Ghana has been ranked as the 6th most attractive investment destination in Africa for 2024, according to Rand Merchant Bank’s (RMB) “Where to Invest in Africa 2024” report, with an overall score of 0.24.
The report highlights various areas of performance. In terms of innovation, Ghana scored 0.549, placing 9th on the continent, and it ranked 5th for its growth structure with a score of 0.935. For economic stability and investment climate, the country ranked 6th with a score of 0.27. However, it ranked lower in urbanization, placing 10th with a score of 0.553, and ranked 6th in connectedness with a score of 0.850. Ghana’s most challenging area was complexity, where it ranked 26th.
The report emphasized Ghana’s market size and favourable rankings in areas like urbanization, connectedness, innovation, political stability, personal freedom, and employment. Additionally, it highlighted that Ghana performs well on corruption indices and leads in import concentration.
On the fiscal side, the report noted positive progress. Ghana’s fiscal consolidation efforts have been promising, with the budget deficit projected at 4.6% of GDP by the end of 2023, a significant improvement from the 10.7% deficit in 2022. Revenues and grants in 2023 were stable at 15.7% of GDP, maintaining the same level as 2022 despite a drop in oil revenues.
Looking ahead, Ghana’s growth is expected to be driven by increased gold and oil exports, with new projects set to boost the economy by 2027.
Seychelles topped the list of investment destinations in Africa, scoring 0.72, followed by Mauritius (0.69) and Egypt (0.49). South Africa and Morocco ranked 4th and 5th, with scores of 0.33 and 0.30, respectively.
The RMB report emphasized the need to assess investment decisions through both economic performance and the operating environment. It grouped its analysis into four key pillars: economic performance and potential, market accessibility and innovation, economic stability and investment climate, and social and human development. These pillars are based on 20 different metrics, drawing from reliable data sources and peer-reviewed research, and building on previous editions of the report.
Source:TheDotNews