Ghana has secured the 8th position in Africa for economic stability and investment climate, according to the 2024 Rand Merchant Bank (RMB) “Where to Invest in Africa” report. This ranking highlights Ghana’s strengths in forex stability, liquidity, economic freedom, inflation control, and political stability among 31 African nations.
The RMB report evaluates countries across four key pillars: economic performance and potential, market accessibility and innovation, economic stability and investment climate, and social and human development. Ghana also excelled 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 positioned as the 6th most investable country on the continent, with an index score of 0.24, following Seychelles, Mauritius, Egypt, South Africa, and Morocco. Excluding smaller economies like Seychelles and Mauritius, Ghana rises to the 4th spot, just behind Egypt, South Africa, and Morocco.
With a GDP of $76 billion and a population of 33.5 million, Ghana ranks among the top ten in urbanization, innovation, political stability, personal freedom, and employment. The country also performs well in corruption control and import concentration.
However, the report underscores the need to address Ghana’s high public debt and inflation to maintain macroeconomic stability, particularly under the ongoing $3 billion IMF extended credit facility program (2023-2026). There are positive signs of fiscal consolidation, with the fiscal deficit projected to shrink to 4.6% of GDP by the end of 2023, down from 10.7% in 2022. Despite 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, driven by increased gold and oil exports from new projects.
The RMB report draws on 20 metrics across its four pillars, using data from global institutions such as the World Bank, IMF, African Development Bank, United Nations, and International Labour Organisation.
