Ghana has been ranked 6th in Africa as one of the most attractive investment destinations in 2024, according to the Rand Merchant Bank (RMB) ‘Where to Invest in Africa 2024’ report.
The country scored an overall 0.24.
In terms of innovation, Ghana scored 0.549, placing it 9th, while it ranked 5th in the Growth Structure with a score of 0.935. It also ranked 6th in Economic Stability and Investment Climate with a score of 0.27.
However, Ghana placed 10th in Urbanisation (0.553) and 6th in Connectedness (0.850), while it ranked 26th in Complexity.
The report highlighted 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 for import concentration.”
On the fiscal front, the report noted positive signs.
“Fiscal consolidation is broadly on track, with an estimated deficit of 4.6% of GDP at the end of 2023, significantly lower than the 10.7% deficit in 2022. Revenues and grants reached 15.7% of GDP in 2023, the same level as 2022 despite lower oil revenues.”
By 2027, Ghana’s growth is expected to benefit from increased gold and oil exports as new projects come online.
Seychelles ranked first with a score of 0.72%, followed by Mauritius (0.69%) in 2nd, and Egypt (0.49%) in 3rd place.
South Africa (0.33%) and Morocco (0.30%) secured the 4th and 5th positions, respectively.
The report emphasizes that investment decisions should be viewed through both an economic performance lens and an operating environment lens. To this end, the data is packaged into four pillars:
Economic performance and potential
Market accessibility and innovation
Economic stability and investment climate
Social and human development
These pillars are constructed from a total of 20 metrics, each based on a multi-year database of robust figures drawn from pre-eminent institutions.
The 2024 RMB Where to Invest in Africa report is based on the input of experienced professionals and work published in peer-reviewed journals, expanding on earlier models. The quantitative model underlying this report builds on prior editions.
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