Ghana Ranks 8th in Economic Stability and Investment Climate in Africa, RMB Report Reveals
Ghana has been ranked eighth for economic stability and investment climate in Africa, according to the 2024 Rand Merchant Bank (RMB) Where to Invest in Africa report.
The country’s position among 31 African nations reflects its solid performance in forex stability and liquidity, economic freedom, inflation control, corruption, and political stability.
The RMB report evaluates countries across four key pillars namely economic performance and potential, market accessibility and innovation, economic stability and investment climate, and social and human development.
Ghana performed well, securing the 3rd position 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 placing behind Seychelles, Mauritius, Egypt, South Africa, and Morocco.
However, when excluding the smaller countries of Seychelles and Mauritius, Ghana emerges as the fourth most attractive investment destination, after Egypt, South Africa, and Morocco.
With a GDP of $76 billion and a population of 33.5 million, Ghana represents a substantial market, ranking among the top ten in urbanization, connectedness, innovation, political stability, personal freedom, and employment.
Ghana also ranks favourably on corruption and tops the list on import concentration.
Nonetheless, the report emphasizes the need for Ghana to address high public debt and inflation to sustain its macroeconomic stability, particularly under the ongoing $3 billion IMF extended credit facility program (2023-2026).
Under the programme, there are positive signs of fiscal consolidation, with the fiscal deficit expected to drop to 4.6% of GDP by the end of 2023, down from 10.7% in 2022. Also, despite recorded lower oil revenues, revenues and grants remained steady at 15.7% of GDP in 2023.
The report anticipates that Ghana’s growth will accelerate by 2027, driven by increased gold and oil exports from new projects.
The RMB report draws on 20 metrics across its four pillars, utilizing data from global institutions such as the World Bank, IMF, African Development Bank, United Nations, and International Labour Organisation.
