Investing in Ghana
The most dramatic currency and debt turnaround of the eight, close behind a sovereign default.
The numbers
Where the market stands
| Measure | Value | Source | Year |
|---|---|---|---|
| GDP growth, 2025 | ~6% | IMF / World Bank | 2025 |
| Cedi vs USD, to Sept 2025 | +21% | Bank of Ghana | 2025 |
| Reserve cover | >5.7 months | Bank of Ghana | 2025 |
| IMF ECF programme | $3bn, 2023 | IMF | 2026 |
The case
Why capital is looking at Ghana
- A currency that appreciated 21% against the dollar through September 2025 on gold exports and reserve rebuilding.
- Official creditor restructuring concluded in January 2025, removing the largest overhang.
- Stable governance and a growing role as headquarters of choice for continental trade institutions.
The risks
What would have to go wrong
Named plainly, because an allocator who finds these out later stops trusting everything else on the page.
- The 2022 default is recent. Underwriting should price sovereign risk on the last cycle, not the current recovery.
- Commercial creditor restructuring is not fully closed.
- The recovery is gold-price dependent, and that dependency runs through the currency to everything else.
Execution
What entry actually involves
Timing matters more here than in the other seven. The macro has moved a long way in two years and the direction of the next move is the whole question.
Priority sectors in Ghana
Other markets
Enquiries
Talk to the desk about Ghana
Tell us the mandate, the stage and the timing. If we are not the right desk for it, we will say so and point you at who is.
