Several years of rapid hydrocarbons-fuelled growth in Ghana have put increasing pressure on its transport infrastructure, prompting a spate of expansion projects that will increase capacity for bulk and container handling, as well as specialised oilfields services.
A new $918m deal with the IMF should alleviate some of Ghana’s fiscal pressures and help restore investor confidence ahead of a critical bond issue, but further reforms will be needed to balance the budget.
An ambitious programme to hike electricity generation has been launched in Ghana to help alleviate the frequency of blackouts, with a particular focus on expanding the role of the private sector.
Ghana’s gold mining industry is hoping for a healthier performance in 2015, with leaner mining operations and a push towards more value addition mitigating the impact of lower prices.
Although room for fiscal manoeuvring has shrunk in Ghana in recent months, the government’s subsequent efforts to tighten spending and boost revenues is being welcomed by investors and lenders.
While the headlines on Ghana’s 2015 budget focus on the short-term impacts of fiscal tightening, the proposed changes should have a positive bearing on the overall economy over time.
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