Ghana Attracts $652 Million in Investments in 2024 Despite 5% FDI Decline
Ghana secured $651.7 million in investments in 2024, reflecting resilience in its investment climate despite a 5% year-on-year dip in Foreign Direct Investment (FDI), according to the Ghana Investment Promotion Centre (GIPC). The inflows comprised $617.61 million in FDI and $34.11 million in local participation. While the total value slightly declined, investor confidence remained strong as the country recorded 140 registered projects, marking an 11% increase from the previous year.
The services sector led the charge with $281.6 million, primarily in ICT, finance, and logistics, while manufacturing attracted $220.6 million and topped project registrations with 66 entries. Other key sectors such as general trade, tourism, and agriculture also posted significant inflows, reinforcing Ghana’s diversified investment base. Notable projects included Atlantic Terminal Services Limited—a $276.9 million Dutch-Ghanaian joint venture—and Jiudine Ghana Corporation Limited, a Chinese apparel manufacturer expected to create over 600 jobs.
China dominated in project numbers with 49 entries, but the Netherlands accounted for the highest investment value at $265.3 million, highlighting European interest in Ghana’s infrastructure and logistics sectors. Regionally, Greater Accra hosted 115 of the 140 projects, with other contributions from Ashanti, Eastern, Central, and Western regions. Analysts stress the need for targeted incentives to attract investments into northern and rural regions, where agriculture and renewable energy opportunities remain largely untapped.
In addition to foreign projects, Ghana registered 54 wholly Ghanaian-owned projects worth $1.37 billion, signaling growing domestic investor confidence. These projects, along with joint ventures—representing nearly a quarter of all initiatives—are expected to create 15,328 jobs, with 90% reserved for Ghanaians. Investor optimism was supported by Ghana’s improving macroeconomic indicators: GDP growth accelerated to 7.2% in Q3 2024, and inflation fell to 23.8% in December from 54% two years earlier.
The GIPC reaffirmed its commitment to attracting investments in priority sectors such as energy, infrastructure, agriculture, tourism, and digital transformation. Through initiatives like CEO Breakfast Meetings, Ghana Club 100, and international missions, the agency aims to position Ghana as West Africa’s top investment hub. The peaceful 2024 general elections further strengthened Ghana’s image as a stable and business-friendly destination for global investors.
Source: Citi newsroom