Ghana has been ranked as the 6th most attractive investment destination in Africa for 2024, according to Rand Merchant Bank's ‘Where to Invest in Africa 2024’ report.

The country achieved an overall score of 0.24.

For innovation, Ghana scored 0.549, placing it 9th. In Growth Structure, it scored 0.935, securing the 5th position.

Ghana also ranked 6th in Economic Stability and Investment Climate, with a score of 0.27.

However, it was ranked 10th in Urbanization (0.553) and 6th in Connectedness (0.850), while placing 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 highlighted encouraging developments 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, growth is expected to gain from a boost in gold and oil exports as new projects are launched.

Seychelles topped the list with a score of 0.72%, followed by Mauritius in 2nd place with 0.69, and Egypt in 3rd with 0.49.

South Africa ranked 4th with a score of 0.33, while Morocco secured the 5th position with 0.30.

The latest RMB Where to Invest in Africa report emphasizes that investment choices should consider both economic performance and the operating environment.

Thus, building on the previous work, it packaged this data as:

1. Economic performance and potential

2. Market accessibility and innovation

3. Economic stability and investment climate

4. Social and human development

The four pillars are constructed from a total of 20 metrics, each comprising 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, in part, on work published in peer-reviewed journals to expand on our earlier model. The quantitative model underlying this report stands on the shoulders of the work done on prior editions.