Once known as the Gold Coast, Ghana is a key player in the international gold market and Africa’s second-largest producer. In 2013, 86.6% of export revenues from the mining sector came from gold, making the metal the top export and source of foreign currency. Gold generated $4.2bn in 2013, compared with $3.2bn from oil and $1.3bn from cocoa. Growth has been hampered in recent years by external...
Ghana’s energy sector is both young and growing fast, with a second major oil and gas field set to commence production in 2016 and a third to follow soon thereafter. Legal and regulatory regimes are still being established, while improvements are being made to infrastructure to catch up with a rise in demand. This will help to remove obstacles to the use of domestic energy supply to speed up...
Growing at one of the fastest rates in Africa, Ghana’s insurance sector continues to do well despite the headwinds faced by the overall economy. Analysts and market participants are expecting years of solid performance as awareness, penetration and density increase and converge towards global averages. Companies in the sector are reporting strong profits and good premium growth, while interest...
After rising 71.8% in 2013, Ghana’s stock market had a modest 2014, with the benchmark index up just 5.4% (and most of that rise seen in the beginning of the year following on the 2013 rally). To a great extent, the muted performance reflected external circumstances, namely the drop in commodity prices and the prospect of rising interest rates in the US. Currency depreciation against the US...
Despite the challenges faced in the economy in general – for example, the decline in the currency, the rise in government debt, low commodity prices and a persistent deficit – the Ghanaian banking sector has remained profitable and well capitalised. The country’s lenders have managed not only to survive but also to thrive. The banking sector is highly competitive and open, albeit somewhat...
The Ghanaian economy is strongly correlated to global commodities such as cocoa, gold and oil, which are the three main sources of income and foreign currency. Price swings for these three resources, increased spending on domestic public sector wages, an electricity shortage and other external factors have combined to slow the pace of development in recent years, leading to a depreciating...
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