Foreign investors are gradually returning to Ghana, but their approach is selective, data from the Bank of Ghana shows. While short-term portfolio flows continue to exit, longer-term investors are rebuilding positions, boosting the country’s financial account.
Ghana’s financial account (excluding reserves) opened 2024 with a $247 million deficit in March, reflecting early-year caution. By September, it had returned to surplus, a trend that accelerated through 2025. By December, net inflows had risen to $5.09 billion, equivalent to 4.5% of GDP.
The recovery has been driven largely by direct investment liabilities, which include foreign-owned factories, business expansions, and controlling stakes in Ghanaian firms. Inflows rose from $382 million in March 2024 to $1.77 billion by December 2024, before reaching $1.92 billion at the end of 2025, signaling investor confidence in the country’s long-term growth.
By contrast, portfolio investment liabilities, reflecting purchases of bonds and other financial instruments, remained negative. Net outflows widened from −$26.5 million at the end of 2024 to −$938.2 million by December 2025, showing persistent caution among short-term investors.
The divergence highlights a two-track response; long-term capital is returning, while short-term flows remain wary of risk and liquidity concerns.
The year-end data underscores clearly that foreign investors are back in Ghana, supporting long-term projects even as short-term capital continues to pull back.
