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

Period:

1990 - 2024
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  • Morocco's FDI inflows peaked twice, in 2014 and 2018, both $3.5 billion.
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