Ghana’s challenge in attracting private investment is not simply about finding more capital. The International Monetary Fund (IMF) says structural weaknesses in productivity, infrastructure, and the business environment are also limiting the economy’s ability to turn investment into sustained growth and quality jobs.
In its 2026 Article IV Consultation and sixth review of Ghana’s programme, the IMF said “low labor productivity, infrastructure gaps, and an uneven business environment” were constraining Ghana’s ability to generate quality employment and sustain growth beyond commodity windfalls.
The Fund said addressing these constraints would be necessary to maintain stronger and more inclusive growth.
“Sustaining higher and more inclusive growth will require addressing structural constraints to private investment, productivity, and job creation,” it said.
The assessment comes as Ghana’s macroeconomic conditions have improved significantly. Real GDP growth reached 6 percent in 2025, while inflation fell sharply and international reserves strengthened. Yet the IMF’s assessment suggests that macroeconomic stability alone will not guarantee a stronger flow of productive private investment.
One of the constraints is the cost and reliability of infrastructure. The IMF identifies infrastructure gaps as a major development challenge, particularly in areas such as energy, transport, water and sanitation.
These gaps can raise operating costs and reduce the productivity of capital. A factory, for instance, may have access to financing but still face higher costs if electricity is unreliable, transport networks are inefficient or digital infrastructure is inadequate.
The IMF therefore sees public investment as potentially important in attracting private capital. It said strategic investments in sectors such as agriculture and energy could “crowd in private investment, promote value addition, and expand employment opportunities.”
Finance itself remains another constraint, but the problem goes beyond the availability of money.
The IMF said private-sector credit remained subdued despite the recovery in real credit following reductions in policy rates. It pointed to tight financial conditions and banks’ continued preference for sovereign exposures.
This creates a challenge for businesses seeking to expand. Lower policy rates do not automatically translate into greater access to affordable financing if banks remain cautious about lending to companies.
The IMF has therefore called for reforms to strengthen financial intermediation, improve credit recovery, develop capital markets and expand sustainable financing for micro, small and medium-sized enterprises.
Ghana’s economic structure also presents another challenge for private investment.
The IMF said the country’s growth model remains “heavily reliant on commodity exports, with limited value addition and integration into global value chains.”
Gold has been important to Ghana’s recent external performance, accounting for more than half of export receipts in 2025. While strong gold exports have supported foreign exchange earnings and reserves, dependence on commodities leaves the economy exposed to commodity prices while limiting the opportunity to build deeper manufacturing and processing capacity.
For private investment, this means Ghana needs to create stronger opportunities beyond the extraction of raw commodities. Greater value addition could create demand for investment in processing, manufacturing, logistics, technology and business services.
The IMF’s assessment consequently points to a broader investment challenge: Ghana needs not only more capital, but an environment in which capital can become productive.
Improving infrastructure, raising labour productivity, strengthening financial intermediation and creating a more predictable business environment could determine whether investment generates lasting productive capacity and employment.
