Ghana

Already in the midst of significant growth, Ghana’s IT and telecommunications sectors are set to see increased efficiency and improved access following the finalisation of a new medium-term strategic plan by the industry’s regulator and the arrival of a new regional player in the mobile segment.

An array of new tactics – including continued infrastructure investment, a marketing drive and a focus on growing niches – could prove key in unlocking Ghana’s considerable tourism potential. The West African country currently has a moderately sized but lively tourism sector that sees around a modest 1m visitors per year, mostly from North America and Europe.

While Ghana’s economy as a whole is burgeoning, its manufacturing segment has been struggling to meet its full potential, prompting the private sector and the government to work together to ensure that the rising energy and commodity sectors support rather than hinder industrial development.

Moving into 2012 with the national economy in robust health and riding on the back of double-digit growth in 2011, Ghana’s prospects for 2012 are bright, though much needs to be done to reduce unemployment and spread the benefits of economic expansion to ensure its sustainability.

For a country that a few years ago was pumping less than 1000 barrels of oil per day (bpd), Ghana’s upstream oil and gas industry has undergone a massive change. As it begins only its second year of production, Ghana’s oil segment is poised to earn GHS1.24bn ($827.85m) in revenue in 2012, while accelerating activity in the gas sector in the coming months will help improve both the sustainability of the hydrocarbons industry as well as the country’s balance sheet.

Reforms in Ghana’s tourism sector have given new powers and responsibilities to the newly-formed Ghana Tourism Authority, which will now play a direct role in channelling investment and launching new initiatives, with a particular focus on regional development and sustainable, community-based tourism.