Ghana Attracted $2.62 Billion in Foreign Investment in 2025: Where the Money Went

Ghana recorded approximately US$2.62 billion in foreign direct investment in 2025, according to the newly released 2025 Annual Investment Report. The report counted 254 investment projects, which are expected to support 18,748 jobs once fully operational.

The headline number is large, but it does not tell the whole story.

Manufacturing attracted the largest number of projects. Mining services attracted the largest amount of capital. China led by project count, while the Cayman Islands ranked first by reported investment value. Greater Accra remained the country’s main investment destination, but hundreds of millions of dollars also flowed toward the Western and Eastern regions.

One of the most revealing figures comes from the Bank of Ghana. On a balance-of-payments basis, Ghana recorded about US$1.91 billion in net foreign direct investment, and 95.4% of those inflows were attributed to reinvested earnings. In plain English, companies already operating in Ghana were retaining earnings in their Ghanaian businesses rather than taking all of those profits out of the country.

For investors, entrepreneurs and members of the Ghanaian diaspora watching the country’s economic recovery, that may be more meaningful than the US$2.62 billion headline itself.

Ghana Foreign Investment 2025: The Numbers at a Glance

The Ghana Investment Promotion Centre’s 2025 Annual Investment Report was launched in Accra on August 21, 2026. The report draws on investment and financial data involving the Ghana Investment Promotion Centre, Bank of Ghana, Ghana Free Zones Authority and Petroleum Commission.

The headline findings include:

There is a small discrepancy worth flagging. Bank of Ghana Governor Dr. Johnson Pandit Asiama’s prepared remarks at the launch referred to approximately US$2.61 billion across 253 projects. The final figures publicly reported from the Annual Investment Report and in subsequent coverage were US$2.62 billion and 254 projects.

This article uses the final US$2.62 billion and 254-project figures while acknowledging the difference rather than treating the two versions as identical.

Where Did Ghana’s $2.62 Billion in Investment Go?

The sector breakdown reveals something the headline figure misses: the sector attracting the most businesses was not the sector receiving the most money.

Among the 181 projects captured in the GIPC sector breakdown, manufacturing led by project count with 99 projects.

Mining services went in the opposite direction. Only three projects were recorded, but together they attracted US$506.61 million, making mining services the largest sector by investment value in the breakdown.

These figures should not be added together and presented as a complete accounting of the headline US$2.62 billion. This sector table refers specifically to the GIPC project breakdown, while the broader annual report incorporates investment activity reported through other institutions, including the Petroleum Commission and Ghana Free Zones Authority.

Still, the sector pattern tells us a lot.

Manufacturing appears to be attracting a relatively broad base of investors, while mining services remains highly capital intensive. Three mining-services investments were enough to exceed the combined value attached to all 99 manufacturing projects.

For Ghana’s industrialization plans, the manufacturing count is encouraging. The harder question is what happens after registration. Factories must be built, equipment installed, employees hired and products actually produced before registered investment becomes lasting economic activity.

Why the 95.4% Reinvested Earnings Figure Matters

The strongest investor-confidence signal in the 2025 report may be the number that received less attention than the US$2.62 billion headline.

Bank of Ghana balance-of-payments data placed net FDI inflows at approximately US$1.91 billion. According to the Annual Investment Report, 95.4% of those inflows came from reinvested earnings.

Reinvested earnings are profits generated by a foreign-owned company that are retained in the business rather than distributed back to the foreign investor.

That matters because there is a difference between attracting a company for the first time and convincing an existing company to keep committing capital after it already understands the local market.

A new investor is making a decision based partly on forecasts and expectations. An established investor has already dealt with Ghana’s labor market, taxes, regulators, infrastructure, currency conditions and customers.

If that investor chooses to retain earnings and expand, the decision carries a different kind of information.

Governor Asiama made this point at the report launch, noting that existing investors were maintaining their presence, expanding operations and reinvesting in the Ghanaian economy.

This does not mean Ghana has solved every challenge facing investors. It does suggest that a large portion of existing foreign-owned businesses represented in the balance-of-payments data saw enough long-term value to continue committing earnings to their Ghana operations.

Why Are There Two Different Ghana FDI Numbers?

Readers looking at the 2025 data may encounter both US$2.62 billion and US$1.91 billion. They should not be treated as competing estimates of exactly the same thing.

The US$2.62 billion headline comes from the Annual Investment Report’s broader investment reporting across Ghana’s investment-promotion and sector institutions.

The US$1.91 billion figure comes from the Bank of Ghana’s balance-of-payments framework.

Balance-of-payments statistics follow international accounting rules designed to measure financial flows between residents of Ghana and the rest of the world. Investment-registration systems track projects and capital through administrative and regulatory channels.

The measurement method, timing and categories are different.

This distinction is especially important when comparing 2025 with previous years. A comparison is only useful when the numbers being compared were calculated on a reasonably similar basis.

That is why claims that Ghana’s foreign investment “quadrupled” should be treated carefully unless the underlying datasets are directly comparable.

Which Countries Invested the Most in Ghana?

China led the 2025 investment rankings by number of projects, with 70 registrations. India followed with 22 projects, Nigeria with 10, the United Arab Emirates with nine and the United Kingdom with eight.

The ranking changes when investment value is used instead of project count.

The Cayman Islands was listed as the largest investment source by value at approximately US$500.56 million, narrowly ahead of China at US$486.06 million.

That distinction matters.

A country can generate dozens of smaller projects while another jurisdiction appears in only a few transactions associated with much larger amounts of capital.

There is another reason to interpret source-country statistics carefully. The jurisdiction from which an investment is legally recorded does not always reveal the nationality of the people who ultimately own or control the capital.

International companies regularly use holding companies, subsidiaries and investment vehicles based in third countries. The Cayman Islands figure should therefore be understood as a reported investment source jurisdiction, not automatic proof that the ultimate beneficial owners are Caymanian.

Where in Ghana Did the Investment Go?

Greater Accra remained the main destination for registered investment activity.

Public reporting from the Annual Investment Report identified the following leading regions:

Greater Accra’s lead is not surprising. Accra concentrates corporate headquarters, financial services, central government institutions, professional services and Ghana’s main international airport, giving investors access to much of the country’s commercial infrastructure.

The Western Region tells a different story. Only nine projects were reported, but their combined investment value exceeded US$553 million.

Once again, project count alone can be misleading.

A few capital-intensive projects in the Western Region can represent more money than a much larger number of smaller projects elsewhere.

Governor Asiama welcomed the broader spread of investment outside Greater Accra, arguing that more geographically balanced investment would help economic opportunities reach communities across the country.

Will Ghana’s 2025 Foreign Investment Create 18,748 Jobs?

The Annual Investment Report associates the 2025 investment projects with 18,748 expected jobs once the projects become fully operational.

The phrase “expected jobs” matters.

These are not 18,748 workers who were necessarily already employed by the end of 2025.

More detailed reporting on the underlying project data says 16,928 of those expected positions, or approximately 90.3%, are projected to go to Ghanaian workers.

That is a promising employment ratio, but registration is only the beginning.

Projects can be delayed. Capital spending can be scaled back. Business conditions can change. Some companies take longer than planned to reach full capacity.

For Ghana, the better long-term measure will be how many promised jobs actually materialize, how long they remain, what skills are developed and whether local suppliers benefit from the investment.

Trade and Agribusiness Minister Elizabeth Ofosu-Agyare made a similar point at the launch. Investment acquires real economic meaning when it reaches factories and processing facilities, creates opportunities for Ghanaian companies and puts people to productive work.

That is a useful standard for judging the 2025 numbers in the years ahead.

Foreign Investors Were Not the Only Ones Putting Money Into Ghana

The 2025 report also recorded approximately US$816.05 million in wholly Ghanaian-owned investment.

The Bank of Ghana governor’s prepared remarks referenced 71 wholly Ghanaian-owned projects valued at nearly US$686 million. More detailed reporting explains the difference: the GIPC-registered Ghanaian projects accounted for about US$685.94 million, while additional domestic capital recorded in upstream petroleum activity raised the broader figure.

That matters because Ghana’s investment story cannot be measured only by how much foreign money enters the country.

Strong locally owned companies can retain profits domestically, develop Ghanaian management expertise, build supplier networks and create businesses that are less dependent on the decisions of international capital markets.

The composition of local investment also deserves attention.

Detailed data reported from the Annual Investment Report show that services and general trading accounted for most of the value of the 71 wholly Ghanaian-owned GIPC projects. Manufacturing represented a much smaller share.

That creates an important policy question.

If Ghana wants more local manufacturing, agro-processing and export production, Ghanaian businesses need access to the long-term financing, reliable infrastructure, industrial land and equipment required to compete in capital-intensive sectors.

What Ghana’s Investment Numbers Mean for the Diaspora

The diaspora was directly addressed during the launch of the Annual Investment Report.

Governor Asiama described remittances from Ghanaians abroad as a vital source of foreign exchange but argued that the next challenge is to convert more of those flows into productive investment.

The Bank of Ghana is looking at financial products and partnerships that could help channel diaspora savings toward businesses, innovation, job creation and national development.

That could matter considerably for Ghanaians living in the United States, United Kingdom, Canada and elsewhere.

Diaspora remittances are already a major source of foreign exchange for Ghana. Governor Asiama described those flows as a vital economic pillar, while arguing that Ghana now needs better ways to channel more diaspora capital into productive investment, enterprise development, innovation and job creation.

The policy question is whether Ghana can create trusted investment structures that allow some of that capital to move toward productive assets without exposing diaspora investors to unreasonable risk.

Trust will be central.

Diaspora investors need transparent products, clear ownership rights, reliable reporting, enforceable contracts and confidence that their money is being used for the purpose promised.

For readers considering establishing a company directly, tax structure is another part of the calculation. Our Ghana corporate tax guide explains the main rates and sector considerations to research before committing capital.

Ghana Is Also Tracking an $11.48 Billion Investment Pipeline

The Annual Investment Report identifies approximately US$11.48 billion in announced and prospective investment across sectors including manufacturing, agriculture, mining, energy, technology, tourism and infrastructure.

Reported projects and commitments in that pipeline include:

• A proposed US$5 billion fertilizer project
• Approximately US$2 billion connected with the Jubilee and TEN oil fields
• A proposed US$1 billion Ghana-UAE Artificial Intelligence Hub

These figures should not be added to Ghana’s US$2.62 billion 2025 FDI total.

Pipeline investment is not the same as money already invested.

Projects can move through feasibility studies, financing negotiations, regulatory approvals and construction planning for years before the full capital is deployed. Some announced projects are restructured or never reach completion.

The pipeline still matters because it provides an indication of where investors and policymakers expect future capital to concentrate.

Technology is one area to watch closely. Ghana has already been positioning itself as a West African technology and digital-services hub, a trend covered in our guide to Ghana’s growing tech sector.

The Numbers Are Positive, but Ghana Still Has Work to Do

The Annual Investment Report launch was not presented as proof that Ghana’s investment problems have disappeared.

Governor Asiama identified infrastructure gaps, the cost of capital, productivity and the competitiveness of Ghanaian companies as continuing challenges.

Those issues matter because attracting capital and converting capital into productive businesses are two separate jobs.

A company may register an investment but still face expensive financing, unreliable infrastructure, imported equipment costs, regulatory delays or difficulty obtaining the workers and suppliers it needs.

Ghana is also competing with other African economies for the same manufacturing, technology, logistics, energy and services investments.

Macroeconomic stability helps.

The Bank of Ghana governor noted that Ghana had moved from inflation above 54% during the country’s recent economic crisis to 4.6% by July 2026. The Annual Investment Report also described an improving 2025 backdrop, including stronger economic growth and declining inflation.

A more predictable currency and price environment makes planning easier for businesses.

But investors do not make decisions on inflation alone.

Electricity costs, tax policy, financing, customs processes, land, contract enforcement, skilled labor and access to regional markets all affect whether a project works.

Readers looking at the broader economic picture can also review our Ghana Economy 2026 guide.

What Investors Should Watch Next

Ghana’s 2025 investment numbers give investors several things to monitor during 2026 and 2027.

The first is conversion.

How many of the 254 registered projects actually become operating businesses? How much registered capital is eventually deployed? How many of the 18,748 expected jobs are created?

The second is reinvestment.

A 95.4% reinvested-earnings share in the Bank of Ghana’s FDI data is a powerful retention signal. The question is whether that pattern continues as companies make decisions about expanding plants, hiring workers and entering new markets.

The third is the geographic spread of investment.

Greater Accra will remain Ghana’s commercial center, but the investment impact becomes more national if manufacturing, logistics, energy, agriculture and processing projects continue spreading into the Western, Eastern, Ashanti and other regions.

The fourth is domestic ownership.

US$816.05 million in Ghanaian-owned investment shows that local capital is substantial. Ghana’s next challenge is getting more of that capital into businesses capable of producing, processing and exporting at scale.

And then there is the diaspora.

If the Bank of Ghana and private financial institutions succeed in creating credible ways for overseas Ghanaians to invest in productive businesses, diaspora capital could become more closely connected to Ghana’s investment strategy rather than remaining concentrated primarily in remittance flows.

The 2025 report is encouraging, but the real test comes after the announcement.

Ghana has attracted the capital commitments.

Now the question is what gets built.

Sources

• Bank of Ghana: “Opening Remarks by Governor Dr. Johnson Pandit Asiama at the Launch of the Ghana Investment Promotion (GIPC) 2025 Annual Investment Report” (August 21, 2026)
• Ghanaian Times: “Nation attracts $2.62bn FDI in 2025 – Manufacturing leads investment drive” (August 24, 2026)
• Channel One News: “Ghana’s FDI hits $2.62bn in 2025, 95.4% of inflows reinvested” (August 21, 2026)
• NorvanReports: “Manufacturing Leads Ghana’s 2025 Investment Projects as Mining Services Tops FDI Value at US$506.61m” (August 2026)
• NorvanReports: “Ghanaian Investors Commit US$816.05m as 2025 Projects Target 18,748 Jobs” (August 2026)