The Ghana Investment Promotion Centre (GIPC) has revealed in its 3rd Quarter Report for 2024 that 563 companies renewed their registration between January and September this year. Under the GIPC Act 865, businesses are required to renew their certificates every two years to stay compliant.
Out of the 563 companies, only 57 are fully owned by Ghanaians, making up just 10.12% of the total renewals. Foreign-owned companies dominated, with 375 renewals, while 131 were joint ventures between Ghanaians and foreign partners.
The large number of foreign and joint venture companies compared to Ghanaian-owned ones highlights the need for more support for local businesses to thrive and compete. This also shows how much Ghana’s business space is influenced by foreign investors, who continue to play a big role in the economy.
In addition to the renewals, the GIPC report compared investment activities in 2024 to the same period in 2023. A total of 108 projects were registered from January to September 2024, an 8% increase from the 100 projects recorded during the same period in 2023. However, the total value of these investments dropped sharply by 39.28%, from $536.68 million in 2023 to $325.88 million in 2024.
Foreign Direct Investment (FDI) contributed $316 million in 2024, which is 39.86% lower than the $525.45 million recorded in 2023. The local component of investments also dropped by 12.02%, from $11.23 million in 2023 to $9.88 million this year.
China remained the top country for the number of projects, contributing 44 projects in 2024 compared to 24 in 2023. Egypt became the country with the highest investment value, providing $96.01 million in 2024, overtaking Turkey, which led with $168.98 million in 2023.
On a brighter note, these projects are expected to create 12,097 jobs when fully operational. Out of these, 10,685 jobs will go to Ghanaians, representing 88.3% of the total. This is a 9.78% increase in jobs for Ghanaians compared to the 9,733 jobs created in 2023. Jobs for non-Ghanaians will also rise from 1,243 in 2023 to 1,412 in 2024, an increase of 13.59%.
