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Ghana’s banking industry has undergone a challenging period in recent years, weathering an economic downturn and a rising tide of non-performing loans. While delinquent debts have undermined sector stability and remain a key challenge, the country’s lenders continue to grow their assets and remain profitable. With a wholesale regulatory reform of the sector well under way, the prospects of continued expansion by a strengthened and revitalised sector are good. Moreover, stronger economic growth and increased stability among lenders is expected to boost sector performance in 2019. Most ratings agencies anticipate a return to loan growth and rising fee incomes as confidence returns to the industry after its recapitalisation. This chapter contains interviews with Ernest Addison, Governor, Bank of Ghana; and Daniel Addo, CEO, Consolidated Bank Ghana.

Ghana is the second-biggest producer of gold on the African continent, and the world’s second-largest cocoa producer. The country is also home to one of the largest discoveries of oil in recent decades, the production of which is providing the government with a useful revenue stream and driving growth in associated sectors. Nevertheless, the country faces considerable economic challenges with the biggest one arising from its 2019 departure from the IMF’s support framework. Developing the economy while staying within the government’s defined limits for fiscal deficits and external debt remain key challenges. The government’s revised tax policies, however, are likely to strengthen revenue streams and reduce the need to cut expenditures to remain within the targeted fiscal deficit limit. Despite the broadly positive outlook, Ghana’s continued dependence on cocoa, gold and oil exports leaves it vulnerable to volatility in international commodity prices. The government’s longer-term plan to develop other areas of the economy, therefore, is crucial to eliminating this downside risk. This chapter contains interviews with Ken Ofori-Atta, Minister for Finance; Yofi Grant, CEO, Ghana Investment Promotion Centre; Seth Twum Akwaboah, CEO, Association of Ghana Industries; and Reeta Roy, CEO and President, Mastercard Foundation.

Despite the challenges to Tunisia’s economy, the banking sector has experienced positive growth in recent years. Several risks, however, still threaten the overall health of the sector, including a reduction in available liquidity, low levels of capitalisation and credit risk. In an effort to address these issues, the Central Bank of Tunisia has been implementing significant structural reforms, however, barriers to consolidation may limit activity in the short term. In the longer term, the financial system will be instrumental to diversifying the economy’s sources of funding away from traditional banks, with more inclusive opportunities stemming from the Islamic banking, microfinance and leasing segments. This chapter contains interviews with Chedli Ayari, Former Governor, Central Bank of Tunisia; and Habib Ben Hadj Kouider, Director-General, Banque Nationale Agricole (BNA).

Oman’s industrial sector is a key pillar of its long-term development strategy, as well as a major employer and a steadily growing source of wealth. It covers a wide range of fields, including mining, petrochemicals, aluminium and organic beverages. The recent economic slowdown in both the country and the wider region still poses challenges. With much economic activity driven by government expenditure and investment, the sustained lows in oil and gas prices have strained margins in the private sector. Additionally, government policies related to employment and in-country value have sparked some debate. Nonetheless, Oman continues to offer a strong value proposition for businesses, and rising oil prices in the first half of 2018 bodes well for the future. This chapter contains an interview with Bader Al Nadabi, Vice-chairman and Co-founder, Al Sarh Group.

The guide contains listings of some of the leading hotels and resorts in Bahrain and contacts for important government offices and services. It also features useful tips and information for first-time or regular, business or leisure visitors alike.