Ghana is seeking to change how it measures the success of foreign investment, moving beyond the size of capital inflows to whether investments expand domestic production, strengthen local businesses and create productive jobs.
Launching the 2025 Annual Investment Report of the Ghana Investment Promotion Authority (GIPA) in Accra on Friday, Trade, Agribusiness and Industry Minister Elizabeth Ofosu-Adjare said the government wants investment to generate a wider economic impact through stronger value chains and access to regional and international markets.
“Investment should leave a visible economic footprint in Ghana through expanded production, stronger local enterprises, productive jobs and greater access to regional and international markets,” she said.
Ghana recorded US$2.62 billion in foreign direct investment in 2025, according to the report, with 254 projects registered through GIPA, the Ghana Free Zones Authority and the Petroleum Commission. The projects are expected to create 18,748 jobs when fully operational, while wholly Ghanaian-owned investments reached US$816.05 million.
But the composition of the investment is more revealing than the headline figure.
Bank of Ghana data cited in the report show that net Foreign Direct Investment (FDI) inflows on a balance-of-payments basis stood at US$1.91 billion, with 95.4% coming from reinvested earnings. That indicates that existing foreign investors accounted for most of the net inflows by retaining earnings in Ghana and expanding their operations rather than relying primarily on fresh capital entering the economy.
That trend strengthens the government’s argument for focusing on what existing and new investors do inside the economy.
Manufacturing recorded the highest number of projects, with 99 registrations, while mining services attracted the largest investment value at US$506.61 million across three projects. Manufacturing followed with US$368.71 million, while services attracted US$306.36 million.
The government’s emphasis on agribusiness, textiles and garments, pharmaceuticals, automotive manufacturing and agro-processing is therefore aimed at increasing the amount of domestic economic activity generated by investment.
Ofosu-Adjare said investors would need reliable infrastructure, financing, skilled labour, regulatory certainty and responsive public institutions before committing capital. She also urged foreign investors to work with local suppliers, use Ghanaian inputs where possible and invest in skills development.
The government is also looking to the African Continental Free Trade Area to make Ghana a stronger production base. Ofosu-Adjare said companies operating in Ghana must be able to produce efficiently, meet standards and supply markets across Africa if the country is to capture the benefits of the continental market.
