Ghana Pulls in US$378m FDI in Q3 as Manufacturing Dominates – GIPC
By Praisebell Rosemond Larbi
Ghana recorded a significant rise in foreign direct investment (FDI) inflows during the third quarter of 2025, attracting US$378 million in new commitments, according to the latest quarterly investment report released by the Ghana Investment Promotion Centre (GIPC). The performance reflects renewed investor interest in key sectors of the economy and growing confidence in Ghana’s macroeconomic outlook.
The data shows that foreign investors accounted for the overwhelming majority of commitments. Of the total, US$377.63 million came from foreign sources, with Ghanaian investors contributing only US$2.62 million, underscoring the persistent reliance on offshore capital to drive major investment projects. Additionally, initial capital transfers during the period amounted to US$13.06 million, an indication that some projects have already begun early-stage implementation.
A total of 53 investment projects were registered by GIPC in the third quarter. Of these, 41 projects (77.36%) were wholly foreign-owned, representing a combined value of US$371.18 million. The remaining 12 projects (22.64%) were joint ventures between foreign and local partners, contributing US$6.45 million. This distribution reflects a long-standing trend in which foreign firms dominate new investment inflows, while domestic participation remains comparatively low.
The manufacturing sector once again emerged as the top destination for investment, attracting 34 of the 53 registered projects. The sector continues to strengthen its role in Ghana’s industrial strategy, drawing more than ten times the investment recorded in most other sectors. Manufacturing was followed by services, which registered 11 projects, while agriculture accounted for three. Other sectors including general trade, tourism, construction, and export trade, recorded relatively smaller activity. Within these categories, general trade attracted US$21 million, while export trade received US$12 million.
Geographically, the Greater Accra Region maintained its dominance as the preferred destination for investors, absorbing 41 projects and reinforcing its status as Ghana’s commercial, financial, and industrial hub. Other regions including Western, Ashanti, Bono East, Eastern and Savannah, secured only a handful of projects. The uneven distribution continues to highlight Ghana’s broader challenge of balancing regional economic development and encouraging investment beyond the capital.
Economic analysts say the latest FDI performance underscores three key structural trends. First is the country’s increasing dependence on foreign capital, which continues to serve as the primary engine for large-scale industrial and commercial expansion. Second is the growing strategic importance of manufacturing as Ghana pursues value addition, industrial transformation, and job creation. Third is the widening participation gap between foreign and domestic investors, despite signs of macroeconomic stabilisation over the past year.
GIPC believes the strengthened inflows signal improving investor confidence, driven by moderate inflation, exchange rate stability, and ongoing reforms aimed at easing the cost of doing business. However, analysts caution that sustained growth in FDI must be complemented by stronger domestic investment to ensure long-term resilience and reduce exposure to external shocks.
