Three African countries surpass Bangladesh in FDI: Energy and reform-driven investment appeal

What Happened

The World Investment Report released by the United Nations Conference on Trade and Development (UNCTAD) in July 2026 shows that global foreign direct investment (FDI) grew by 6% to $1.6 trillion in 2025, but the recovery is uneven. Bangladesh, the second-largest economy in South Asia, attracted only $1.8 billion in FDI inflows, while Uganda ($3.4 billion), Ghana ($1.9 billion), and the Democratic Republic of the Congo ($1.9 billion) in Africa all surpassed this figure. Although Bangladesh's FDI increased by 45% year-on-year, new greenfield projects fell by 22.9%, indicating weak investor confidence in the manufacturing and services sectors.

The Logic Behind the Events

The core driving force behind the three African countries attracting more FDI lies in the combination of policy reforms and energy resource investments.

• Ghana: Since taking office in January 2025, President Mahama has canceled multiple taxes to stimulate consumption and reduce government spending, and established a state-owned gold purchasing company to stabilize the local currency. The inflation rate fell from over 21% to 3.4%, and foreign exchange reserves rose from $10.7 billion to $13.95 billion. The Ghana Investment Promotion Centre Act, passed in 2026, removed minimum capital requirements, simplified registration processes, and strengthened investor incentives and aftercare services, promoting foreign participation in digitalization and industrialization projects.
• Uganda: By strengthening the investment authority's one-stop service center, expanding incentives in industrial parks and economic zones, advancing oil and gas infrastructure, and aligning investment policies with the East African Community and the African Continental Free Trade Area (AfCFTA), Uganda continues to attract substantial FDI in energy, manufacturing, and infrastructure.
• Democratic Republic of the Congo: Since 2020, the DRC has reformed the business environment by simplifying investment approvals, revising the investment law, opening the electricity sector, developing special economic zones, and integrating into the AfCFTA and the East African Community. These measures have supported billions of dollars in approved investments, mainly in extractive industries, infrastructure, and agriculture.

In contrast, despite rapid economic growth, Bangladesh has failed to effectively attract resource-driven or policy-driven large-scale investments. Its FDI accounts for only 1.4% of gross fixed capital formation, indicating that capital formation remains highly dependent on domestic savings.

Significance for Local Development

• Employment and Industrialization: Energy and infrastructure projects directly create a large number of jobs. For example, Uganda's oil development drives pipelines, refineries, and ancillary services. Ghana's gold industry and manufacturing expansion absorb young labor. The DRC's mining and agricultural projects provide income sources for rural areas.
• Energy Security: Energy investments in Uganda and the DRC help alleviate power shortages and provide stable electricity for industrialization. Ghana's natural gas projects support power supply and industrial development.
• Infrastructure Improvement: Large resource projects are often accompanied by investments in transportation, logistics, and power infrastructure, indirectly enhancing overall economic efficiency.

Impact on Regional Development- 区域互联互通：乌干达的油气管道和公路网络将连接东非各国，促进跨境贸易。加纳的港口和黄金物流链强化了西非区域供应链。刚果（金）融入东非共同体降低了内部贸易壁垒。 - 提升区域竞争力：这些国家通过AfCFTA框架吸引供应链转移，使非洲成为全球制造和资源加工的新节点。加纳的新投资法案特别强调在AfCFTA下促进产业数字化和工业化，有助于构建区域价值链。 - 示范效应：三国成功的改革经验可为其他非洲国家提供范本，推动整个大陆的投资环境优化。

未来5至15年的潜在影响

• 产业格局重塑：乌干达的石油和天然气开发有望在2030年前使其成为东非主要能源出口国，带动下游化工和制造业。刚果（金）的钴和锂资源在能源转型中将吸引电池和电动汽车产业链投资。加纳的数字经济政策可能催生西非科技中心。
• 经济增长极形成：如果政策持续改善，这些国家可能从资源依赖转向多元化经济，形成新的增长极。例如，加纳的黄金储备和稳定宏观环境可吸引更多加工和金融服务投资。
• 影响未来投资流向：全球供应链重构背景下，具备稳定政策、资源禀赋和区域市场接入的非洲国家将成为跨国公司布局重点。预计未来五年内，流入非洲的FDI将加速增长，特别是绿色能源和数字基础设施领域。

事件是否代表非洲长期发展路径中的重要变化？

这一事件标志着非洲正从单纯资源出口转向“改革+资源”双轮驱动的发展模式。加纳、乌干达和刚果（金）通过法律框架现代化、投资便利化和区域一体化，显著提升了自身在全球资本竞争中的吸引力。如果这种趋势持续，它们可能成为未来十年非洲增长故事中的关键节点——不仅改变本国产业结构和就业前景，更会推动整个大陆的工业化与区域整合进程。