Finance Minister Invites Investors as Ghana Economy Recovers

Ghana is open for business. Finance Minister Cassiel Ato Baah Forson has invited investors and Ghanaians living abroad to invest in the country. He stated that Ghana's economy is now back on track. The Minister encouraged the diaspora to come home and contribute.

This appeal was made during President John Dramani Mahama’s visit to London. Minister Forson mentioned the Central Bank's plan to ensure diaspora remittances directly boost the balance of payments. These remittances totalled over $7 billion last year. The Minister sees the diaspora as vital partners in nation-building.

Minister Forson recalled Ghana's severe economic crisis in 2022. He described it as one of the most difficult periods in the nation's history. The Ghana cedi faced immense pressure and nearly lost its value. Inflation reached very high levels. Investor confidence dropped sharply. Ghana's foreign reserves were depleted. The country lost access to international capital markets. In 2022, credit rating agencies repeatedly downgraded Ghana's sovereign rating.

Moody's downgraded Ghana to CAA1 in February 2022. S&P followed with a CCC+ downgrade in August. Fitch also downgraded Ghana to CCC in August and further to double C in September 2022. By October 2022, Ghana had lost access to international capital markets. Ghana's euro bond spreads widened to more than 3,400 basis points. This crisis affected even the Ghana Cocoa Board, which could not secure a syndicated loan for the first time in 33 years. Domestic and international banks also faced difficulties obtaining external funding or opening letters of credit.

However, Minister Forson reported a significant recovery. He attributed this to the measures taken by President Mahama's administration. He stated that Ghana recorded a 6 per cent GDP growth in 2025. Non-oil GDP growth reached a 14-year high of 7.6 per cent. Ghana's economy crossed the $100 billion threshold. The country is now ranked as the eighth-largest economy in Africa. Ghana's GDP per capita reached $3,385.

Ghana's debt is now considered sustainable. The debt-to-GDP ratio has declined to 44.7 per cent. This is ahead of the 2034 target set by the IMF. Ghana achieved the target of 45 per cent debt to GDP in just one year. Inflation dropped from 23.8 per cent in December 2024 to 3.4 per cent in April 2024. The cost of borrowing has decreased significantly. The 91-day Treasury Bill rate fell by 2,300 basis points from 28.4 per cent to 4.8 per cent by April 2026. Two-year, three-year, and five-year bonds now trade between 11 per cent and 12 per cent, down from 25 per cent. The Monetary Policy Rate also declined by 1,300 basis points from 27 per cent to 14 per cent.

The current account balance has shifted to a surplus of 8.3 per cent of GDP in 2025. This was a significant improvement from a persistent deficit. The target is to reach double-digit surplus by 2026. These figures demonstrate the success of fiscal prudence and discipline.