Ghana's $2.62bn FDI win vs $1.7bn gold loss: Can we afford to celebrate?
Ghana attracted US$2.62 billion in Foreign Direct Investment (FDI) in 2025, a clear signal that international investors still believe in our economy. But a leading policy think tank is asking a tough question: why are we celebrating new money while losing nearly two-thirds of that amount in one government program?
The Institute of Economic Research and Public Policy (IERPP) says the FDI figure is genuinely good news. Yet it warns that the reported GH¢22 billion (about US$1.7 billion) loss under the Domestic Gold Purchase Program (DGPP) demands the same level of public attention.
What do the numbers actually tell us?
Put simply, for every US$1 Ghana attracted in FDI, the DGPP reportedly lost the equivalent of about 65 cents. That comparison is not meant to suggest GoldBod caused the entire loss. The IERPP is clear on that point. The goal is to show the scale of what we are losing against what we are gaining.
“Certainly, we should acknowledge Ghana's capacity to draw US$2.62 billion in foreign direct investment,” said Prof. Isaac Boadi, Executive Director of IERPP. “It is a sign that in spite of the economic challenges we are experiencing, international investors still have confidence in the opportunities in Ghana. 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.”
Why transparency in the gold programme matters for business
For entrepreneurs and investors, the message here is simple: a strong economy is built on trust. Foreign capital can create jobs, bring technology, build infrastructure and generate foreign exchange. But it cannot replace prudent management of the resources we already have.
Prof. Boadi puts it in plain terms: “Imagine filling a bucket with water while leaving a large hole at the bottom. It would be good news that more water is being poured into the bucket, but the greater responsibility is to ask why we are allowing such a significant amount to escape.”
That is why the IERPP is calling for a full breakdown of the DGPP losses. Ghanaians deserve to know the sources of the losses, the costs incurred, the revenues generated, the role of GoldBod-related fees, and the final impact on the state budget.
Who should be asking these questions?
According to the IERPP, accountability is a shared duty. Parliament, civil society organisations, think tanks and the media must interrogate negative figures with the same energy they use to celebrate positive ones.
“There should be no selective enthusiasm when it comes to Ghana's economic numbers,” Prof. Boadi asserted. “When the figures are positive, we must celebrate them; when the figures reveal significant losses, we must ask difficult questions. Both are necessary for a credible economic conversation.”
Can Ghana have both investment and accountability?
The IERPP believes genuine investor confidence is not built by attracting capital alone. It is built by showing that Ghana has strong institutions, transparent public financial management and the capacity to safeguard economic resources.
“We must celebrate Ghana attracting US$2.62 billion in FDI,” Prof. Boadi concluded. “But at the same time, we must have the courage to ask why a reported US$1.7 billion loss under the domestic gold programme is equivalent to almost two-thirds of that inflow. Ghana needs both investment and accountability. One without the other cannot deliver sustainable economic transformation.”
For a nation on the move, the path forward is clear: keep the doors open to the world, but lock down the leaks at home.
Frequently asked questions about Ghana's FDI and DGPP losses
How much FDI did Ghana attract in 2025?
Ghana attracted US$2.62 billion in Foreign Direct Investment in 2025, according to official figures cited by the IERPP.
What is the Domestic Gold Purchase Program?
The Domestic Gold Purchase Program (DGPP) is a government initiative, managed with GoldBod, designed to buy and manage gold produced in Ghana. Reports indicate the program recorded losses of about GH¢22 billion, equivalent to US$1.7 billion.
Is GoldBod responsible for the entire US$1.7 billion loss?
No. The IERPP stresses that the US$1.7 billion figure refers to losses under the DGPP as a whole and cannot be attributed entirely to GoldBod. However, GoldBod-related costs and fees must still face public scrutiny.
Why is the comparison between FDI and DGPP losses important?
The comparison shows the scale of the loss relative to the capital Ghana is celebrating. For every US$1 of FDI attracted, the DGPP reportedly lost the equivalent of 65 cents, highlighting the need for better management of existing resources.