Ghana is ranked 6th in Africa as the most attractive investment country in Africa in 2024, according to the Rand Merchant Bank (RMB) ‘Where to Invest in Africa 2024’ report.
Ghana achieved an overall score of 0.24 in the investment ranking.
The country excelled in specific categories, ranking 5th in Growth Structure with a score of 0.935 and 6th in Economic Stability and Investment Climate with a score of 0.27. In terms of Innovation, Ghana ranked 9th with a score of 0.549.
However, Ghana placed lower in other areas, ranking 6th in Connectedness (0.850), 10th in Urbanisation (0.553), and 26th in Complexity.
The report stated that “Ghana represents a substantial market. Further, it is among the top ten for urbanisation, connectedness, innovation, political stability, personal freedom and employment. It also ranks favourably on corruption and tops the list on import concentration”.
The report noted that there are positive signs on the fiscal front.
“Fiscal consolidation is broadly on track, with an estimated deficit of 4.6% of GDP [Gross Domestic Product] at the end of 2023, significantly lower than the 10.7% deficit in 2022. At 15.7% of GDP in 2023, revenues and grants reached the same level as 2022 despite lower oil revenues,” it stressed.
By 2027, Ghana’s growth will benefit from increased gold and oil exports as new projects become operational.
In the investment rankings, Seychelles secured the top spot with a score of 0.72, followed by Mauritius (0.69) in 2nd place and Egypt (0.49) in 3rd. South Africa (0.33) and Morocco (0.30) took the 4th and 5th positions, respectively.
The latest report emphasizes that investment decisions should be evaluated not just on economic performance but a critical assessment of four factors.
These are:
1. Economic performance and potential
2. Market accessibility and innovation
3. Economic stability and investment climate
4. Social and human development
The four pillars of the report are built on 20 key metrics, supported by a multi-year database of reliable data sourced from leading institutions.
The 2024 report draws on insights from seasoned experts and incorporates research published in peer-reviewed journals, enhancing the previous model.
This year’s quantitative model builds upon the foundations laid by earlier editions, using refined data and methodologies to deliver more accurate investment insights.