Big news for Ghana as they get ranked sixth as an investment destination in Africa, according to a ‘Where to Invest in Africa 2021’ report conducted by the Rand Merchant Bank (RMB).
The rankings conducted by RMB also showed Ghana placed first among West Africa countries with regard to investment attractiveness.
A statement released by the corporate and investment banking arm of First Rand Bank Limited stated that Ghana had entered the Corona virus crisis on a relatively stronger footing than its African peers.
It added that Ghana’s economy despite the adverse impact of the pandemic managed to avoid a recession following the onset of the pandemic while registering a growth rate of 0.4 percent, outperforming other Sub-Saharan Africa economies which faced contraction.
“Structurally, Ghana’s economy has seen major shifts over the past few years, positioning it for significant growth going forward.
This is supported not only by primary sector industries like oil and gold but accelerated development in the tertiary sector. We see the construction, agriculture and services sectors as the main catalysts for strong 4.2 percent average growth between 2022 and 2023.” it stated.
It furthered that in 2021, Ghana’s economy had shown a steady recovery with the Gross Domestic Product at 3.9 percent.
“Over the next few years, oil production output will rise in the near term supported by higher oil prices that should encourage further oil exploration in Ghana. There are similar expectations for gold production, which have further supported the government’s efforts to curb illegal mining activity, thereby promoting the formal sector,” it stated.