According to the Rand Merchant Bank (RMB) “Where to Invest in Africa” report for 2024, Ghana ranks eighth in terms of economic stability and investment climate.
The research focuses on Ghana’s good performance among 31 African countries, highlighting its strengths in FX stability and liquidity, economic independence, inflation control, and political stability.
The Rand Merchant Bank report evaluates countries in four categories: economic performance and potential, market accessibility and innovation, economic stability and investment climate, and social and human development.
Ghana also excels in other areas, placing third in social and human development, sixth in market accessibility and innovation, and fifteenth in economic performance and potential.
Overall, Ghana is the continent’s sixth most investable country, with an index score of 0.24, trailing only Seychelles, Mauritius, Egypt, South Africa, and Morocco.
However, when smaller economies such as Seychelles and Mauritius are excluded, Ghana ranks fourth in terms of desirable investment destinations, after only Egypt, South Africa and Morocco.
With a GDP of $76 billion and a population of 33.5 million, Ghana is a large market, ranking among the top ten in terms of urbanization, innovation, political stability, personal freedom, and job creation.
In addition, the country scores high in terms of corruption control and import concentration.
Notwithstanding these advantages, the paper emphasizes how crucial it is to deal with Ghana’s high level of public debt and inflation in order to preserve macroeconomic stability, particularly in light of the continuing $3 billion IMF extended loan facility program (2023–2026).
There are encouraging indications of fiscal consolidation, as the deficit is expected to decrease from 10.7% of GDP in 2022 to 4.6% of GDP by the end of 2023. Overall income and grants have been constant at 15.7% of GDP in 2023 despite decreasing oil revenues.
According to the analysis, Ghana is expected to have faster growth by 2027, primarily from higher oil and gold exports from new projects.
The RMB study uses data from international organizations like the World Bank, IMF, African Development Bank, United Nations, and International Labor Organization to inform its 20 indicators spread over its four pillars.
