Ghana’s investment climate showed resilience in 2024, attracting an estimated $651.7 million in investments even as overall Foreign Direct Investment (FDI) value dipped by 5% year-on-year.
This is according to the Ghana Investment Promotion Centre’s (GIPC) Q4-2024 Investment Report.
The total comprised an FDI component of $617.61 million and a local component of $34.11 million.
While the value of inflows moderated compared to 2023, investor appetite for Ghana remained strong, with 140 projects registered—an over 11 percent increase over the previous year.
Of these, 107 were wholly foreign-owned.
This rise in project numbers signals sustained business confidence in Ghana’s economy, despite global FDI slowdowns linked to geopolitical tensions and industrial policy shifts.
The services sector emerged as the top performer, attracting $281.6 million, particularly in ICT, finance, and logistics.
Manufacturing followed with $220.6 million and also led in project count with 66 registrations, reflecting growing interest in value-added production.
General trade, tourism, and agriculture also contributed steady inflows, reinforcing Ghana’s diversified investment base.
Flagship projects during the period included Atlantic Terminal Services Limited, a $276.9 million Dutch-Ghanaian joint venture in port logistics, and Jiudine Ghana Corporation Limited, a Chinese apparel manufacturer expected to create more than 600 jobs.
These projects highlight how Ghana is leveraging both foreign capital and local partnerships to drive growth.
China was the leading source of projects with 49 entries, but the Netherlands accounted for the highest investment value of $265.3 million, signaling growing European interest in Ghana’s infrastructure and logistics sectors.
Regionally, Greater Accra dominated, hosting 115 of the 140 projects. Other beneficiaries included Ashanti, Eastern, Central, and Western regions.
Analysts, however, caution that deliberate policy incentives are needed to channel investments into the northern and rural belts, where agriculture and renewable energy potential remain largely untapped.
The 2024 projects are expected to generate 15,328 jobs, with nearly 90 percent reserved for Ghanaians. In addition, 54 wholly Ghanaian-owned projects worth $1.37 billion were registered, reflecting rising domestic investor confidence.
Joint ventures accounted for almost a quarter of total projects, underscoring increased collaboration between local and foreign businesses.
Investor confidence was further buoyed by improving macroeconomic conditions. GDP growth accelerated to 7.2% in Q3 2024, while inflation dropped to 23.8% in December—down sharply from 54% in December 2022.
The peaceful and transparent 2024 general elections also reinforced Ghana’s reputation as a stable and reliable investment destination.
The GIPC said it will continue to target priority sectors including energy, infrastructure, agriculture, tourism, and digital transformation.
Initiatives such as the CEO Breakfast Meetings, Ghana Club 100, and international investment missions will be leveraged to deepen investor engagement and strengthen Ghana’s positioning as West Africa’s preferred investment hub.
