Ghana Attracts $179 Million in Foreign Direct Investments for H1 2024
Ghana attracted foreign direct investments (FDIs) amounting to $179.07 million in the first half of 2024, according to the Ghana Investment Promotion Center’s (GIPC) Second Quarter 2024 Investment Report.
The total investment includes a local investment component of $7.09 million and initial transfer inflows of $17.73 million, underscoring significant international and local investor interest in Ghana’s economy.
The report reveals that these investments, spanning various sectors, are projected to create approximately 8,524 jobs when fully operational.
The sectors targeted for these investments include Agriculture, Building and Construction, Export and General Trade, Liaison, Manufacturing, Service, and Tourism, with a total of 69 projects registered within the period.
Project Breakdown by Ownership and Sector
Out of the 69 projects, 53 were wholly foreign-owned, representing 76.8% of the total projects and a combined estimated investment value of $177.79 million.
Meanwhile, the remaining 16 projects were joint ventures between Ghanaian and foreign investors, accounting for 23.2% of the projects with an estimated investment value of $8.37 million.
The manufacturing sector is led by 29 projects, reflecting the country’s industrial growth potential. This was followed by the Services sector with 19 projects, General Trading with 11, and Building and Construction and Export Trade each registering three projects. The tourism sector saw two projects, while the agriculture and liaison sectors recorded one project.
Sector Performance and FDI Leaders
Among all sectors, Liaison registered the highest FDI value at $76.3 million, followed by Manufacturing with $62.16 million, and General Trading at $20.99 million. These sectors continue to be strategic areas for FDI due to their economic impact and growth potential.
Second Quarter Performance
For the second quarter alone, the GIPC recorded 37 projects, with an estimated investment cost of $58.03 million. This quarter’s investments included an FDI component of $56.02 million and a local component of $2.01 million, with initial transfers totaling $8.06 million.
The data further indicates that 78.4% of the 37 projects were wholly foreign-owned, with a combined estimated investment of $54.45 million. The remaining eight projects were joint ventures, valued at $3.58 million, representing 21.6% of the total projects in the quarter.
The latest figures from the GIPC highlight sustained investor confidence in Ghana’s economic environment, buoyed by its diverse sectoral investment landscape.
