For more than 150 years the mining industry has been one of the key pillars of the Ghanaian economy. While it contributes a modest and – as a result of rising oil, gas and agricultural production – declining proportion of GDP, it remains a major source of government revenue, through taxation and royalty payments, and an indispensable driver of employment and infrastructure development....
Ghana’s wealth and potential of hydrocarbons resources have helped it leverage a spike in headline GDP growth and inbound investment. However, in recent years the economy has suffered alongside other oil-producing nations, as global prices have declined in tandem with reduced demand. With continued exploration and new projects coming on-line, the country has its eyes on increased oil...
The Ghanaian insurance industry has experienced a decade of rapid growth, and the proliferation of private companies and brokers. Government efforts to strengthen the financial sector and new leadership at the National Insurance Commission, the industry regulator, contributed to rising optimism in late 2017. The regulator and the government are aiming to increase insurance penetration to 10%...
The Ghanaian capital markets showed promising signs of a steady recovery over the course of 2017, as the country saw an improvement in key macroeconomic indicators. Moreover, a return to strong growth, along with the steady issuance of new government bonds, has provided a boost to the Ghana Stock Exchange (GSE). The country’s capital markets are benefitting from a wide range of reforms,...
Since the late 1980s Ghanaian banks have increased in stature and number, and for much of the last decade they have enjoyed strong growth rates and large profit margins. The country’s lenders have maintained their stability, avoiding the domestic crises that have befallen some of their emerging and frontier market peers, and sidestepping much of the fallout from the global financial crisis....
As in many West African countries, Ghana’s economy is strongly correlated with global commodities. Oil, gold and cocoa are the three main sources of foreign currency and income; however, price swings over 2015 and 2016 for these three resources, a strengthening US dollar, as well as domestic issues such as fiscal slippage, growing debt and mounting inflation have combined to slow the pace of...
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