Fresh third-quarter data from the Ghana Investment Promotion Centre (GIPC) has once again exposed a profound imbalance in the country’s investment sector.
According to the report, Accra continues to tower above all other regions as the dominant magnet for new capital, attracting 41 out of the 53 new projects registered between July and September 2025. The report paints a stark picture of Ghana’s investment geography, reinforcing concerns that the nation’s long-standing drive for regional industrialisation is progressing far too slowly.
According to the GIPC’s Q3 report, Accra has strengthened its position as the country’s commercial and industrial nerve centre. The capital’s superior infrastructure, more efficient logistics, accessible administrative processes, stable energy supply and dense network of service providers have made it the natural first choice for both domestic and foreign investors.
The dominance is striking — out of the 53 new projects for the period, Accra alone secured 41, underscoring how concentrated investment has become.
These numbers reaffirm what industry players and policymakers have observed for years: Accra’s ecosystem is simply more investment-ready compared to the rest of the country. As businesses continue to prioritise ease of operations and predictable systems, the capital’s advantages remain too overwhelming to ignore, making it difficult for other regions to compete.
Regions Miss Out Despite Government Incentives
While Accra thrives, the rest of the country is struggling to capture a meaningful share of investment activity. Only 12 projects were registered outside the Greater Accra Region, spread thinly across the Western, Ashanti, Bono East, Eastern and Savannah regions. This limited distribution highlights the minimal progress in Ghana’s efforts to decentralise economic growth.
For years, government administrations have introduced incentives aimed at boosting regional industrialisation, including tax waivers, industrial parks, and special economic zones. Yet, the Q3 figures raise serious questions about the effectiveness of these policies. Many analysts argue that without substantial improvements in infrastructure, energy reliability, and administrative efficiency across the regions, investors will continue to gravitate toward Accra.
The GIPC report also revealed that foreign direct investment continues to play a pivotal role in Ghana’s industrial and services landscape. Foreign direct investment into Ghana reached US$378 million in Q3 2025, with foreign capital accounting for US$377.63 million of total estimated investments for the period.
In contrast, Ghanaian investors contributed a mere US$2.62 million, a gap that once again underscores the country’s heavy dependence on foreign capital for major projects. Out of the 53 registered projects, 41 were wholly foreign-owned, valued at US$371.18 million. This translates to more than 77 percent of all project commitments for the quarter.
Meanwhile, only 12 projects were joint ventures, collectively worth US$6.45 million. Initial capital transfers for the period totalled US$13.06 million — another indication of how crucial foreign inflows remain to Ghana’s economic momentum.
Manufacturing Sector Leads the Charge
Manufacturing continues to be the heartbeat of Ghana’s investment appeal. The sector accounted for 34 out of the 53 projects registered, far outpacing services (11), agriculture (3), general trade (2), and building & construction, export trade and tourism, which recorded one project each.
In value terms, the manufacturing sector dominated the quarter with US$332.74 million in secured investments. This positions manufacturing as the most capital-intensive sector and the primary driver of foreign investor confidence.
General trade followed distantly with US$21 million, while export trade recorded US$12 million. The overwhelming dominance of manufacturing signals that Ghana’s industrialisation ambitions continue to resonate with global investors, even if the benefits remain concentrated in specific locations.
A Call for Bold Reforms to Balance Investment
The GIPC’s latest figures present both an opportunity and a warning. While Accra’s continued dominance signals confidence in Ghana’s economic stability and investor-friendly reforms, the glaring disparity between the capital and the rest of the regions highlights a structural imbalance that threatens inclusive national growth.
If Ghana is to unlock the full potential of its regional economies, policymakers will need to introduce bolder, more comprehensive reforms. These may include decentralised administrative processes, improved transport networks linking production hubs to ports, expanded energy infrastructure and incentives tightly tied to regional participation.
Without decisive action, Ghana risks entrenching a pattern where only Accra thrives while the rest of the country is left scrambling for scraps of investment.
The GIPC’s Q3 2025 report provides compelling evidence of Accra’s overwhelming pull on investors but also raises critical concerns. The widening gap between the capital and the regions serves as a reminder that Ghana’s ambition for balanced development requires more than policy rhetoric. It demands strategic investments, strengthened infrastructure and a deliberate push to create competitive regional environments. Until then, Accra will continue to take it all, leaving the rest of Ghana on the fringes of the investment map.
