Ghana Economy

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Having been among the continent’s fastest-growing economies on the back of an oil-fuelled boom, Ghana has cut its growth target for this year and revised its forecast for inflation and budget deficit upwards as a result of slowing commodity revenues and high current spending.
Over recent years, Ghana has been one of the world’s fastest-growing economies, on the back of the emergence of its oil industry and underpinned by its political stability and the strength of its other commodity sectors. While GDP growth is expected to slow this year, the Ghana Investment Promotion Centre (GIPC) is targeting a 20% increase in foreign direct investment (FDI), following a dip in 2013.
Ghana enters 2014 still ranking as one of the best-performing economies in the region – and by some measures, the world. While growth may have trimmed a little in 2013 due to international factors, it remains comparatively high, driven by capital flows stimulated largely by the oil sector.
A number of new initiatives, including educational programmes and a specialised support fund for small and medium-sized enterprises (SMEs), have been established to promote the growth and diversification of small businesses in Ghana.

The people of Ghana are well known for their friendliness. In fact, according to a poll in Forbes, Ghana was voted the 11th friendliest nation on earth in 2011, and the reason why is evident as soon as you walk off of the plane. As the people are so warm and friendly, greetings should always be acknowledged.

With the economy growing at record rates, the authorities are working to keep pace with rising demand for water, power and sanitation. Compared to many neighbouring countries, Ghana’s utilities are in healthy standing, though the sector has not been without problems. Over the past year power outages increased to the point that local industries cited...

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