Ghana’s ongoing macroeconomic recovery and signs of strengthened fiscal discipline are setting the stage for renewed investor confidence, according to Sydney Nii Ayitey Tetteh, Executive Head of Client Coverage, Corporate & Investment Banking at Stanbic Bank Ghana.
Speaking in an interview at the West Africa Energy Cooperative Summit ahead of a high-level panel discussion on “Ghana Country Spotlight: From Economic Crisis to Winning Back Investor Confidence,” Mr. Tetteh said investors are cautiously optimistic about outlook on Ghana’s economic trajectory, particularly its implications for financing and investment in the energy sector.
He explained that while macroeconomic indicators point to significant progress, sustaining stability beyond Ghana’s expected exit from the IMF program in May 2026 will be critical in maintaining market confidence. “We are optimistic but it is a cautious optimism. The real test will be what happens after the IMF program ends. With major debt repayments scheduled between 2026 and 2028, we must ensure that the stability we are seeing now extends well into the medium term. That continuity is what gives financiers and potential investors, the confidence to re-engage strongly,” he said.
Mr. Tetteh highlighted the significant strides made in recent months, stating that Ghana’s economic indicators are showing a level of improvement not seen in years. “We have gone through a very difficult period marked by severe headwinds. But the signs today are encouraging. The macro numbers are looking far better. Debt-to-GDP has dropped significantly to around 45 percent. Inflation, which ended 2024 above 23 percent, is now around 8 percent. Even the cedi has shown notable resilience, appreciating by about 25 percent against major hard currencies. All of these metrics contribute to a growing sense of confidence.”
Turning his attention to the energy sector, Mr. Tetteh described ongoing reforms as particularly reassuring. He referenced the recent national budget presented by the Minister for Finance, which highlighted a reduction in legacy energy sector debt and progress under the Energy Sector Recovery Program. “One of the big positive signals is that the debt levels within the energy sector are beginning to ease. The Cash Waterfall Mechanism, which is being implemented as part of the recovery program, is showing meaningful results. We have been present at several of the review sessions, and what we see is that independent power producers are finally receiving full or near-full payments. That alone is a major step forward.”
However, Mr. Tetteh acknowledged that despite the positive indicators, investors remain measured in their decision-making. “The macroeconomic environment is improving, but investors naturally want to be sure that these gains are sustainable. The question is not whether the signs are encouraging. The question is whether this positive trend will be maintained long enough for investors to feel fully comfortable bringing their capital back into the country.”
READ: Stanbic Bank calls for structural reforms to sustain Ghana’s forex gains
He stressed that Ghana must consolidate its current gains, strengthen structural reforms, and continue demonstrating fiscal discipline to fully win back investor trust.
