Why Ghana attracts investors
Ghana combines two rare assets in West Africa: a stable democracy, with peaceful transfers of power since 1992, and an economy emerging from a deep crisis. The country defaulted on its debt in 2022, when inflation exceeded 50% and the cedi was collapsing against the dollar. Three years later, the indicators have turned around.
Public debt fell from 61.8% of GDP at end-2024 to 44.7% at end-2025, reaching the legal target of 45% nearly ten years ahead of the 2034 deadline. The debt burden was cut in half, from 55.7% of domestic revenues in 2022 to 28.8% in 2025. Inflation, which peaked at 54% in January 2023, fell back to 8% in October 2025, then to 5.3% in June 2026. The IMF and World Bank upgraded the debt sustainability rating from “unsustainable” to “sustainable, with room to absorb shocks”.
Growth is solid: 6.0% in 2025, then 6.4% in the first quarter of 2026, above the official target of 4.8%. The country is supported by tangible fundamentals. It is Africa’s largest gold producer and the world’s second-largest cocoa producer. Its mobile money market, with 4.54 trillion cedis in transactions in 2025 (+50.8%), is among the most active on the continent. As a result, foreign direct investment quadrupled in one year, to 2.62 billion dollars.
For the French-speaking diaspora based in France, Ghana also offers an English-speaking environment, a freely convertible currency and an investment framework codified by the 2013 Investment Promotion Act (GIPC Act 865).
Key figures 2026
| Indicator | Value | Period / source |
|---|---|---|
| Nominal GDP | ≈ 114 to 118 billion $ | 2025 (World Bank, IMF) |
| GDP growth | 6.0% (2025) ; 6.4% (Q1 2026) | Ghana Statistical Service |
| Registered FDI flows | 2.62 billion $ (×4 vs 2024) | 2025, GIPC |
| Population | ≈ 35.1 million | 2025, World Bank |
| Currency | Ghanaian cedi (GHS), ≈ 11.5 GHS/US$ | July 2026 |
| Stock index (GSE Composite) | 8 770 points, +79.4% | 2025, Ghana Stock Exchange |
The FDI figures deserve clarification: of the 2.62 billion dollars registered by the Ghana Investment Promotion Centre (GIPC), 1.91 billion comes from the balance of payments, of which 95.4% represents reinvested profits by companies already present. Upstream oil captured 994 million dollars, ahead of 180 new industrial projects (1.44 billion) and the free zone (165 million). The pipeline of announced projects reaches 11.48 billion dollars.
Key sectors
Gold, the engine of exports
Ghana produced a record 5.94 million ounces of gold in 2025, up 23.4% year-on-year. Small-scale mines exceeded large-scale operations for the first time: 3.11 million ounces, or 52.4% of national production, compared to 2.83 million for the large-scale sector. Gold now accounts for 9.98% of GDP, its highest level on record, and remains the country’s leading economic sub-sector.
Gold exports reached 11.6 billion dollars in 2024 (+52.6%), then 5.2 billion over the first four months of 2025 (+76.4%). The creation of a public body, GoldBod, aims to better capture artisanal production and reduce smuggling. A word of caution, however: the royalties reform, with a sliding scale of 5% to 12% indexed to prices, is contentious and could slow expansion projects in 2026.
Cocoa and agro-industry
The world’s second-largest producer behind Côte d’Ivoire, Ghana harvested approximately 700,000 tonnes of cocoa in the 2024/2025 season, up 32% compared to the 531,000 tonnes of the previous season. The 2025/2026 target is set at 650,000 tonnes. The farmgate price was raised by 12%, to 58,000 cedis per tonne (approximately 4,640 dollars), to support growers.
The opportunity goes beyond raw beans: local processing remains underexploited while the country exports most of its harvest unprocessed. Listed companies such as Cocoa Processing Company or Benso Oil Palm Plantation illustrate the potential for value-adding, as do cashew and palm oil, still largely unprocessed domestically.
Fintech and mobile money
Mobile money transactions reached 4.54 trillion cedis in 2025, up 50.8% year-on-year. The low banking penetration of a population of 35 million — the majority of whom are under 30 — leaves vast space for digital payments, credit and insurance. MTN Mobile Money and Telecel Cash dominate a market regulated by the Bank of Ghana, which publishes a quarterly report on the fintech sector and encourages innovation. Private sector credit surged 41.2% in June 2026, a sign of pent-up financing demand being released.
Real estate and infrastructure
Construction was the most dynamic sector of the economy in 2025, with growth of 12.5% and approximately 8.5% of GDP. The housing deficit is estimated at between 1.8 and 2 million units, concentrated in Accra and Kumasi, where building permits jumped 35% year-on-year (4,200 permits in Greater Accra in 2025). Ongoing construction projects in the Accra region are valued at approximately 8.2 billion dollars by the real estate developers’ association. Mid-range apartments are priced between 80,000 and 200,000 dollars, with demand sustained by the diaspora.
How to invest from France
Three channels are available to an investor based in France, each with its own constraints.
The Ghana Stock Exchange (GSE). Access is open to non-residents, but only through a locally licensed broker (Licensed Dealing Member). European retail platforms do not list GSE securities. You must open an account with a Ghanaian broker, provide identification documents (KYC) and, in most cases, hold a local bank account for settlements in cedis. The market remains narrow: approximately 172 billion cedis in market capitalisation at end-2025, or about 16 billion dollars, with concentration in financial stocks.
Company formation. All foreign investment must be registered with the GIPC. The minimum capital required is 500,000 dollars for a company 100% owned by a foreigner, 200,000 dollars for a joint venture with a Ghanaian partner (who must hold at least 10% of the capital), and 1 million dollars for an import-export trading company, which must employ at least 20 qualified Ghanaians. Manufacturing activities, exports and portfolio investments are exempt from minimum capital requirements. The capital import certificate is obtained in approximately 14 days, after confirmation of funds by the Bank of Ghana. Customs duty exemptions and tax incentives may be added beyond the legal minimums, particularly through the free zone.
Real estate. A foreigner cannot hold land in freehold; acquisition is through a lease, capped at 50 years. Securing the land title is the critical point: property disputes remain frequent, which makes it essential to use a specialist lawyer and verify the title at the land registry before making any payment.
Risks to be aware of
- Currency risk. The cedi is volatile: it appreciated 40.7% in 2025, then lost 9.5% against the dollar over the first seven months of 2026 (11.55 cedis to the dollar in July). A local return can be wiped out by the exchange rate at the time of repatriation.
- Public debt. Brought down to 45% of GDP, it remains partly denominated in foreign currency (eurobonds). Debt service still absorbed 28.8% of domestic revenues in 2025.
- Stock market liquidity. With approximately 16 billion dollars in market capitalisation and volumes concentrated in a few financial stocks, exiting a position can be slow and costly.
- A shifting regulatory framework. The overhaul of mining royalties and local content requirements could push the effective mining tax burden to between 54% and 58%, one of the highest in the world according to the Chamber of Mines. The oil sector, meanwhile, is in decline: crude production fell to 37.3 million barrels in 2025, down from a peak of 71.4 million in 2019.
Frequently asked questions
Is a minimum capital required to invest in Ghana?
Yes, to set up a company: 500,000 dollars if it is 100% owned by a foreigner, 200,000 dollars in a joint venture, and 1 million dollars for a trading company. Manufacturing activities, exports and portfolio investments are exempt.
Can you buy shares listed on the Ghana Stock Exchange from France?
Yes. Non-residents can invest on the Ghana Stock Exchange, but only through a locally licensed broker. European retail brokers do not provide access to this market.
Does the cedi represent a major risk for the foreign investor?
Yes. After appreciating 40.7% in 2025, the cedi lost 9.5% against the dollar over the first seven months of 2026. Any project must factor this volatility into its return model.
To go further: discover our complete guide to investing in Africa (6 countries compared).
