China has once again solidified its position as the leading source of Foreign Direct Investment (FDI) in Ghana, driving significant capital into the West African nation in 2023.
With a total of 31 projects, China contributed $211.89mn in FDI, underscoring its continued commitment to deepening economic ties with Ghana.
The United States, a key global player, followed as the second-largest investor with 14 projects amounting to $26.39mn in FDI. Meanwhile, India, another major economic partner, brought in 13 projects, translating into $77.93nb in investments. The Netherlands also made its mark, contributing nine projects valued at $21.86mn.
According to Joy News, one of the most striking developments of the year came from Turkey. Despite registering just four projects, the country made a significant impact with an FDI value of $173.27mn.
Among the standout investments was Arsan Ghana Ltd, a Turkish company that injected $156.05mn into affordable housing, marking one of the largest single investments in Ghana for 2023.
Mauritius, while often underrepresented in global investment rankings, emerged as a major player on the African continent. The island nation led African investments in Ghana, despite a notable 63% drop in the number of investment deals. The value of investments from Mauritius surged by 891%, making it the only African country to feature among the top investors in Ghana last year.
Notable projects that contributed to this investment surge included Cimpor Ghana Limited, a Portuguese firm investing $53.42mn in calcined clay cement, and SEC Minerals Ltd, a foreign-owned gold mining company with a $50mn commitment. The cement manufacturing sector also saw substantial investment from China, with Bright Cement Ghana Ltd investing $40.65mn and Fuxing Industries Ghana Ltd committing $38.87mn to steel structure manufacturing.
These investment trends reflect the diverse sources of capital flowing into Ghana, highlighting the country’s attractiveness as a destination for global investors. However, the dominance of China, Turkey, and Mauritius points to a shifting landscape where traditional Western investors face increasing competition from emerging economies and regional players.
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