Accra: Government is positioning stronger fiscal discipline, deeper capital markets and institutional reforms as central pillars of its economic transformation strategy as it seeks to attract long-term investment amid tightening global financial conditions and shifting capital flows. Speaking at the ACI Financial Market Association (FMA) World Congress 2026 in Accra, Deputy Finance Minister Thomas Nyarko Ampem emphasized these elements as essential to driving Ghana's growth.
According to Ghana Web, recent macroeconomic reforms under the IMF-supported Extended Credit Facility programme have helped restore market confidence, improve sovereign risk perceptions and strengthen investor sentiment after one of the country's most challenging economic periods. Ampem highlighted the government's economic adjustment programme over the last 17 months, which focused on restoring macroeconomic stability, rebuilding investor confidence, strengthening public finances, and protecting foundations for long-term growth.
'These reforms were to stabilise the economy, restore credibility, strengthen market confidence and reposition Ghana within an increasingly competitive global economic environment,' Ampem stated. Recent assessments by international credit rating agencies show improving perceptions about Ghana's sovereign risk profile, a development the government believes could gradually lower borrowing costs and improve access to financing.
The deputy minister explained that fiscal credibility is closely tied to financial sector resilience, noting that weak sovereign fundamentals often lead to stress in financial markets. He emphasized that restoring fiscal discipline and policy credibility can boost market confidence and increase capital flows.
These discussions come as emerging and frontier markets face global challenges such as elevated interest rates, geopolitical tensions, climate-related risks, and tight liquidity conditions, all of which have increased pressure on debt sustainability and external financing. Ampem indicated that Ghana's transition from IMF-supported financing to a non-financing Policy Coordination Instrument reflects a shift from economic stabilization to a focus on sustaining growth and accelerating structural transformation.
The government aims to reposition the economy with a 'new economy agenda,' focusing on value addition, productivity growth, competitiveness, and resilience. This strategy emphasizes the development of robust financial markets capable of attracting long-term domestic and international capital.
According to Ampem, Ghana's transformation requires deeper and more integrated bond markets, blended finance structures, venture capital financing, private equity investment, and sustainable finance instruments. The government also aims to support entrepreneurship, digital finance expansion, and export-oriented industries to create opportunities beyond traditional employment pathways.
Vice President Professor Naana Jane Opoku-Agyemang, speaking at the same event, stressed the importance of trust, institutional strength, and ethical standards in building resilient financial markets. She highlighted the need for discussions around financial markets to increasingly account for artificial intelligence and digitalisation, which are reshaping the financial sector.
Opoku-Agyemang noted that while technological innovation can improve efficiency and expand financial access, governments and regulators must address accountability, cybersecurity, and ethical concerns. She emphasized the importance of building digital trust alongside digital capacity.
The vice president concluded by highlighting efforts to deepen domestic capital markets, strengthen foreign exchange markets, and expand local currency financing. She also underscored the importance of stronger regional financial integration under the African Continental Free Trade Area for Africa's long-term economic competitiveness.