Economy

Outperformance remains the key feature of Ghana’s economy, seven years after the discovery of oil prompted new optimism in the country, which was then celebrating the golden jubilee of its independence. In real terms, GDP grew by 7.9% in 2012. This follows revised GDP growth of 15% in 2011, which was largely driven by the start of commercial oil production at the Jubilee field. Ghana is also the world’s second-largest exporter of cocoa beans and products, which accounted for 20.9% of export revenues in 2012. With growth in 2013 forecast to remain at a little under 8%, its oilfields set to expand and its gas infrastructure rapidly developing, Ghana’s future looks bright. Nevertheless, the country will need to tackle a number of challenges, notably in improving its infrastructure and dealing with poverty, as well as budgetary pressures that the government must face to enable it to achieve its medium-term goals of building stability and prosperity. This chapter contains a viewpoint from Kwesi Bekoe Amissah-Arthur, Vice-President of Ghana, and an interview with Mawuena Trebarh, CEO, Ghana Investment Promotion Centre.