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...
Ghana is the second-biggest producer of gold on the African continent, and the world’s second-largest cocoa producer. The country is also home to one of the largest discoveries of oil in recent decades, the production of which is providing the government with a useful revenue stream and driving growth in associated sectors. Nevertheless, the...
The level of public debt is a closely observed metric in Ghana. For the past 30 years the country has travelled something of a debt roller coaster, recovering from one liquidity crunch only to be faced with another. The first dip came in the late 1990s, when the nation’s debt repayments as a proportion of revenue reached 20%, which was widely...
Since gaining independence in 1957 Ghana has broadly followed two major foreign policy guidelines: non-alignment and pan-Africanism, both of which arise from the colonial experience and the country’s reaction to the Cold War. They also reflect Ghana’s awareness that it is the first country in colonial Africa to gain freedom, giving it great...
One way in which Ghana is looking to accelerate investment projects and private sector initiatives is through an enhancement of the pubic-private partnership (PPP) framework, which enables the state to minimise capital costs and shift development risk and managerial responsibility out of its hand. The country has recently signalled its...
Recent decades have seen a downward convergence in corporate tax regimes as advanced, emerging and developing economies moved to grab a bigger slice of the global investment pie. Headline corporate tax rates have fallen by 20 percentage points since the early 1980s. Alongside lower average rates, special tax incentives aimed at capturing...
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