Ghana’s private capital market is emerging as a top destination for investors, fueled by key economic reforms, debt restructuring successes, and a surge in deal activity, according to the 2025 Stears Africa Capital report.
In 2024, Ghana’s investment ecosystem achieved significant milestones, demonstrating its growing maturity compared to regional peers.
The Ghana Investment Platform (GIP), a vehicle of British International Investment (BII), played a pivotal role in this transformation, making its first set of investments in high-impact small and medium enterprises (SMEs).
GIP provided US$3.3 million in debt financing to Truecoco, an agricultural exporter, and backed Rikair, a key player in
industrial and medical gases.
Additionally, GIP co-invested in Fido’s US$30 million Series B funding round and eServices Africa, reinforcing its commitment to Ghana’s private capital market.
Adenia Partners’ successful US$12.9 million exit of Cresta Paints to Uhuru Investment Partners further underscored Ghana’s investment appeal.
Agriculture remained a dominant sector, with notable transactions, including Oyster Agribusiness securing over US$2.5 million from Sahel Capital, Root Capital, and RDF Ghana, while HatchAfrica raised US$9.5 million in equity.
Economic rebound and credit rating upgrades
Ghana’s economy is on a positive trajectory, with GDP growth projected to rise from 3.2 percent in 2024 to 4.4 percent in 2025. Inflation, which peaked at 54 percent in December 2022, is expected to decline to 11.5 percent by 2025, significantly improving consumer purchasing power and investor confidence.
The Ghanaian cedi is forecasted to stabilise at GH¢16.60 per USD by the end of 2025.
Further boosting investor sentiment, Ghana’s sovereign credit rating received an upgrade from Moody’s (Caa2, positive outlook) and Fitch (CCC+), following the successful restructuring of
US$13.1 billion in Eurobond debt.
New Administration Prioritizes Pro-Business Reforms
The election of President John Dramani Mahama in December 2024 marks a turning point for Ghana’s business environment. The administration has outlined ambitious policies, including a 24-hour economy initiative to enhance productivity, tax reforms, and a US$10 billion infrastructure modernisation plan.
These measures are expected to accelerate economic recovery and attract fresh capital into key sectors such as manufacturing, energy, and ICT.
Investment Opportunities in Agriculture, Energy, and Technology
Ghana’s agriculture sector remains a prime investment target, particularly in cocoa, cashews, and yams. The country is the world’s second-largest cocoa producer, contributing 20 percent of global supply, and is a leading exporter of cashews and yams. However, value addition remains an untapped opportunity, with less than 5 percent of cashews currently processed locally.
The renewable energy sector is also poised for growth under the Ghana Energy Transition and Investment Plan, which aims to integrate 10% renewable energy into the national grid by 2030.
The government has identified a $550 billion investment opportunity in solar, wind, biomass, and geothermal energy .
Meanwhile, Ghana’s ICT sector is projected to expand from $1 billion in 2022 to US$5 billion by 2030, driven by investments in digital infrastructure, cybersecurity, and financial technology.
With 41 million mobile voice subscriptions (134 percent penetration) and a thriving fintech ecosystem, the country is a top contender for digital economy investments.
Conclusion
Ghana’s combination of economic resilience, policy reforms, and a dynamic private capital market presents compelling opportunities for investors. As the country stabilises its fiscal position and deepens structural reforms, private equity and venture capital firms are well-positioned to capitalise on its upward growth trajectory.
