Ghana recorded $123.06 million in foreign direct investment according to data from the Ghana Investment Promotion Centre (GIPC).

This represents a 16% increase compared to the $106.02 million recorded for the same period in 2023.

“In the first quarter of 2024, thirty-two (32) projects were registered by GIPC with a total estimated investment cost of US$128.13 million. This comprised [Foreign Direct Investment] FDI component of US$123.06 million and local component of US$5.07 million.

“Total initial transfers amounted to US$9.67 million. Of the 32 projects registered, 24 were wholly foreign-owned, representing 75% of the number of projects with a total estimated investment cost amount of US$123.34 million. The Joint Venture projects between Ghanaians and their foreign counterparts were 8, representing 25% of the number of projects and with a total estimated investment cost amount of US$4.78 million,” part of the quarterly report read.

Of the 32 projects registered, 24 were wholly foreign-owned, representing 75% of the total projects. The joint venture projects between Ghanaians and their foreign counterparts numbered 8, representing 25% of the projects, with a total estimated investment cost of US$4.78 million.

In the sector breakdown, the manufacturing sector recorded the highest number of projects with 12. This was followed by the services sector with nine projects, general trading with 4 projects, export trade and building and construction with 2 projects each. The tourism, liaison, and agriculture sectors each recorded one project. By FDI value, the liaison sector recorded the highest with US$76.30 million, followed by the manufacturing sector with US$31.69 million.

A total of 3,602 jobs are expected to be generated from the 32 projects registered in the first quarter of 2024, with operations at full capacity. Of these, 3,379 jobs, representing 93.8% of the total, will be for Ghanaians, and the remaining 223 jobs, representing 6.2%, will be for non-Ghanaians.

The data recorded China as the leading source of investments by the number of projects, with 8 projects registered. Spain recorded the highest FDI value, amounting to US$76.41 million in the first quarter of 2024.

Additionally, eight (8) wholly Ghanaian-owned projects with a total project value of US$13.49 million were registered during the first quarter of 2024. These projects were in the building and construction, general trade, manufacturing, and services sectors.