Ghana has been ranked as the 6th most investable country in Africa, according to the latest “Where To Invest In Africa Report” by Rand Merchant Bank (RMB) for 2024. Despite a slight drop in its index score from 0.31 last year to 0.24, Ghana remains one of the continent’s top investment destinations.
The report places Seychelles, Mauritius, Egypt, South Africa, and Morocco in the top five spots, with index scores of 0.72, 0.69, 0.49, 0.33, and 0.30 respectively.
The rankings are based on an assessment of four key pillars: economic performance and potential (35% weight), market accessibility and innovation (20% weight), economic stability and investment climate (25% weight), and social and human development (20% weight). Ghana ranked 3rd in social and human development, 8th in economic stability and investment climate, 6th in market accessibility and innovation, and 15th in economic performance and potential.
Discounting Seychelles and Mauritius, Ghana emerges as the fourth most investable country in the RMB model, trailing only Egypt, South Africa, and Morocco.
The report highlights Ghana’s substantial market, with a GDP of US$76 billion and a population of approximately 33.5 million people. Ghana is noted for its strong performance in urbanization, connectedness, innovation, political stability, personal freedom, and employment. The country also ranks favorably in terms of corruption control and import concentration.
However, the report also points out the need for Ghana to address high public debt and inflation, particularly in the context of its ongoing three-year US$3 billion extended credit facility program with the IMF. Despite these challenges, fiscal consolidation is on track, with the deficit expected to drop from 10.7% of GDP in 2022 to 4.6% by the end of 2023.
