Ghana continues to be one of the most stable countries in sub-Saharan Africa and has developed substantially over the years. Now one of Africa’s fastest-growing economies, the country is starting to move away from traditional resource dependency. However, it faces the challenge of ensuring the widest benefit from that expansion, given its growing and increasingly urbanised population.
For more than 150 years the mining industry has been one of the key pillars of the Ghanaian economy. While it contributes a modest and – as a result of rising oil, gas and agricultural production – declining proportion of GDP, it remains a major source of government revenue, through taxation and royalty payments, and an indispensable driver of employment and infrastructure development....
Ghana’s wealth and potential of hydrocarbons resources have helped it leverage a spike in headline GDP growth and inbound investment. However, in recent years the economy has suffered alongside other oil-producing nations, as global prices have declined in tandem with reduced demand. With continued exploration and new projects coming on-line, the country has its eyes on increased oil...
Since assuming power in January 2017 the administration of President Nana Akufo-Addo has moved to rein in fiscal spending, industrialise rural regions and improve the business environment in order to jump-start economic growth. The government has brought down the fiscal deficit and freed up capital spending for priority projects, and Ghana’s economic prospects appear strong for 2018.
Ghana’s energy consumption continues to expand, underlining the urgency of boosting generation capacity and improving access to power. While the government is working to further streamline the utilities sector and increase installed capacity to improve efficiency and ensure supply, it is also looking for private partners to assist with securing funding and reforming a number of its core...
The Ghanaian economy is well positioned to accelerate growth, with several key factors likely to encourage expansion in the coming years.
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