Ghana is attracting investors across several sectors, but delays in tax refunds, customs procedures and limited access to cedi-denominated financing are making it harder to turn investment commitments into actual projects, according to a report by Emerging Market Advisory Limited.

The report, which reviewed investment conditions from May to August 2026, identified opportunities in digital payments, small-business lending, food processing and healthcare.

Transport, storage and export-oriented manufacturing were also identified as areas with investment potential.

However, the report said Ghana’s investment activity remained driven largely by commitments and plans, with less evidence that the promised capital had actually entered the country.

FULL TEXT: Africa's investment climate improves, but gains remain uneven - Report

It said Ghana’s investment prospects were supported by opportunities across different sectors and the expansion of existing businesses, while development finance institutions also played an important role.

No single large investment was identified as the main driver of investment activity during the period.

Businesses using Ghana as a base to serve other African markets recorded stronger progress in securing investment, with regulated services and companies generating regional revenues among the areas where opportunities were moving closer to actual funding.

Despite this potential, investors remained cautious about currency stability, the recovery of Value Added Tax (VAT) refunds, customs procedures and compliance with investment requirements.

The report said the timing of VAT refunds was particularly important because businesses needed to factor in when they would recover funds required for their operations.

Investors also considered refund timelines, import duties and withholding taxes when preparing their financial plans.

The report identified access to local financing and the strength of partnerships with local businesses as other important conditions for investment. Clear documentation and sound management arrangements were also essential to moving projects forward.

Recommendations

To address these challenges, Emerging Market Advisory recommended making VAT refunds more predictable, simplifying investment compliance procedures and digitising customs documentation.

It also proposed loan guarantees for small businesses, cedi-denominated credit facilities and trade financing to help companies secure longer repayment periods and reduce pressure to provide collateral.

Across Africa, the report found that investment conditions improved unevenly during the review period.

Investors focused on projects with reliable demand, clear regulatory approvals, dependable infrastructure and credible plans for execution.

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For Ghana, the report’s main message is that attracting investor interest must be followed by practical improvements that enable businesses to turn commitments into operating projects.

See full report below



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