Ghana has reported $123.06 million in foreign direct investment (FDI) for the first quarter of 2024, a 16% increase from the $106.02 million recorded during the same period in 2023, according to data from the Ghana Investment Promotion Centre (GIPC).
In Q1 2024, GIPC registered 32 projects with a total estimated investment cost of $128.13 million. This includes $123.06 million in FDI and $5.07 million in local investment. Initial transfers amounted to $9.67 million. Out of these projects, 24 were wholly foreign-owned, representing 75% of the total projects with an estimated investment cost of $123.34 million. The remaining eight projects were joint ventures between Ghanaians and foreign counterparts, representing 25% of the total, with an estimated investment cost of $4.78 million.
The manufacturing sector led in the number of projects with 12, followed by the services sector with nine, general trading with four, and export trade and building and construction with two each. The tourism, liaison, and agriculture sectors each had one project. By FDI value, the liaison sector topped the list with $76.30 million, followed by manufacturing with $31.69 million.
The registered projects are expected to create a total of 3,602 jobs, with 3,379 jobs (93.8%) for Ghanaians and 223 jobs (6.2%) for non-Ghanaians.
China emerged as the leading source of investments by the number of projects, with eight projects registered. Spain recorded the highest FDI value at $76.41 million in Q1 2024.
Additionally, eight wholly Ghanaian-owned projects, valued at $13.49 million, were registered in the building and construction, general trade, manufacturing, and services sectors during this period.
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