
Ghana’s economic landscape under the administration of President John Mahama is showing signs of a significant rebound in investor confidence, evidenced by a massive surge in Foreign Direct Investment (FDI) and robust performance in the banking sector. In 2025, FDI inflows jumped to $2.62 billion, representing a sharp recovery from the $649.58 million recorded in 2023. This growth was driven by 254 new investment projects, primarily in the manufacturing, energy, and technology sectors, which are projected to create over 18,700 jobs for Ghanaians. The banking industry has mirrored this positive trend, with GCB Bank PLC emerging as the industry leader for the 2025 financial year, ranking first in deposits, loans, and total operating income while reporting a return on equity of 34%.
While long-term investment interest is rising, the domestic debt market is currently dominated by short-term government securities. In August 2026, the government’s treasury bill auction saw a massive oversubscription of more than 180%, with total bids reaching GH""14.27 billion against a target of GH""5.43 billion. Investors have shown a distinct preference for the 364-day Treasury Bill, which accounted for approximately 70% of all bids and offered a weighted average interest rate of 11.59%. In contrast, the secondary bond market has seen activity weaken significantly, with turnover dropping by over 58% as investors defer reinvestment until the settlement of coupons from the Domestic Debt Exchange Programme (DDEP).
Despite these growth indicators, several sectors continue to grapple with liquidity constraints and high operational costs. The Ghana Mineworkers’ Union (GMWU) has recently petitioned the Bank of Ghana to facilitate the release of GH""380 million in locked-up provident funds, which has left over 19,000 workers and retirees in financial distress. Simultaneously, the Ghana Real Estate Developers Association (GREDA) has urged the government to abolish the 20% Value Added Tax (VAT) on housing construction. GREDA warns that the tax is exacerbating the national housing deficit and threatening the financial viability of developers who are already struggling with high material and financing costs.
Adding to these internal pressures, the Ghanaian Cedi remains under pressure in the foreign exchange market. As of late August 2026, the Cedi was trading at approximately GHS12.20 for sales at forex bureaus and GHS11.13 on the Bank of Ghana interbank market. While the manufacturing and upstream petroleum sectors continue to attract substantial capital, the government faces the dual challenge of maintaining currency stability and addressing the legacy financial sector issues raised by organized labor and industry associations to ensure that economic growth remains inclusive and sustainable.
This story touches markets covered on Anansi Intelligence ↗.
Related topic
John Mahama: Latest News & Updates →Live rates
Dollar to cedi rate →Continue exploring similar stories