Ghana's actual FDI could be far higher than reported - GIPA CEO

Ghana’s actual foreign direct investment (FDI) inflows could be significantly higher than the figures currently reported, as official data does not fully capture investments made through machinery, equipment, raw materials and other non-cash components, the Ghana Investment Promotion Authority (GIPA) has said.

In simple terms, FDI refers to investments made by individuals or companies from another country in a business in Ghana, including money, equipment or other resources, with the intention of maintaining a lasting interest in the business.

GIPA Chief Executive Officer, Simon Madjie, said the country’s reported FDI figures largely reflect data captured separately by various institutions, leaving gaps that could result in an incomplete picture of investment inflows.

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Speaking at the launch of the GIPA 2025 Annual Investment Report in Accra on August 21, 2026, Madjie explained that FDI goes beyond cash transferred into the country.

“What is foreign direct investment? The basic notion in Ghana is that it is money coming from outside to invest in the economy, but money is just one component,” he said.

According to him, FDI also includes plant, equipment, machinery and raw materials brought into Ghana with funds originating from outside the country.

He noted that while the Bank of Ghana captures the cash component of FDI, data on imported equipment and other non-cash investments is not fully integrated into national investment statistics.

“So today, when we say what we have registered among our agencies is $2.6 billion, in reality, it may well be around $9 billion or something. We just don't have that data, so we have to start from some point,” Madjie said.

He said the Bank of Ghana recorded about $1.9 billion in foreign capital inflows in 2025, but stressed that the figure represents mainly the convertible currency component of FDI.

“The money component is what you see the Bank of Ghana captured, and that was about $1.9 billion,” he explained.

Madjie said the GIPA, Petroleum Commission and Ghana Free Zones Authority currently capture investment projects registered with their respective institutions, while the Bank of Ghana records actual foreign currency inflows.

He said the fragmented nature of the reporting system had created an incomplete economic picture and made it difficult to obtain a single, comprehensive FDI figure for Ghana.

“This has been a challenge. You know, we've all worked in silos. Now we are trying to work together,” he said.

The GIPA CEO said efforts were underway to establish a unified investment data system involving the GIPA, Bank of Ghana, Ministry of Finance and Ministry of Trade, Agribusiness and Industry.

He said the initiative would help synchronise investment data and provide policymakers, investors and researchers with a more accurate picture of Ghana’s investment landscape.

Madjie added that the 2025 report uses three main measures, actual project investments, headline inflows captured by the Bank of Ghana, and announced investments, to distinguish between investments that have actually entered the economy and future commitments.

MA