CATEGORY: OBG CEO Surveys
With the scheduled exit from an IMF credit deal by year-end, ongoing fiscal and monetary reforms, and an historic consolidation agenda for the banking sector, 2018 was a trying year for the Ghanaian 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.
According to the findings of the latest OBG Business Barometer: Oman CEO Survey, the country’s business leaders by and large perceive transparency in the local business environment to be high or very high – at about 65%. That said, 25% identify it as low, and given the government’s stated aim to increase foreign investment and improve the environment for private sector enterprises, this is something they will no doubt be keen to address. The survey also reveals what sectors CEOs identify as most influential in terms of the sultanate’s diversification strategy. Over 50% cited tourism as the sector with the greatest potential, and given the country’s natural attributes, it is clearly an area with huge potential.