Ghana attracted $1.65 billion in investments by Q3 2024, creating 12,097 jobs across key sectors, with GIPC initiatives driving economic growth and resilience
Ghana has secured $1.65 billion in foreign and local investments in the first three quarters of 2024, and is expected to create 12,097 jobs across key sectors.
The Ghana Investment Promotion Centre (GIPC) has described this as a testament to the country’s resilience and its growing appeal to both local and international investors.
According to GIPC, $316 million of the investment came from 108 foreign direct investment (FDI) projects, an 8% increase from the same period in 2023, while $1.33 billion came from 43 wholly Ghanaian-owned projects.
These investments span vital sectors including agriculture, manufacturing, services, building and construction, export and general trade, tourism, and liaison, with manufacturing leading in both project count and investment value. Once fully operational, these projects are expected to provide jobs primarily for Ghanaians, with locals accounting for 88.3% of the positions.
This influx of investments has fueled Ghana’s economic growth, with real GDP increasing by 6.9% in the first half of 2024. Inflation, which stood at a staggering 54.1% in December 2022, has sharply dropped to 21.5% by September 2024. Gross International Reserves have also strengthened, now covering 3.1 months of imports, up from 2.5 months in 2023.
In a bid to sustain this momentum, GIPC says its launched initiatives to attract more investments. A mission to Vietnam and Thailand emphasized strengthening ties under the African Continental Free Trade Area (AfCFTA) framework, creating opportunities for industrial partnerships with emerging Asian economies.
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While the outlook is positive, some challenges remain. The Debt Exchange Programme, introduced to manage Ghana’s debt, has made it harder for businesses to access loans, affecting their cash flow and profits.
