Ghana recorded a rise in investment project registrations in 2024, but the surge was largely driven by foreign-owned firms. Out of 140 projects valued at US$651.72 million, foreign investors accounted for the overwhelming majority, while local capital contribution remained relatively modest.
According to the GIPC Q4 investment report, a total of 140 projects were registered in 2024, representing an 11.48% rise compared to 2023. The total estimated investment cost was US$651.72 million, with an FDI component of US$617.61 million and a local component of just US$34.11 million. Initial capital transfers amounted to US$31.25 million.
A deeper look at the ownership structure shows the extent of foreign dominance. Of the 140 projects registered, 107 were wholly foreign-owned, accounting for 76.43% of the total with an investment cost of US$341.65 million.
In contrast, 33 joint venture projects between Ghanaians and foreign partners represented 23.57% of the total but recorded a higher combined investment value of US$310.07 million. This contrast suggests that while joint ventures are fewer in number, they tend to be larger and more capital-intensive than wholly foreign-owned projects.
The report underscores the relatively shallow local financing contribution, with Ghanaian investors providing less than 6% of the total estimated investment. This could be linked to several factors, including the high capital intensity of projects, limited access to long-term domestic financing, and the concentration of FDI in sectors such as manufacturing and services, which require significant expertise and resources.
Beyond ownership and financing, the manufacturing sector led by a number of projects, registering 66, while the services sector attracted the highest FDI value at US$281.56 million. This reflects global investment patterns where capital is increasingly directed towards high-value service industries such as ICT, finance, and logistics.
The findings also come against a backdrop of global FDI volatility. According to the report, worldwide flows rebounded to US$802 billion in the first half of 2024, but momentum weakened in subsequent quarters due to geopolitical tensions, industrial policy shifts, and the growing prioritization of climate finance.
These dynamics have influenced how multinational enterprises approach emerging markets like Ghana, with greater selectivity in project financing.
The GIPC report highlights Ghana’s continued ability to attract foreign capital but also reveals structural challenges in deepening local participation. While the steady rise in joint ventures shows potential for scaling up local involvement, the low level of Ghanaian capital in total FDI underscores the need for policies that build domestic financing capacity and incentivize broader participation.
