Ghana: Remittance Leads FDI With $4.9 Billion Gap in 2024
Remittances into the country by Ghanaians abroad significantly outpaced foreign direct investments (FDI) received from foreign investors for the year 2024.
Per the Bank of Ghana’s January 2025 Summary of Economic and Financial Data, the value of recorded remittances at the close of 2024 amounted to $6.65 billion.
This is against the $1.73 billion in FDI recorded within the same period.
A perusal of the BoG report, reveals that remittance value grew by more than $5 billion in 2024 alone, increasing from $1.69 billion in March 2024 to $6.65 billion in December 2024.
On a year-on-year basis, the remittance value recorded at end-2024 was some $1.53 billion higher than the $5.11bn remittance value recorded at the end of 2023.
FDI within the review period also showed an uptrend rising from $377 million in March 2024 to $1.73 billion in December 2024.
On a year-on-year basis, FDI into Ghana grew by some $428 million.
The huge inflow of remittance contributed to the country’s gross international reserves which currently stands at $8.98 billion.
