Foreign investor participation in Ghana's capital markets strengthens in H1 2026
Foreign investor participation in Ghana's capital markets strengthened considerably in the first half of 2026, supported by new bond issuances and improved macroeconomic conditions.
In Brief
- •Foreign investor participation in Ghana's capital markets strengthened considerably in the first half of 2026, supported by new bond issuances and improved macroeconomic conditions.
- •Ghana's sovereign risk spreads remained relatively stable, reflecting improved investor sentiment and positive knock-on effects on risk ratings.
- •The Bank of Ghana reported subdued systemic vulnerabilities within the banking industry and a negative credit-to-GDP gap, indicating a low-risk credit environment.
- •Credit growth rose by 34% to GH¢128.3 billion as of August 2026, with demand and savings deposits decreasing but currency outside banks increasing.
Why It Matters
The strengthening foreign investor participation in Ghana's capital markets is a positive sign for the country's economic stability and growth prospects. Improved investor confidence and stable sovereign risk spreads can attract more portfolio investment and foreign direct investment, which are crucial for economic development. The Bank of Ghana's macroprudential assessment shows that systemic vulnerabilities within the banking industry remain subdued, indicating a healthy financial sector. This development is significant for Ghana's efforts to incorporate ESG (Environmental, Social, and Governance) principles in the financial sector and to maintain a low-risk credit environment.
Key Details
- Credit Growth
- GH¢128.3 billion (34% increase)
- Bad Debt Written Off
- GH¢1.86bn
- Currency Outside Banks
- Increased in August 2026
- Sovereign Risk Spreads
- Relatively stable
Context & Background
Ghana's economic stability and improved macroeconomic conditions have contributed to the strengthening foreign investor participation in the capital markets. The Bank of Ghana's macroprudential assessment shows that systemic vulnerabilities within the banking industry remain subdued, indicating a healthy financial sector. The country has made significant progress in incorporating ESG principles in the financial sector, which is expected to have a positive impact on investor sentiment.
Original Reporting & Sources
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