Economy

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 start of oil production, though non-oil growth remained strong, at 8%. The IMF has forecast growth in 2012 to occur at a rate of 8.8%. Ghana was the third-largest recipient of foreign direct investment in Africa in 2011, receiving $3.2bn. This chapter contains interviews with Kwabena Duffuor, Minister of Finance and Economic Planning; George Aboagye, CEO, Ghana Investment Promotion Centre; Jim O’Neill, Chairman, Goldman Sachs Asset Management; and Kofi Amoah, Owner, PVI Holdings, and Board Member, SIC Insurance Company.