Ghana gains $56.02m in FDI in 2024 second quarter

Ghana raked in $56.02 million in Foreign Direct Investment (FDI) during the second quarter of 2024, with the manufacturing sector leading the charge.

It highlights the country’s growing appeal as a destination for global investors and a driver of economic growth.

The Ghana Investment Promotion Centre (GIPC) in its second quarter report disclosed that it registered 37 projects in the second quarter of 2024, with a total estimated investment cost of $58.03 million.

Notably, the Foreign Direct Investment (FDI) component accounted for $56.02 million, underscoring Ghana’s growing appeal to international investors.

The local investment contribution stood at $2.01 million, with initial capital transfers amounting to $8.06 million.

The dominance of wholly foreign-owned projects was evident, with 29 such ventures representing 78.4% of the total registered projects.

These projects had an estimated investment value of $54.45 million. Joint ventures between Ghanaians and foreign investors comprised the remaining eight projects, accounting for 21.6% of the total and contributing $3.58 million in investment.

In terms of sectorial distribution, the manufacturing sector emerged as the leading recipient of FDI, securing $30.47 million from 17 projects, solidifying its role as a cornerstone of Ghana’s industrial ambitions.

The sector not only attracted the highest FDI value but also reflected a trend of sustained investor confidence in Ghana’s industrial potential.

The services sector followed with 10 projects, while the general trading sector attracted seven. Other sectors, including export trade, tourism, and building and construction, each registered a single project.

The general trading sector notably garnered $17.4 million in FDI, highlighting its significance in Ghana’s economic diversification efforts.

The 37 registered projects are projected to generate 4,922 jobs, reinforcing the developmental benefits of foreign investments.

Ghanaians stand to benefit significantly, with 96.8% representing 4,765 jobs of the opportunities earmarked for local workers.

Non-Ghanaians will fill the remaining 157 positions, representing 3.2% of the total employment.

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