Ghana’s investment ranking has held at sixth place in Africa for a third straight year, but RMB says the unchanged position masks a substantial shift from the country’s 2022 economic crisis to recovery.
The 2026/27 Where to Invest in Africa report credits debt restructuring, economic stabilisation and stronger gold exports for Ghana’s improved outlook. It says the test now is whether those gains can survive another shock.
“Ghana’s steady sixth-place ranking over three years does not reflect stasis,” said RMB Chief Economist Isaah Mhlanga.
“It reflects a country that has moved from economic crisis in 2022 into recovery, through a comprehensive stabilisation and debt restructuring programme anchored by the IMF Extended Credit Facility.” - Isaah Mhlanga
Gold Helps, but Brings Risk
Ghana’s economy grew by 5.8 percent in 2025, while inflation returned to single digits, according to the report. Higher gold exports supported foreign exchange earnings, reserves and currency stability.
RMB also identified economic growth and civic freedoms as relative strengths.
That reliance on gold is a weak spot. A fall in prices or export earnings could put pressure on the recovery, making diversification important even as the commodity provides immediate relief.
The Next Test
RMB’s new Resilience and Vulnerability Matrix looks beyond current investment conditions to assess how economies might cope with future disruptions.
It considers institutional and policy strengths alongside risks such as concentrated exports and external financing needs.
“Investment attractiveness is not only about current conditions but also about how economies respond to future shocks,” Mhlanga said.
For Ghana, the matrix identifies governance as a relative strength but points to the need to rebuild economic buffers after debt restructuring. Consistent reform, rather than the sixth-place finish itself, will determine whether investors see the recovery as durable.
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