Ghana is prioritizing stronger fiscal discipline, deeper capital markets, and institutional reforms as core elements of its economic transformation strategy. Deputy Finance Minister Thomas Nyarko Ampem articulated this vision at the ACI Financial Market Association (FMA) World Congress 2026 in Accra. The government seeks to attract long-term investment amid challenging global financial conditions.
Ghana’s recent macroeconomic reforms, supported by the International Monetary Fund (IMF) Extended Credit Facility, have significantly improved market confidence. These reforms have also enhanced sovereign risk perceptions and strengthened investor sentiment. Mr. Ampem noted these positive developments followed one of Ghana's most difficult economic periods in recent history.
These efforts align with Ghana's broader economic journey towards stability and sustainable growth. The country has navigated global economic pressures, including elevated interest rates and geopolitical tensions. Improved sovereign risk profiles, as highlighted by international credit rating agencies, suggest potential reductions in borrowing costs. This positive trend could also lead to better access to financing for Ghana.
Mr. Ampem emphasized that restoring fiscal discipline and policy credibility are crucial for market confidence. He stated, “These reforms were to stabilise the economy, restore credibility, strengthen market confidence and reposition Ghana within an increasingly competitive global economic environment.” Weak public finances often transmit stress to financial markets through tighter liquidity and higher borrowing costs. Conversely, strong fiscal management brings increased capital flows.
Looking ahead, Ghana aims to transition from economic stabilization to sustained growth. Its shift from an IMF-supported financing arrangement to a non-financing Policy Coordination Instrument reflects this ambition. The government plans a “new economy agenda” to move beyond an extraction-driven model. This agenda focuses on value addition, productivity growth, and economic resilience.
The transformation requires robust and sophisticated financial markets capable of mobilizing significant capital. Ghana needs deeper bond markets, blended finance structures, venture capital, and private equity investments. These tools will fund industrialization, infrastructure development, and technology-driven growth. Local financial markets must also support entrepreneurship, digital finance, and export-oriented industries.
Mr. Ampem highlighted Africa's large infrastructure financing gap, estimated between US$68 billion and US$108 billion annually by the African Development Bank. He stressed that governments alone cannot bridge this gap. Deep, credible, and innovative financial markets are essential to mobilize long-term capital at scale. Ghana intends its financial markets to become engines of innovation and prosperity.
This strategic direction underscores Ghana's commitment to building a resilient and dynamic economy. The focus on fiscal prudence and strong financial markets aims to unlock new opportunities for growth and development. Global investors will closely monitor Ghana's progress in implementing these key reforms and fostering a supportive investment climate.