TAG: Economy
The year 2018 was trying for the Ghanaian economy, with plans to schedule an exit from an IMF credit deal by year-end, ongoing fiscal and monetary reforms, and an historic consolidation agenda for the banking sector. Despite the scope of adjustments, sentiment among the business community has remained robust, with 93% of respondents having positive or very positive expectations of local business conditions for the coming 12 months. Gradual recovery of GDP has since seen the economy grow again, expanding by 8.4% in 2017, according to the IMF’s October 2018 “World Economic Outlook” report, on the back of enhanced output and exports.
As 2018 draws to a close and I look to the results of the most recent Oxford Business Group Business Barometer surveys, it makes for interesting reading against a backdrop of increased global economic and political uncertainty.
Despite dropping prices in the real estate market, a key sector helping the UAE steer away from its dependence on the oil industry, Oxford Business Group’s Business Barometer: UAE CEO Survey found that the sentiment among 110 business leaders is largely positive – over 60% of respondents anticipate that they will make a significant capital investment in the coming 12 months. In particular, tech investments are set to grow, with 80% indicating that they will increase spending on smart tech and research and development.