Economy

Ghana’s economy is one of the fastest growing in Africa, and its recently established oil and gas industry has made it a target for foreign investment. However, while prospects for continued expansion are good, the state faces a stubborn fiscal deficit and the longer-term challenge of reducing the nation’s reliance on a small number of exports. Fiscal and economic reform, therefore, remain top of the agenda in the election year of 2020. Ghana is Africa’s biggest producer of gold and second-biggest producer of cocoa. Since the 2007 discovery of significant oil reserves, hydrocarbons exports have been added to the roster. A reliance on export commodities, however, means that the economy has in the past been vulnerable to crop failures and falling prices. This chapter also contains an interview with Yofi Grant, CEO, Ghana Investment Promotion Centre; and Yaw Adu Gyamfi, President, Association of Ghana Industries.