Ghana has been ranked in the 8th for economic stability and investment climate in Africa, according to the 2024 “Where to Invest in Africa” report by Rand Merchant Bank (RMB).
This report highlights Ghana’s impressive performance among 31 African countries, underscoring the nation’s strengths in forex stability and liquidity, economic freedom, inflation control, and political stability.
RMB’s assessment covers four key pillars: economic performance and potential, market accessibility and innovation, economic stability and investment climate, and social and human development.
Ghana also excels in other areas, ranking 3rd in social and human development, 6th in market accessibility and innovation, and 15th in economic performance and potential.
Overall, Ghana is ranked as the 6th most investable country on the continent, with an index score of 0.24, following Seychelles, Mauritius, Egypt, South Africa, and Morocco.
However, when excluding smaller economies like Seychelles and Mauritius, Ghana emerges as the 4th most attractive investment destination, trailing only Egypt, South Africa, and Morocco.
With a GDP of $76 billion and a population of 33.5 million, Ghana presents a significant market, ranking among the top ten in urbanization, innovation, political stability, personal freedom, and employment.
The country also ranks favourably in corruption control and is a leader in import concentration.
Despite these strengths, the report emphasizes the need for Ghana to address its high public debt and inflation to maintain macroeconomic stability, particularly under the ongoing $3 billion IMF extended credit facility program (2023-2026).
On a positive note, signs of fiscal consolidation are emerging, with the fiscal deficit projected to shrink to 4.6% of GDP by the end of 2023, down from 10.7% in 2022. Even with lower oil revenues, overall revenues and grants have remained steady at 15.7% of GDP in 2023.
Looking forward, the report anticipates accelerated growth for Ghana by 2027, fueled by increased gold and oil exports from new projects.
The RMB report is based on 20 metrics across its four pillars, drawing on data from global institutions such as the World Bank, IMF, African Development Bank, United Nations, and International Labour Organisation.
Source: Adomonline
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