Ghana attracts $651m in investments despite global dip
Ghana’s investment environment demonstrated resilience in 2024, attracting an estimated USD651.7 million in fresh inflows, even as the overall value of Foreign Direct Investment (FDI) fell by 5 percent compared to 2023.
This is according to the Ghana Investment Promotion Centre’s (GIPC) Q4 2024 Investment Report.
The total comprised USD617.61 million in FDI and USD34.11 million in local investments.
Although inflows declined slightly in value, investor appetite for Ghana remained strong, with 140 projects registered, marking a rise of more than 11 percent over the previous year. Of these, 107 were wholly foreign-owned.
The increase in project numbers underscores sustained investor confidence in Ghana’s economy, despite global FDI slowdowns triggered by geopolitical tensions and shifting industrial policies.
The services sector led performance with USD281.6 million, particularly in ICT, finance and logistics. Manufacturing followed with USD220.6 million and also topped the project count with 66 registrations, signalling stronger interest in value-added production.
General trade, agriculture and tourism added steady inflows, reinforcing Ghana’s diversified base.
Flagship projects during the year included Atlantic Terminal Services Limited, a USD276.9 million Dutch-Ghanaian joint venture in port logistics, and Jiudine Ghana Corporation Limited, a Chinese apparel manufacturer projected to create more than 600 jobs. Both illustrate how Ghana is blending foreign capital with local partnerships to drive growth.
China remained the leading source of projects with 49 entries, while the Netherlands accounted for the highest investment value of USD265.3 million, reflecting growing European interest in Ghana’s infrastructure and logistics.
Regionally, Greater Accra dominated with 115 of the 140 projects. Other beneficiaries included the Ashanti, Eastern, Central and Western regions.
The 2024 portfolio is expected to create 15,328 jobs, nearly 90 percent reserved for Ghanaians.
In addition, 54 wholly Ghanaian-owned projects worth USD1.37 billion were registered, reflecting rising domestic investor confidence.
Joint ventures made up almost a quarter of total projects, highlighting stronger collaboration between local and foreign enterprises.
Investor confidence was buoyed by improving macroeconomic conditions. Ghana’s GDP expanded by 7.2 per cent in Q3 2024, while inflation eased to 23.8 per cent in December, down sharply from 54 per cent in December 2022.
The peaceful and transparent 2024 general elections further cemented Ghana’s reputation as a stable and predictable investment destination.
The GIPC said it will continue prioritising key growth sectors including agriculture, energy, tourism, infrastructure and digital transformation. Initiatives such as CEO Breakfast Meetings, Ghana Club 100 and international investment missions will also be leveraged to deepen engagement and strengthen Ghana’s position as West Africa’s leading investment hub.
