Ghana attracted US$2.62 billion in Foreign Direct Investment (FDI) in 2025. This significant inflow signals continued international investor confidence in the Ghanaian economy. However, this positive development is tempered by substantial financial losses within the Domestic Gold Purchase Program (DGPP).
The Institute of Economic Research and Public Policy (IERPP) highlights an estimated GHS 22 billion (US$1.7 billion) loss under the DGPP. This figure represents approximately 65% of the total FDI attracted, raising serious questions about resource management. The IERPP argues that celebrating FDI without addressing these losses creates a misleading picture of Ghana's economic health.
This situation fits into a broader narrative of Ghana's ongoing efforts to stabilize its economy and manage public finances. The nation has faced various economic challenges, including high debt levels and currency depreciation. Attracting FDI is crucial for job creation, technology transfer, and foreign exchange generation. However, the IERPP's concerns underscore the importance of robust financial management alongside investment promotion. Previous reports have also flagged issues of fiscal discipline and transparency in public sector operations.
Professor Isaac Boadi, Executive Director of IERPP, stated, "We should acknowledge Ghana’s capacity to draw US$2.62 billion in foreign direct investment." He added, "But we cannot be happy about the money flowing into the economy when we are not looking at the big losses happening in the economy." Professor Boadi emphasized that while FDI is vital, prudent management of existing resources is equally critical for sustainable growth. He likened the situation to filling a bucket with water while a large hole allows much of it to escape.
The IERPP calls for immediate and thorough public scrutiny of the DGPP losses. This includes a clear breakdown of the sources of these losses, associated costs, and revenues generated. Parliament, civil society organizations, and the media are urged to interrogate these figures with the same intensity as positive economic news. The outcome of this scrutiny will influence investor perceptions and potentially impact future foreign investment decisions. Decision-makers must demonstrate a commitment to accountability to maintain long-term economic credibility.
The estimated US$1.7 billion loss under the DGPP is a stark reminder of the challenges in public resource management. This amount is equivalent to about 65 cents for every US$1 of FDI Ghana attracts. While the IERPP clarifies that the entire loss is not directly attributable to GoldBod, it insists that GoldBod-related costs and fees within the program require proper public examination. This distinction is important for understanding the full scope of the financial discrepancies.
The Institute stresses that genuine investor confidence relies on strong institutions and transparent financial management. Attracting foreign capital alone is insufficient without the capacity to safeguard economic resources effectively. The government's response to these concerns will be closely watched by both domestic and international stakeholders. A failure to address these losses transparently could deter future investment, despite Ghana's inherent economic potential.
The IERPP's call for accountability extends to all economic numbers, positive or negative. Professor Boadi noted, "There should be no selective enthusiasm when it comes to Ghana’s economic numbers." He explained that celebrating positive figures and questioning significant losses are both necessary for a credible economic conversation. This balanced approach is essential for fostering a resilient and trustworthy economic environment for all participants.