Cedi world’s best-performing currency — Mahama woos Japanese investors

President John Dramani Mahama has declared that the Ghanaian cedi is the best-performing currency in the world this year, as he encouraged Japanese businesses to seize new investment opportunities in Ghana.

Speaking at the Ghana Presidential Investment Forum on the sidelines of the 9th Tokyo International Conference on African Development (TICAD IX), President Mahama said Ghana has restored macroeconomic stability and boosted investor confidence.

“For those of you who know the history of the Ghanaian cedi, it has been one of the most volatile currencies in Africa, and a few years back, we were said to be the worst-performing currency. I am happy to announce that this year, the Ghana cedi has been the best-performing currency in the world,” he stated.

President Mahama cited falling inflation, recent sovereign credit upgrades, and wide-ranging reforms to ease the cost of doing business as evidence of Ghana’s economic rebound.

“Inflation rose to almost 23 percent in 2024 and is currently down to 13.7 percent. We expect that by the end of the year, it will hit single digits. And as Simon said, we have been upgraded from junk status to B minus with a stable outlook, and I am certain that in the next review, we are going to be upgraded again,” he told investors.

President Mahama positioned Ghana as a stable, democratic, and business-friendly hub in West Africa, emphasising its role as host of the African Continental Free Trade Area (AfCFTA).

“So far, almost 50 African countries have signed agreements that allow us to export duty-free, tariff-free into each other’s markets. Once you register your product and it meets all the standards, you can export duty-free and tariff-free into each other’s markets,” he said, noting that Japanese investors could access a continental market of 1.4 billion people.

Highlighting reforms to attract more investment, he noted amendments to the Ghana Investment Promotion Centre Act.

“Previously, you had to prove a minimum capital to qualify as a foreign investor. In the reviewed Act, we are removing those minimum capital investments. This will enable any investor, however little, USD100,000 or USD50,000, to come in and set up a business in Ghana,” he announced.

President Mahama spotlighted opportunities in automobile assembly, agribusiness, energy, and manufacturing.

“Japan has a comparative advantage in automobile manufacturing. With the chance to export across Africa, Ghana becomes an ideal hub for assembling automotive products. Already, Japanese firms are assembling in Ghana for local and regional markets,” he stressed.

On agriculture, he unveiled plans for the Volta Economic Corridor, which would leverage Volta Lake for irrigation and agro-industrial development.

“We have millions of hectares of land by the lake, enough to bring two million hectares under irrigation. We also intend to establish industrial parks for agro-processing and textile manufacturing to export to the EU, US, and other markets,” President Mahama noted.

He also cited Ghana’s energy potential, port infrastructure, and digital economy as additional attractions.

“Ghana has a very young, English-speaking population that is quick to upskill in robotics, AI, and fintech. Our fintech sector is one of the fastest growing in Africa,” the President emphasised.

President Mahama ended with a call for deeper Ghana–Japan partnerships.

“Africa is the next frontier for investment. Most of the world is saturated, but Africa is growing. Let us marry Japanese capacity with Ghanaian potential and create a win-win situation for ourselves,” he added.