Ghana’s Foreign Direct Investment amounts to $649m in 2023 – Yofi Grant

Data from the Ghana Investment Promotion Centre (GIPC) suggests that in the financial year ending 2023, Ghana’s Foreign Direct Investment amounted to 649.58 million dollars.

This is a decrease from the previous year’s 1.35 billion dollars, signifying a decline of over 50 percent.

“From January to December 2023, the Ghana Investment Promotion Centre (GIPC) recorded FDI totalling US$649.58 million. These investments are anticipated to create 13,523 jobs when operations reach full capacity.

“The sectors of focus for these investments are manufacturing, services, general trading, export trading, building & construction, agriculture, and liaison.

On the domestic front, a total of sixty-two (62) wholly Ghanaian-owned projects were registered with an estimated value of US$3.89 billion,” portion of the GIPC’s quarterly investment report read.

In total, the investments are anticipated to create 13,523 jobs at full operational capacity. Of these positions, 12,065, representing 89.22%, are designated for Ghanaians, while the remaining 1,458, or 10.78%, are allocated for non-Ghanaians. Among the 122 registered projects, 90 are wholly foreign-owned, while 32 are joint ventures.

The manufacturing sector leads with 50 projects, followed by services with 43 projects and export trade with 10 projects.

In terms of Foreign Direct Investment (FDI) value, the manufacturing sector attracted the highest amount, totaling US$280.24 million. Following closely are the services sector with US$226.29 million and the general trade sector with US$75.17 million in FDI.

Among the countries contributing to these investments, China leads with 31 projects, bringing in the highest FDI of US$211.89 million. The USA follows with 14 projects and an FDI of US$26.39 million.

India contributed US$77.93 million through 13 projects, while the Netherlands and Turkey brought in US$21.86 million and US$173.27 million, respectively, with 9 and 4 projects each.

The Chief Executive Officer of GIPC, Yofi Grant stated that GIPC’s forward-looking initiatives are expected to further attract crucial investments.

“The GIPC’s forward-looking initiatives, such as the Regional Sensitization Tour, Quarterly CEO’s breakfast meetings, Economic Counsellors Dialogue, and targeted investment promotion missions abroad, are expected to further attract crucial investments, supporting Ghana’s ongoing economic transformation. We are steadfast in our commitment to using creative investment promotion techniques to increase Ghana’s market influence worldwide.”