Ghana’s foreign direct investment (FDI) reached $123.06 million in the first quarter of 2024, marking a 16% increase from the $106.02 million recorded in the same period of 2023, according to the Ghana Investment Promotion Centre (GIPC). The GIPC registered 32 projects with a total estimated investment cost of $128.13 million, including $123.06 million from foreign investors and $5.07 million from local sources. Initial transfers amounted to $9.67 million.
Of these 32 projects, 24 were entirely foreign-owned, representing 75% of the projects and totaling $123.34 million in investment. Joint ventures between Ghanaians and foreign partners accounted for the remaining 25%, with a combined investment cost of $4.78 million.
Sector-wise, manufacturing led with 12 projects, followed by services with nine, general trading with four, and export trade and building and construction with two each. The tourism, liaison, and agriculture sectors each had one project. By FDI value, the liaison sector topped the list with $76.30 million, followed by manufacturing with $31.69 million.
These projects are expected to create 3,602 jobs, with 93.8% (3,379 jobs) going to Ghanaians and 6.2% (223 jobs) to non-Ghanaians. China emerged as the leading source of investments by the number of projects, registering eight, while Spain led in FDI value with $76.41 million.
Additionally, eight wholly Ghanaian-owned projects, worth $13.49 million, were registered in sectors including building and construction, general trade, manufacturing, and services.
Ghana Reports $123m in Foreign Direct Investment for Q1 2024
The Ghana Investment Promotion Centre (GIPC) announced that Ghana secured $123.06 million in foreign direct investment (FDI) in the first quarter of 2024, reflecting a 16% increase from the $106.02 million recorded during the same period in 2023. GIPC registered 32 projects with an estimated total investment of $128.13 million, comprising $123.06 million in FDI and $5.07 million from local sources. Initial transfers amounted to $9.67 million.
Out of the 32 registered projects, 24 were wholly foreign-owned, representing 75% of the total projects, with a combined investment of $123.34 million. The remaining eight projects, joint ventures between Ghanaians and foreign investors, accounted for 25% of the projects, with a total investment of $4.78 million.
The manufacturing sector recorded the highest number of projects with 12, followed by the services sector with nine, general trading with four, and both export trade and building and construction with two each. The tourism, liaison, and agriculture sectors each registered one project. The liaison sector led in FDI value with $76.30 million, followed by manufacturing with $31.69 million.
The projects are expected to generate 3,602 jobs, with 93.8% (3,379 jobs) designated for Ghanaians and 6.2% (223 jobs) for non-Ghanaians. China was the leading source of investments by the number of projects, registering eight, while Spain recorded the highest FDI value at $76.41 million.
Furthermore, eight wholly Ghanaian-owned projects, with a total value of $13.49 million, were registered in the building and construction, general trade, manufacturing, and services sectors.
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