Foreign short-term investors withdrew $938.2 million from Ghana in December 2025, the largest monthly outflow in two years, according to Bank of Ghana data. The figure represents a 100% increase from the $468.7 million withdrawn in September 2025, highlighting heightened caution among short-term foreign investors.
Portfolio investment liabilities, which track foreign purchases of government bonds, treasury bills, and other financial instruments, began 2024 modestly positive at $6.2 million in March, before turning negative in June at −$24.2 million. Outflows remained small through September (−$10.9 million) and December 2024 (−$26.5 million).
The trend accelerated sharply in 2025. Withdrawals rose to −$144.6 million in March, −$255.8 million in June, and −$468.7 million in September, culminating in December’s −$938.2 million, the largest quarterly outflow on record.
Over the two-year period, portfolio flows swung from a modest $6.2 million inflow in March 2024 to nearly $1 billion leaving Ghana in December 2025, a dramatic signal of investor nervousness in the short-term segment of the market.
Nonetheless, Ghana’s financial account (excluding reserves) remained in strong surplus, rising from $321.9 million in December 2024 to $5.09 billion by December 2025 (4.5% of GDP).
The retreat of short-term portfolio funds, while substantial, did not offset overall inflows into the financial system, indicating that foreign investors continue to support the economy selectively, favoring longer-term commitments over short-term bets.
