Franklin Cudjoe, President of Imani Ghana, has stated that former President John Mahama’s tenure saw Ghana achieve its highest Foreign Direct Investment (FDI) of $13 billion in the Fourth Republic, focusing on oil and energy over four years. Mr. Cudjoe said these insights were shared by an Executive of Kosmos Energy at an event organized by the coalition of foreign chambers of commerce,
In a social media post, Mr. Cudjoe noted that the benefits of these investments were anticipated to materialize after 2017. However, the NDC’s defeat in the 2016 elections meant that the subsequent government reaped the rewards, contributing to the resolution of the “dumsor” crisis and achieving a 7% GDP growth in 2017 and 2018. He stressed that these growth figures were a direct result of the previous administration’s investments, not the current government’s policies.
Mr. Cudjoe expressed his disappointment with the current administration, accusing it of failing to build on these investments over the past eight years, describing the period as one of inaction and mismanagement. He criticized the handling of the Aker Energy deal and former Energy Minister John Peter Amewu, labeling the deal’s management as “shamefully shambolic” and blaming the Petroleum Commission for significant judgment debts.
According to the UNCTAD World Investment Report 2023, FDI inflows to Ghana fell by 39% year-on-year in 2022, totaling $1.47 billion. Additionally, Ghana experienced a 16% decrease in FDI projects in the first half of 2023, with 72 projects registered compared to 86 the previous year. Despite this, the total estimated investment value increased by 35% to $274 million, with FDI rising by 22% to $229 million. Investments in Ghana are concentrated in oil and gas, gold mining, agriculture—particularly cocoa—and fruit exports, with leading investors including South Africa, the Netherlands, France, China, and Mauritius.
