Mahama eyes industrial boom as Ghana records $2.62bn in foreign investment

President John Dramani Mahama has doubled down on the government's push to attract private investment and drive industrial expansion, citing strong signals from international markets as evidence that investor confidence in Ghana is on the rise. During a working visit to the Bright International Industrial Zone, the President highlighted the country's receipt of US$2.62 billion in foreign direct investment during 2025, framing the figure as a validation of his administration's economic policies and institutional reforms.

The industrial zone visit underscores a central pillar of Mahama's economic strategy: leveraging private capital and manufacturing to diversify Ghana's economy beyond traditional sectors such as cocoa, gold, and oil. By showcasing the Bright International Industrial Zone—a critical hub for manufacturing and export-oriented activity—the President sought to reinforce the government's commitment to industrial infrastructure and the conditions necessary for businesses to thrive.

New Economy Policy set to drive further growth

Mahama expressed confidence that the rollout of the government's New Economy Policy will unlock additional investment opportunities and cement Ghana's reputation as a reliable destination for foreign capital. The policy framework is intended to address structural barriers to investment, streamline regulatory processes, and improve the business operating environment. This announcement suggests the government is preparing fresh legislative or administrative measures to ease investor access to markets, land, and labour.

The timing of these remarks is significant. Ghana has faced macroeconomic headwinds in recent years, including currency pressures and debt sustainability concerns. A sustained increase in foreign direct investment can help ease fiscal pressures, create employment, boost export earnings, and provide much-needed capital for infrastructure and productive sectors. The $2.62 billion figure, if accurate and maintained, would represent a considerable revival in investor appetite compared to recent years.

Why it matters for Ghana

For ordinary Ghanaians, private investment and industrial growth carry tangible implications. Manufacturing-led growth typically generates formal employment opportunities, particularly for skilled and semi-skilled workers. Tax revenues from profitable industrial enterprises help fund public services, including education and healthcare. Export-oriented manufacturing also brings in foreign exchange, which strengthens the cedi and reduces the cost of imports.

However, the success of industrial zones depends on complementary investments in power supply, transport infrastructure, water, and digital connectivity. Many Ghanaian industrial hubs have struggled with unreliable electricity, poor road networks, and bottlenecks at ports—factors that deter investors and raise operating costs. Mahama's visit suggests a recognition of these challenges, but the government must ensure that infrastructure upgrading keeps pace with investor recruitment.

Moreover, the focus on private investment should not come at the expense of local small and medium enterprises. Industrial zones can create dualism in the economy—a high-productivity formal sector alongside a struggling informal sector. Policymakers must ensure that technology transfer, skills training, and supply chain integration benefit Ghanaian firms and workers, not merely foreign operators.

The President's emphasis on maintaining investor confidence is also a reminder of the government's need to sustain macroeconomic stability, protect property rights, and ensure transparent governance. These foundational elements are as important as tax incentives or industrial facilities in attracting and retaining foreign capital. If Ghana can build on the momentum of $2.62 billion in FDI and execute the New Economy Policy effectively, industrial growth could become a driver of prosperity—but implementation and attention to inclusive development remain critical tests ahead.