Ghana is seeing a surge in foreign direct investment (FDI), but local investors are barely getting a slice of the pie.
According to the Ghana Investment Promotion Centre (GIPC), FDIs into Ghana surged to $378 million in the third quarter of 2025. However, Ghanaian investors contributed only $2.62 million, less than 1% of the total new capital. Foreign investors accounted for $377.63 million, driving almost all new projects.
Of the 53 new projects recorded, 41 (77%) were wholly foreign-owned, with the remaining 12 structured as joint ventures with local participation. The dominance of foreign ownership means that while Ghana benefits from new capital, decision-making, profits, and strategic control largely remain outside the country.
The manufacturing sector attracted the most attention, securing 34 of the 53 projects, far ahead of services (11), agriculture (3), and other sectors such as trade, construction, and tourism.
Manufacturing projects can provide significant employment opportunities, especially in light industries like textiles and food processing, but the exact number of jobs created varies by project size and type.
Geographically, the Greater Accra Region absorbed 41 of the 53 projects, reinforcing its position as Ghana’s commercial and industrial hub. Other regions, including Western, Ashanti, Bono East, Eastern, and Savannah, recorded limited investment, highlighting ongoing regional disparities in economic development.
During the quarter, initial capital transfers totaled US$13.06 million, reflecting the continued reliance on foreign funding to drive major projects.
The Q3 FDI data reality is that Ghana’s investment landscape is heavily dominated by foreign investors, domestic participation remains minimal, and while manufacturing is driving growth and employment, the benefits are concentrated in urban hubs, leaving much of the country on the sidelines.
