Ghana’s investment climate demonstrated resilience in 2024, attracting an estimated $651.7 million in new investments despite a 5% year-on-year decline in overall Foreign Direct Investment (FDI) inflows.
This was revealed in the Ghana Investment Promotion Centre’s (GIPC) Q4 2024 Investment Report, which highlighted both sustained foreign interest and rising local participation in Ghana’s economy.
The total inflows comprised $617.61 million in FDI and $34.11 million in local investments. While the value of inflows fell slightly compared to 2023, investor appetite strengthened, with 140 projects registered an increase of more than 11 percent from the previous year.
Out of these, 107 were wholly foreign-owned, underscoring continued confidence in Ghana as an investment destination.
The services sector led in capital inflows, attracting $281.6 million, particularly in ICT, finance, and logistics. Manufacturing followed with $220.6 million, recording the highest number of projects (66), reflecting growing interest in value-added industries.
General trade, tourism, and agriculture also attracted steady investments, reinforcing Ghana’s diversified economic base.
Key projects during the year included:
- Atlantic Terminal Services Limited – a $276.9 million Dutch-Ghanaian joint venture in port logistics.
- Jiudine Ghana Corporation Limited – a Chinese apparel manufacturer expected to create over 600 jobs.
These projects highlight Ghana’s ability to leverage both foreign capital and local partnerships to drive industrial growth and job creation.
China was the leading source country by project count, registering 49 entries, while the Netherlands contributed the highest investment value of $265.3 million, particularly in infrastructure and logistics.
Regionally, Greater Accra dominated with 115 of the 140 projects, followed by Ashanti, Eastern, Central, and Western regions.
Analysts, however, cautioned that targeted incentives are required to direct investments into northern and rural areas, where agriculture and renewable energy potential remain underutilized.
The 2024 projects are expected to generate 15,328 jobs, with nearly 90% allocated to 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 stronger collaboration between local and foreign businesses.
Investor optimism was reinforced by Ghana’s improving economic fundamentals. GDP growth accelerated to 7.2% in Q3 2024, while inflation eased to 23.8% in December, down from 54% in December 2022. The peaceful and transparent 2024 general elections further enhanced Ghana’s reputation as a stable and reliable investment destination.
The GIPC reaffirmed its commitment to promoting priority sectors such as energy, infrastructure, agriculture, tourism, and digital transformation, noting that initiatives including the CEO Breakfast Meetings, Ghana Club 100, and international investment missions will continue to strengthen Ghana’s positioning as West Africa’s preferred investment hub.
