The discovery of large offshore oil reserves has had a significant impact on the national balance sheet, with shipments of crude oil representing the second-largest export category in 2017 after gold. Ghana is a relative newcomer to the global hydrocarbons industry, and with proven oil reserves of around 660m barrels and an output of about 126,000 barrels per day, it is a small producer by...
The insurance industry in Ghana has plenty of reasons for optimism. A favourable economic backdrop and an emerging middle class have helped to boost the sector’s assets, while the World Bank has forecast the continuation of strong economic growth in 2019. Moreover, the country’s insurance penetration rate stands at less than 2%, according to the latest annual report from the National Insurance...
Ghana’s banking industry has undergone a challenging period in recent years, weathering an economic downturn and a rising tide of non-performing loans. While delinquent debts have undermined sector stability and remain a key challenge, the country’s lenders continue to grow their assets and remain profitable. With a wholesale regulatory reform of the sector well under way, the prospects of...
Ghana is the second-biggest producer of gold on the African continent, and the world’s second-largest cocoa producer. The country is also home to one of the largest discoveries of oil in recent decades, the production of which is providing the government with a useful revenue stream and driving growth in associated sectors. Nevertheless, the country faces considerable economic challenges with...
In 1957 Ghana became the first African country to achieve independence from a European colonial power, and today it is one of the continent’s most vibrant democracies. The 2016 elections saw Nana Akufo-Addo, now president, speak to voter dissatisfaction with the economy, which at the time was suffering from the protracted downturn in global prices of its chief commodity exports. The election...
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