Ghana has emerged as the sixth-most attractive country for investment in Africa in 2024, according to the latest "Where to Invest in Africa" report from Rand Merchant Bank (RMB).

The West African nation secured an overall score of 0.24, with notable marks across several investment metrics, highlighting its appeal to foreign investors.

In the report, Ghana placed 5th in Growth Structure with a score of 0.935 and 6th in Economic Stability and Investment Climate with a score of 0.27.

The country was recognised for its strong performance in innovation, securing the 9th position with a score of 0.549. It ranked 6th in Connectedness (0.850) and 10th in Urbanisation (0.553). However, it scored lower in Complexity, ranking 26th.

"Ghana represents a substantial market and ranks among the top ten in urbanization, connectedness, innovation, political stability, personal freedom, and employment," the report noted, further citing Ghana’s favourable standings in corruption and import concentration.

Fiscal reforms have also made a mark, with Ghana’s deficit down to 4.6% of GDP in 2023 from 10.7% in 2022. Despite lower oil revenues, government revenues and grants reached 15.7% of GDP in 2023, maintaining the previous year’s levels.

Looking ahead, growth is expected to benefit from increased gold and oil exports, with new projects set to come online by 2027.

At the top of RMB's 2024 rankings, Seychelles secured first place with a score of 0.72, followed by Mauritius (0.69), Egypt (0.49), South Africa (0.33), and Morocco (0.30).

RMB's methodology this year is based on four pillars: Economic Performance and Potential, Market Accessibility and Innovation, Economic Stability and Investment Climate, and Social and Human Development, derived from 20 metrics drawn from multi-year data and peer-reviewed research.