After peaking at $3.88B in 2019, Ghana’s FDI fell to $1.31B in 2023, a 66% drop in four years

Key Takeaways

FDI inflows surged from just $0.01 billion in 1990 to a record $3.88 billion in 2019, marking a 388x increase over 30 years.
Between 2006 and 2019, Ghana consistently attracted over $1 billion annually, with nine of those years surpassing $3 billion.
The highest FDI year on record was 2019, likely reflecting peak investor confidence before the pandemic.
Since 2021, FDI has remained below $2 billion, with 2023 recording $1.31 billion and 2024 only slightly higher at $1.67 billion.
Ghana’s FDI trend reflects a pattern of post-2000 acceleration, plateauing around 2012–2015, then declining sharply post-2020.

Over the last 35 years, Ghana’s foreign direct investment (FDI) journey has been dramatic. From a baseline of just $0.01 billion in 1990, inflows began to pick up in the early 2000s and surged significantly after 2006. Between 2008 and 2014, FDI remained above $2.5 billion annually, signalling investor optimism as Ghana became one of Africa’s fastest-growing economies and an emerging oil producer. The peak came in 2019, when Ghana drew $3.88 billion, its highest-ever annual inflow.

However, the global pandemic disrupted this momentum. Inflows fell to $1.88 billion in 2020, and have not crossed the $2 billion mark since. The most recent figures show $1.67 billion in 2024, pointing to a gradual recovery but still well below pre-pandemic highs.

Source:

UNCTAD

<div style="text-align: center;"><a href="https://intelpoint.co/insights/after-peaking-at-3-88b-in-2019-ghanas-fdi-fell-to-1-31b-in-2023-a-66-drop-in-four-years/" title="After peaking at $3.88B in 2019, Ghana’s FDI fell to $1.31B in 2023, a 66% drop in four years"><img src="https://intelpoint.co/wp-content/uploads/2025/06/20250626_120721-scaled.png" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: After peaking at $3.88B in 2019, Ghana’s FDI fell to $1.31B in 2023, a 66% drop in four years"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=After+peaking+at+%243.88B+in+2019%2C+Ghana%E2%80%99s+FDI+fell+to+%241.31B+in+2023%2C+a+66%25+drop+in+four+years" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

1990 - 2024

HTML code to embed chart

Want a bespoke report?

Reach out

Related Insights

Egypt accounted for nearly half of Africa’s $97 billion FDI inflow in 2024

Africa attracted $97 billion in FDI in 2024 — nearly double the 2023 level — marking a record year for the continent.
Egypt alone accounted for nearly 50% of total African inflows, driven by a $35 billion Ras El-Hekma megaproject and sweeping reforms.
Major gainers included Zambia (+1340%), Guinea (+105%), and Mauritania (+74%), showing momentum beyond usual hotspots.
Nigeria’s FDI dropped 42%, while South Africa (–29%) and Senegal (–58%) also saw steep declines.

Egypt’s $47 billion FDI haul puts it ahead of major economies in 2024

Global FDI rose to $1.51 trillion, still below its 2015 peak.
The top 10 countries accounted for 65% of total inflows.
Egypt ranked 8th globally with $46.6 billion, ahead of UAE and Mexico.
A $35 billion Ras El-Hekma deal drove much of Egypt’s surge.
Egypt’s FDI grew over 370%, the fastest among top recipients.

Nigeria saw a record $390 million in Chinese FDI in 2007

Nigeria recorded its highest-ever Chinese FDI inflow of $390.4 million in 2007
The second-highest inflow of $333.1 million was recorded in 2012
FDI from China to Nigeria fluctuated significantly over the years, with major peaks in 2007, 2012, and 2020
2022 saw a decline in Chinese FDI to Nigeria, falling to $119.6 million from $308.9 million in 2020

Construction and mining have attracted the largest share of FDI from China to Africa

Construction and mining dominate Chinese FDI in Africa, accounting for nearly 60% of the total investments
Financial intermediation, manufacturing, and commercial services also received $10.96 billion combined, smaller than construction alone
Leasing and commercial services attracted $2.16 billion, the least among all sectors
China’s FDI strategy in Africa continues to emphasise resource extraction and infrastructure, reinforcing economic interdependence

Nigeria's FDI made up only 2.5% of the country's capital imports in H1 2024

In H1 2024, Nigeria's FDI accounted for just 2.5% of the country's $5.98 billion total capital imports, down from 14% in H2 2023 and 6.2% in H1 2023. This highlights a shift towards other capital inflows like portfolio investments. Portfolio investments rose significantly to $3.48 billion, rebounding from $397 million in H2 2023 and $756 million in H1 2023.

Nigeria's FDI hasn't reached $200 million in any quarter Since 2022

Nigeria's FDI has dropped significantly. From an average of $417m per quarter (2013-2015) to less than $100m (Q1 2022 - Q2 2024), it hit its lowest ($29.8m) in Q2 2024. The trend shows declines since 2013, with key fluctuations and a shift in investment priorities.

2013-2015: FDI was mostly above $200 million per quarter, peaking at $769 million in Q4 2014.
2016-2021: FDI mostly stayed under $400 million, with a $531 million spike in Q3 2018.
2022-2024: FDI hit new lows, bottoming out at $48 million in Q1 2023 and falling even further to $29.8 million in Q2 2024 — the lowest in 46 quarters.