Foreign Direct Investment (FDI) inflows for 2020 according to Ghana’s foremost investment agency, the Ghana Investment Promotion Centre (GIPC), was $2.65 billion.
The inflows recorded for 2020 represents a 139 percentage points increment in FDI when compared to the $1.1 billion foreign inflows recorded for 2019.
In total, investment inflows – both from local and foreign investors – for the period under review was $2.79 billion.
Making the disclosure at a press briefing in Accra on Thursday, March 11, Chief Executive Officer of GIPC, Yofi Grant, stated the rebound in FDI witnessed in the second half of 2020 was on the back of government policy responses to mitigate the impact of the pandemic on businesses.
Adding the recorded inflows defied the anticipated steep decline in FDI by the Centre as the second wave of the Covid-19 pandemic threatened to cripple Ghana’s economy.
According to Mr Grant, a total of 279 projects registered with the Centre in 2020 comprise of 129 new projects, 131 upstream developments and 19 Free Zones activities dispersed across 8 regions.
In terms of sector allocation of investments, the manufacturing sector with 57 projects recorded the largest foreign inflow value of $1.27 billion followed by the services and mining sectors with FDI values of $656 million and $424 million respectively.
Cumulatively, some 27,110 jobs are expected to be generated from the 279 projects.
