Country risk: Ghana remains a safe bet ahead of its elections
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Euromoney Country Risk

Country risk: Ghana remains a safe bet ahead of its elections

Analysts can see through the economic and fiscal shock to observe a country with its underlying strengths intact.


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As in other countries, Ghana is having to cope with the Covid-19 shock weighing on its macroeconomic indicators, softening GDP growth and widening the fiscal deficit.

In April, the IMF predicted the country’s GDP would grow in real terms by just 1.5% this year, before picking up pace again in 2021. The current account was seen temporarily widening to 4.5% of GDP, and the fiscal shortfall to 10% of GDP. 

A few months on, it seems an even worse outcome is possible, with the world crisis worse than envisaged.

Despite this, Ghana has performed admirably in recent years and there is no reason why it should not do so in future, given its political strengths, which are largely responsible for the improvement in Euromoney’s country risk survey this year.

Ghana seems to have achieved relatively durable political stability, especially following the many years of political instability (coups) in the 1970s - Augustin Fosu, ISSER

Whereas many countries have been downgraded by analysts, Ghana is one of Africa’s successes, gaining risk points (implying it is safer), and moving up eight places in the global rankings to 75th from 174 countries, making it the fourth safest investment on the continent behind Botswana, Namibia and the Seychelles.

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