Ghana’s improving economic outlook could strengthen its appeal to investors, but the country must do more to turn that progress into commercially viable projects, the First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, has said.
His comments come as the economy shows signs of recovery, with the International Monetary Fund (IMF) raising its 2026 growth forecast for Ghana to 5.7 per cent from 4.6 per cent in April. The country’s inflation rate stood at 5.2 per cent in September, while the cedi recorded fresh gains against the US dollar in the second week of October.
Speaking earlier this week at the High-Level West Africa–Asia Capital Dialogue in Bangkok, Thailand, Dr Mumuni said economic stability was an important foundation for attracting investment, but countries also needed to prepare projects that investors could confidently finance.
“Our responsibility in Africa is to make opportunities more investable. Our partners’ responsibility is to assess those opportunities objectively and work with us to develop commercially viable solutions,” he said.
He said investors looked beyond headline economic indicators when deciding where to commit their money. Regulatory uncertainty, contract enforcement, infrastructure gaps and foreign exchange risks could all affect whether an investment opportunity translated into actual financing.
For Ghana, the challenge is to ensure that improving economic conditions support greater investment in productive sectors. Dr Mumuni identified agro-processing, manufacturing, energy, transport and logistics, digital services and financial technology as areas with investment potential across the region.
He stressed that promising sectors alone would not be enough. Projects need sound feasibility studies, clear risk-sharing arrangements and financing structures that reflect their commercial prospects.
Dr Mumuni also called for closer cooperation among governments, development finance institutions, export credit agencies and private investors to manage risks and help move projects from planning to implementation.
He said the African Continental Free Trade Area (AfCFTA) offered businesses access to a wider market, but improvements in transport links, trade facilitation, payment systems and dispute resolution would be necessary to make cross-border investment easier.
Central banks, he added, could support the process by maintaining monetary and financial stability, strengthening payment systems and improving transparency in foreign exchange markets.
The dialogue, convened by the ECOWAS Bank for Investment and Development, focused on strengthening investment links between West Africa and Asia.
