Ghana has retained its position as Africa’s sixth most attractive investment destination for the third consecutive year, according to Rand Merchant Bank’s (RMB) latest Where to Invest in Africa 2026/27 report.
RMB is the corporate and investment banking arm of FirstRand Group, the parent group of First National Bank Ghana. Ghana’s investment appeal draws on its established democratic institutions, economic potential, private-sector opportunities and position within the West African region.
The country’s economic performance has improved markedly, with real GDP growth accelerating to 5.8% in 2024 and 6.0% in 2025. Non-oil growth reached 7.6% in 2025, and momentum continued into 2026, with growth of 6.4% in the first quarter and 6.0% in the second, bringing first-half growth to 6.2%.
Inflation has moderated sharply from crisis-period levels, while fiscal consolidation and debt restructuring have supported efforts to restore confidence.
Ghana’s turnaround is described as a gold-plated revival, reflecting stronger gold exports, fiscal consolidation, disinflation and improving external balances. Gold accounted for 62.9% of merchandise export earnings in 2025, and higher gold earnings have strengthened foreign-exchange inflows and supported reserve accumulation.
However, this concentration leaves Ghana exposed to commodity-price corrections, particularly if weaker export receipts coincide with higher energy costs or tighter global financing conditions.
Julien K.O. Ayippey, Head of Strategy, Research & Data Analytics at First National Bank Ghana, notes that the ranking provides a starting point for understanding Ghana’s economic recovery story. The more consequential question is whether Ghana can convert its recovery into productive investment, stronger institutions and sustainable economic growth.
The policy objective is to maximise the domestic benefits of mineral wealth while preserving incentives for long-term investment.
The report highlights the importance of predictable taxation and lease arrangements, as mining projects require capital commitments extending beyond individual commodity cycles. Equally important is directing commodity gains towards infrastructure, manufacturing, agribusiness, processing and logistics, which can broaden the export base, generate employment and reduce dependence on a narrow range of commodities.