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With one of the region’s highest levels of mobile data penetration and a thriving start-up scene, Ghana’s ICT sector is one of the most active parts of the economy, and the government recognises that ICT is a central economic driver and enabler, becoming increasingly active in its support of the industry, while also working to tackle new threats such as cybercrime in its goal of developing Ghana’s middle-income status. Broadband internet is a growing necessity to support businesses of all kinds, thus Ghana is currently rolling out 4G networks. Economic and demographic factors mean that this is a fast-growing market, with a young generation increasingly enthusiastic about communications and technology. This chapter contains interviews with Kenneth Ashigbey, CEO, Ghana Chamber of Telecommunications; and William Senyo, Co-founder and CEO, Impact Hub Accra.

Building on years of robust growth in the sector, Ghana has launched a multifaceted programme to increase its industrial capacity and output. This wave of new initiatives is designed to strengthen the investment environment and boost the value-added component of the country’s manufactured exports. In 2017 manufacturing contributed $6.1bn to GDP, some 12% of the total. Moreover, the combination of a buoyant economy and demographic shifts such as rapid population growth and rising urbanisation levels are driving new trends in the Ghanaian retail sector. International brands and mall developers are becoming increasingly present, and the scope for the expansion of modern retail is considerable, following a decade where GDP grew by between 2% and 14% in any given year. This chapter contains an interview with Michael Okyere Baafi, Executive Secretary, Ghana Free Zones Authority.

Ghana is one of the world’s top-10 gold producers and the second largest in Africa. A wave of investments in recent years has boosted production and improved cost efficiency in gold and manganese mining, while the government has acted firmly to improve industry regulation, tackle long-term issues such as illegal activity and environmental damage, and strengthen assaying capacity. Ghana boasts political stability and a strong institutional framework, and these factors are expected to continue to underpin investment in the mining sector in years to come. However, international players will be keen for some clarification with regard to plans to increase state equity stakes in key operating companies. This chapter contains an interview with Eric Asubonteng, President, Ghana Chamber of Mines; and Managing Director, AngloGold Ashanti (Ghana).

The discovery of large offshore oil reserves has had a significant impact on the national balance sheet, with shipments of crude oil representing the second-largest export category in 2017 after gold. Ghana is a relative newcomer to the global hydrocarbons industry, and with proven oil reserves of around 660m barrels and an output of about 126,000 barrels per day, it is a small producer by regional standards, but there is considerable potential for growth. The ongoing expansion of commercial operations into new reserves has led some commentators to identify Ghana as the world’s next oil hotspot, raising hopes that the export of oil and its derivatives can sustain a new era of economic prosperity. Moreover, there are a number of developments to boost the supply of gas feedstock to Ghana’s thermal power stations in the short term, such as the offshore Sankofa field. While these developments are welcome, the principal challenge faced by the sector’s governing bodies is the successful resolution of the payment backlog, which could inhibit much-needed private sector investment. This chapter contains interviews with Paul McDade, CEO, Tullow Oil; and Jonathan Amoako-Baah, CEO, Ghana Grid Company.

Ghana’s agricultural output increased in 2017 and 2018, driven in large part by government policy and expenditure. According to the Ghana Statistical Service, agriculture grew 5.5% year-on-year in the third quarter of 2018, outpacing general non-oil GDP growth the same year. Industrialisation and productivity improvement programmes are expected to expand the yields from the agriculture sector, as well as create jobs and encourage greater private sector participation. The country has secured considerable funding from multilateral lending organisations and bilateral national partners to finance its ambitious agricultural agenda over the next few years, ensuring a promising outlook for the sector. This chapter contains an interview with Joseph Boahen Aidoo, CEO, Ghana Cocoa Board.

The insurance industry in Ghana has plenty of reasons for optimism. A favourable economic backdrop and an emerging middle class have helped to boost the sector’s assets, while the World Bank has forecast the continuation of strong economic growth in 2019. Moreover, the country’s insurance penetration rate stands at less than 2%, according to the latest annual report from the National Insurance Commission, which has expressed its determination to capitalise on this latent market potential, targeting a penetration rate of 10% by 2021. The growth of new business lines such as bancassurance, micro-insurance and mobile insurance should help bring this target into reach. This chapter contains an interview with Keli Gadzekpo, CEO, Enterprise Group.