Ghana has secured the 8th spot for economic stability and investment climate in Africa, according to the 2024 Rand Merchant Bank (RMB) “Where to Invest in Africa” report.

The report highlights Ghana’s strong performance among 31 African nations, showcasing its strengths in forex stability and liquidity, economic freedom, inflation control, and political stability.

The Rand Merchant Bank report assesses countries across four key pillars: economic performance and potential, market accessibility and innovation, economic stability and investment climate, and social and human development.

Ghana also stands out in other areas, ranking 3rd in social and human development, 6th in market accessibility and innovation, and 15th in economic performance and potential.

Overall, Ghana is positioned as the 6th most investable country on the continent, with an index score of 0.24, trailing behind Seychelles, Mauritius, Egypt, South Africa, and Morocco.

However, when excluding smaller economies like Seychelles and Mauritius, Ghana emerged as the 4th most attractive investment destination, just behind Egypt, South Africa, and Morocco.

With a GDP of $76 billion and a population of 33.5 million, Ghana presents a significant market, ranking among the top ten in urbanisation, innovation, political stability, personal freedom, and employment.

The country also ranks favourably in corruption control and leads in import concentration.

Despite these strengths, the report stresses the importance of addressing Ghana’s high public debt and inflation to maintain macroeconomic stability, especially under the ongoing $3 billion IMF extended credit facility program (2023-2026).

Encouragingly, there are signs of fiscal consolidation, with the fiscal deficit projected to shrink to 4.6% of GDP by the end of 2023, down from 10.7% in 2022. Even with lower oil revenues, overall revenues and grants have remained steady at 15.7% of GDP in 2023.

Looking ahead, the report anticipates accelerated growth for Ghana by 2027, driven by increased gold and oil exports from new projects.

The RMB report is based on 20 metrics across its four pillars, drawing on data from global institutions such as the World Bank, IMF, African Development Bank, United Nations, and International Labour Organisation.