Ghana secures $316M in FDI during first three quarters of 2024

Ghana attracted Foreign Direct Investment (FDI) worth US$316 million during the first three quarters of 2024, reaffirming the country’s growing appeal as a prime investment destination in the sub-region.

This was disclosed in the Ghana Investment Promotion Centre (GIPC) Third Quarter Report, which revealed the registration of 108 projects within the period, with a total estimated investment cost of US$325.88 million.

Of the total US$325.88 million, the local investment component contributed US$9.88 million, underscoring strong foreign interest alongside domestic participation.

Out of the 108 registered projects, 85 were wholly foreign-owned, representing 78.7% of all projects with a cumulative estimated investment of US$303.49 million.

Joint Venture partnerships between Ghanaian and foreign entities accounted for 23 projects, representing 21.3% of the total, with an estimated investment value of US$22.39 million.

Initial capital transfers into the country during this period amounted to US$22.1 million, signalling significant investor confidence.

The manufacturing sector emerged as the top recipient of foreign investments, securing the highest number of projects and the largest FDI inflow.

It attracted 55 projects and received an FDI value of US$190.7 million, cementing its role as a key driver of Ghana’s industrial development.

The liaison sector followed with FDI inflows of US$76.3 million, while the general trade sector recorded US$21 million in investments.

The sectoral breakdown of the 108 projects highlights a strong focus on industry and services.

After manufacturing 55 projects, the services sector secured 27 projects, followed by general trade (11 projects), export trade (7 projects), agriculture (3 projects), tourism (2 projects), and building and construction (2 projects). Liaison services rounded up the list with one project.

The robust inflows into Ghana’s manufacturing sector reflect the country’s strategic focus on industrialization and job creation.

Source: citinewsroom.com