FDI flows into Ghana up 32% in H1

Ghana has seen a significant increase in foreign direct investment (FDI) flows in the first half of the year, with the Ghana Investment Promotion Centre recording 122 projects with estimated investments of $874 million. This represents a 32% rise in FDI, signaling growing interest in the country's investment landscape. Yofi Grant, CEO of the Ghana Investment Promotion Centre, highlighted the sectors driving this influx of investments and outlined the government's strategy to position Ghana as a manufacturing hub in West Africa and beyond. Grant noted that while services continue to attract investment, there is a growing interest in manufacturing, technology, and agriculture. The government's initiatives, such as the One District One Factory and Planting for Food and Jobs programs, are aimed at developing an industrial economy and adding value to raw materials. By focusing on light manufacturing and adding value to resources, Ghana aims to tap into the African Continental Free Trade Area (AfCFTA) market and boost its export capabilities. Grant emphasized the importance of moving away from exporting raw materials and transitioning towards high-end value chain exports. The government's focus on leveraging technology to enhance citizen-government engagement has also been a key priority. Initiatives such as the national biometric registration system and digitized land addressing system have strengthened governance and efficiency in service delivery. Grant mentioned that Ghana is attracting interest from Silicon Valley tech companies looking to establish their presence in the region. Reflecting on the impact of the pandemic, Grant highlighted the need for innovative approaches to attract investments and achieve sustainable financing for development. Collaborations with organizations like the UNDP on SDG investor roadmaps aim to align investors with market needs while promoting sustainable development goals. Grant underscored the importance of creating policies that generate employment opportunities, particularly for the youth, as Ghana's demographic profile skews towards a young population. Addressing key SDGs such as poverty eradication and fostering partnerships are central to Ghana's development agenda. As the country aims to create a conducive environment for investment and economic growth, Grant stressed the significance of aligning policies with long-term development objectives to secure a prosperous future for Ghana and its people.