Ghana ranked 21st in terms of Access to Foreign Exchange on the Continent

Ghana ranked 21st in terms of access to foreign exchange on the African Continent according to the Absa Africa Financial Markets Index.

The ranking per the report, is due to a score of 51 points by Ghana with the score being underpinned by deterioration in foreign exchange reserves and price stability.

Per the report, Ghana’s financial market maintained its number 9th position in Africa, despite dropping one point to 58 in 2023.

For Market Depth, Ghana placed 7th with 46 points, but it placed 8th with a score of 82 points regarding Market Transparency, Tax and Regulatory Environment.

The country further placed 11th with 22 points with regard to the Capacity of Local Investors and 27th with 60 points with respect to the Macroeconomic Environment and Transparency.

According to the Absa Africa Financial Markets Index, South Africa remains the largest and most advanced market in Africa.

Among the biggest improvements in the overall score were Zimbabwe and Rwanda, rising by almost 2 points each, linked to progress in building sustainable financial market frameworks.

Zimbabwe has added climate risks to financial stability regulation while Rwanda is working with multilateral organizations to improve market standards for green investments.

Overall, 20 AFMI countries now incorporate environmental, social, and governance-linked financial policies, which can help to mobilize new investment.