Foreign direct investment (FDI) into Ghana surged to US$378 million in the third quarter of 2025, with manufacturing emerging as the country’s dominant investment magnet, according to the latest data from the Ghana Investment Promotion Centre (GIPC).

The report reveals that almost all new capital commitments—US$377.63 million—came from foreign investors, while Ghanaian investors contributed a modest US$2.62 million. GIPC noted that initial capital transfers during the period totalled US$13.06 million, highlighting the continued reliance on foreign capital to drive major projects.

Of the 53 investment projects recorded in Q3, 41 (77.36%) were wholly foreign-owned, valued at US$371.18 million, while 12 projects (22.64%) were joint ventures contributing US$6.45 million. Manufacturing attracted 34 of the 53 projects, far outpacing services (11), agriculture (3), and other sectors, including general trade, building and construction, export trade, and tourism.

“Manufacturing continues to dominate the FDI landscape, not just in project numbers but also in investment value, drawing more than ten times the next highest sector,” a GIPC spokesperson said. General trade followed with US$21 million, and export trade recorded US$12 million.

The Greater Accra Region absorbed the majority of investment activity, securing 41 projects and reaffirming its position as Ghana’s commercial and industrial hub. Other regions, including Western, Ashanti, Bono East, Eastern, and Savannah, recorded limited investment, highlighting ongoing challenges in achieving geographically balanced economic development.

Analysts say the Q3 data underscores three enduring trends: a persistent dependence on foreign capital, manufacturing’s rising strategic importance, and a widening gap in domestic investment participation despite recent macroeconomic stabilisation efforts.