Today in History: ‘Where to Invest in Africa 2021’: Ghana ranked sixth best destination

A "Where To Invest in Africa 2021" report stated Ghana was ranked in the sixth position as an investment destination in Africa. The rankings also showed Ghana placed first in West Africa with regard to investment attractiveness. The nation outperformed Cote d’Ivoire, Senegal, and Nigeria on that front. Read the full story originally published on October 26, 2021 by GhanaWeb • Ghana’s economy has seen major shifts over the past few years • It registered a growth rate of 0.4 percent following the onset of the COVID-19 pandemic • Oil production output is expected to rise in the near term Ghana has been ranked in sixth position 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 also showed Ghana placed first in West Africa with regard to investment attractiveness. The nation outperformed Cote d’Ivoire, Senegal and Nigeria on that front. A statement issued by the corporate and investment banking arm of First Rand Bank Limited said Ghana had entered the COVID-19 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 further added that in 2021, Ghana’s economy had shown a steady recovery with the Gross Domestic Product at 3.9 percent. This according to the investment firm is supported by steady performance in key sectors of industry. “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.