest partners in foreign direct investment (FDI) inflows.
Speaking at the Outward Selling and Investment Mission held at the Labadi Beach Hotel in Accra on Thursday, 28 August 2025, Dr Asafo-Agyei revealed that since 1994, South Africa has invested no less than USD1.2 billion into the Ghanaian economy.
This, he said, makes South Africa a pivotal partner in Ghana’s investment promotion strategies and long-term growth agenda.
“South Africa is very key in terms of Ghana’s investment promotion strategies and efforts. Since 1994, about $1.2 billion has flowed into Ghana from South African investors. That makes South Africa one of our biggest FDI partners,” Dr Asafo-Agyei said.
Speaking to The New Finder on the sidelines of the event, he noted that the GIPC continues to engage South African companies because of their proven record of long-term investments in critical sectors of Ghana’s economy.
Highlighting sector-specific opportunities with strong potential for South African businesses, Dr Asafo-Agyei pointed to mining as a natural starting point.
“South Africa has been mining in Ghana for a long while. Two of Ghana’s biggest mines are from South Africa. Beyond mining operations, the mining support services industry remains a critical area South African investors can leverage,” he explained.
Dr Asafo-Agyei further identified information and communication technology (ICT) as a priority sector, especially in light of government’s ambitious agenda to train one million coders in the coming years.
According to him, this creates space for South African ICT firms with advanced expertise to collaborate with Ghana in building digital capacity and developing tech infrastructure.
Tourism was another area he flagged as ripe for investment collaboration, citing Ghana’s positioning as a top destination for heritage tourism and South Africa’s established tourism sector.
Dr Asafo-Agyei also highlighted automotive component manufacturing as a new and emerging frontier.
Ghana is currently developing an automotive industry policy to attract assembly plants and parts suppliers, and he believes South Africa, already advanced in automobile production, can provide critical expertise and investment capital.
“When it comes to the automotive sector, South Africa is quite advanced. Ghana can tap into their expertise, especially as we continue to strengthen our own policy framework,” he stressed.
Beyond identifying sectors, Dr Asafo-Agyei outlined the investment incentives available to South African companies that choose Ghana as a base. These include a range of tax breaks depending on the sector of operation.
“For example, there is a five-year tax holiday for some sectors. In manufacturing, there are additional tax exemptions on machinery and equipment. These incentives make Ghana an attractive destination for foreign investors,” he explained.
The event, which brought together Ghanaian and South African business leaders, government officials and policymakers, served as a platform to deepen bilateral trade and investment relations. Discussions focused on identifying mutually beneficial opportunities while also addressing challenges investors encounter in both markets.
Dr Asafo-Agyei reiterated GIPC’s commitment to working closely with South African partners to ensure that their investments translate into sustainable growth, job creation and skills development in Ghana.
“We want investments that don’t just bring in capital, but that create value for both Ghana and South Africa in the long term,” he added.
