Ghana is now 4th among 20 African countries in market depth, Absa reveals

Ghana has emerged 4th among 20 countries in Africa in a market- depth research which was organised this year.

This follows a research by the 2018 Absa Africa Financial Markets Index report which revealed that the country is currently fourth in market-depth, moving up by eight places from last year’s rankings.

The ranking is the second edition of the Absa Africa Financial Market Index report.

The report disclosed that Ghana has made a significant progress in Market Transparency, Tax and Regulatory Environment as compared to the ratings of last year.

The Managing Director of Barclays Bank Ghana - now Absa, Madam Abena Osei-Poku indicated that Ghana is one of the best frontier markets in Africa, displaying significant approach in deepening and creating a more transparent and well-regulated market.

According to her, Ghana is taking the right steps toward achieving its aspiration of becoming an International Financial Centre for West Africa but there is a need to empower local investors and boost their capacity.

Madam Osei-Poku said, “The significant investments we have made in partnership with the Official Monetary & Financial Institutions Forum (OMFIF) and our commitments going forward are premised on our firm belief that we will remain a force for good in Ghana and on the entire African continent.”

Adding that sub-Saharan African economies are under pressure from various domestic and external headwinds such as depreciating currencies, political uncertainty, capital flight, rising interest rates, declining commodity prices, and lower than projected growth rates to name a few.