Mining and quarrying, excluding oil and gas, accounted for 2.7% of Ghana’s real GDP in 2011, having grown 19% that year. The country has been producing higher levels of many minerals, including bauxite, silica, coltan, gold and manganese. Gold in particular has been a major boon to the sector given the investor flight to gold that occurred in the wake of the global financial crisis. Indeed, gold...
Ghana
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While the insurance penetration rate in Ghana stands at just 2-3%, authorities are currently in the process of putting into place the institutions necessary to increase awareness of insurance policies and capitalise the market. The sector is made up of 41 insurers, 23 non-life and 18 life. The non-life segment is driven primarily by motor insurance, which is the main source of profit for the...
Ghana has a relatively active banking sector, with 27 universal banks, 135 rural banks and 49 non-bank financial institutions, including leasing firms, mortgage providers, and savings and loan institutions. The contribution of the banking and insurance sectors to GDP has risen steadily in recent years, from 2.7% of GDP in 2006 to 5.2% in 2010. Deposits have also been on the rise, increasing from...
In just the past few years, Ghana’s economy has undergone major transformations and has been shaped by a number of encouraging trends, including a rising per capita income, increased capital spending, higher commodities prices and an improved government fiscus. The economy grew by 14.4% in real terms in 2011, the highest rate of growth recorded worldwide that year. Much of this was due to the...
Chapter | Country Profile from The Report: Ghana 2012
This chapter takes a look at Ghana’s history, trade relations and its impact on the regional and global stage. This chapter contains interviews with Mahatir Mohammad, former Prime Minister of Malaysia; Stephen O’Brien, UK Under-Secretary of State for International Development; and viewpoints from President President John Dramani Mahama and Fernando Pimentel, Brazilian Minister of Development,...
Africa has undergone an economic transformation over the past decade. While there is wide variation among the continent’s markets, its frontier economies have been among the fastest-growing worldwide, in a trend that will likely continue over the next decade. That growth is unlocking opportunities in sectors new and old – one of the reasons why Africa offers one of the highest rates of return of developing regions.