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Ghana records 16% rise in FDI to $123m in Q1 2024
The Ghana Investment Promotion Centre (GIPC) has reported a substantial 16% increase in foreign direct investment (FDI) for the first quarter of 2024, totaling US$123.06 million.
This marks a significant rise from the US$106.02 million recorded in the same period last year, signaling strong investor confidence in Ghana’s economic prospects.
The influx of capital is spread across 32 registered projects, with a notable 75% being wholly foreign-owned. This includes 24 foreign-owned projects and eight wholly Ghanaian-owned projects valued at US$13.49 million. These investments are projected to create approximately 3,602 jobs, significantly boosting employment prospects.
The manufacturing sector emerged as the leading recipient, with 12 projects, followed by the services sector with nine (9). General trading accounted for four (4) projects, while export trading and building and construction each secured two (2) projects. The tourism, liaison, and agriculture sectors each recorded one project.
The liaison sector attracted the highest FDI value, amounting to US$76.30 million, reflecting its strategic importance.
The manufacturing sector followed with US$31.69 million, underscoring its role as a cornerstone for economic development.
The creation of 3,602 jobs is poised to reduce unemployment and spur economic development. The capital inflows are expected to enhance Ghana’s industrial capabilities, foster innovation, and improve the country’s competitiveness.
GIPC’s success in attracting increased FDI reflects the effectiveness of its investment promotion strategies. The continued inflow of capital into key sectors positions Ghana for sustained economic growth and stability. As these projects become operational, the resulting job creation and economic activities are anticipated to solidify Ghana’s status as an attractive destination for foreign investment.
