Lower inflation figures and higher growth forecasts in Ghana are raising the prospects for a stronger economic recovery over the coming year, prompting the government to reiterate its commitment to deficit reduction targets – although much work remains to be done.
As Ghana looks to diversify its sources of foreign exchange, it has aggressive plans to expand its tourism capacity, with an ambitious proposal for coastline development on the table and an expansion of the main international airport under way.
Ghana’s 2017 budget contains a range of incentives and reforms – including the removal of value-added tax (VAT) on financial services and property sales – that aim to bolster the private sector and sustain a recovery in foreign investment.
With a new proposal to fund affordable housing on the table, along with a previously mooted abolition of the value-added tax (VAT) on property sales, the 2017 outlook for Ghana’s housing market has brightened.
Soft commodity prices, disruptions to oil and gas production, and a depreciating currency saw Ghana’s economy slow in 2016, though the country’s new government is expected to benefit from a strong rebound over the coming year.
What needs to be done to ensure the development of the Tweneboa, Enyenra and Ntomme (TEN) fields remains on schedule?
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