Ghana Attracts $56.02 Million in FDI For Q2 2024, Manufacturing Sector Leads Investments
Ghana secured $56.02 million in Foreign Direct Investment (FDI) during the second quarter of 2024, with the manufacturing sector emerging as the leading recipient of foreign capital.
Ghana secured $56.02 million in Foreign Direct Investment (FDI) during the second quarter of 2024, with the manufacturing sector emerging as the leading recipient of foreign capital.
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The data, revealed in the Ghana Investment Promotion Centre (GIPC) Q2 2024 report, underscores the country’s growing appeal as a destination for global investors and its potential as a driver of economic growth.
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The report detailed 37 registered projects with an estimated total investment cost of $58.03 million, out of which $56.02 million came from foreign sources, while local investors contributed $2.01 million. Initial capital transfers totaled $8.06 million during the period.
FDI Dominated by Wholly Foreign-Owned Projects
Wholly foreign-owned projects accounted for 29 of the registered ventures, representing 78.4% of the total.
These projects contributed $54.45 million in investments. Joint ventures between Ghanaians and foreign investors made up the remaining eight projects, amounting to 21.6% of the total, with a combined investment value of $3.58 million.
Sectoral Highlights
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The manufacturing sector attracted the highest FDI inflows, securing $30.47 million from 17 projects. This performance reflects sustained investor confidence in Ghana’s industrial potential and its importance to the country’s industrialization agenda.
The services sector followed with 10 projects, while the general trading sector attracted seven, securing $17.4 million in FDI—a testament to its role in Ghana’s economic diversification.
Other sectors, including export trade, tourism, and building and construction, registered one project each.
Job Creation and Local Impact
The 37 registered projects are projected to create 4,922 jobs, with Ghanaians benefiting significantly. Local workers will occupy 4,765 positions, representing 96.8% of the total jobs created.
Non-Ghanaians will fill the remaining 157 positions, accounting for 3.2%.
GIPC’s report highlights the tangible developmental benefits of foreign investments, reinforcing the vital role of FDI in job creation and economic growth.
Source: norvanreports.com
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