Ghana

In an encouraging testament to the country’s push to increase the size of its services sector, Ghana has seen an impressive rise in visitor arrivals over the past few years, and capital investments look set to help provide the foundation for continued growth. However, capitalising on much of the still-latent potential will require investment and imagination.

Buoyed by high international mineral prices, Ghana’s mining sector continues to post solid growth, with revenues for gold, which remains the country’s biggest export, up by 28% last year. However, concerns are mounting that the government’s plans to overhaul the industry’s tax structure, including the introduction of a new windfall tax, could deter foreign investors.

Aiming to sustain its impressive economic growth of recent years, Ghana is increasingly focusing on improving its electricity infrastructure. Rising demand, together with inconsistent input supply, is putting pressure on the government and key players to bolster the country’s production and transmission capacity.

Annual figures for Ghana’s nascent hydrocarbons sector – which has spurred a wave of capital spending in the country in recent years – have come in for 2011, bringing with them mixed news. While production levels fell short of expectations, output is expected to rise closer to targets within the next 18 months as technical adjustments begin to pay off.

As the world’s second-largest cocoa producer, Ghana accounts for more than one-fifth of the global cocoa market. The commodity is a crucial export earner and contributor to the country’s economy. After a bumper harvest last season, the country is now looking to develop the segment, increase yields and diversify into growing markets.

The government is taking a number of measures to strengthen Ghana’s business environment in a bid to reinforce growth as the country struggles with a rising import bill due to a depreciating cedi.