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Investor confidence was further bolstered by improving macroeconomic conditions
Ghana’s investment climate showed resilience in 2024, attracting an estimated $651.7 million in investments despite a 5% year-on-year dip in overall Foreign Direct Investment (FDI) value.
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.
Although inflows moderated compared to 2023, investor appetite for Ghana remained strong, with 140 projects registered, an increase of more than 11% over the previous year. Of these, 107 were wholly foreign-owned.
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The rise in project numbers signals sustained business confidence in Ghana’s economy, despite global FDI slowdowns linked to geopolitical tensions and shifting industrial policies.
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.
The 2024 projects are projected to generate 15,328 jobs, with nearly 90% 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 nearly a quarter of all projects, underscoring increased collaboration between local and foreign businesses.
Investor confidence was further bolstered by improving macroeconomic conditions. GDP growth accelerated to 7.2% in Q3 2024, while inflation fell 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.
SP/MA
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