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Mining and quarrying, excluding oil and gas, accounted for 2.7% of Ghana’s real GDP in 2011, having grown 19% that year. The country has been producing higher levels of many minerals, including bauxite, silica, coltan, gold and manganese. Gold in particular has been a major boon to the sector given the investor flight to gold that occurred in the wake of the global financial crisis. Indeed, gold production grew 6.3% in 2011 and many of the country’s producers saw significant increases in profits that year. With mineral exports accounting for nearly 40% of total exports and more than 28% of government revenue, investment in the sector has been increasing and prospects for growth are strong. This chapter contains interviews with Mike Hammah, Minister of Land and Natural Resources; and a dialogue between Peter Anderton, Senior Vice-President, AngloGold Ashanti, and Daniel Owiredu, Senior Vice-President of Operations, Golden Star Resources.

While the insurance penetration rate in Ghana stands at just 2-3%, authorities are currently in the process of putting into place the institutions necessary to increase awareness of insurance policies and capitalise the market. The sector is made up of 41 insurers, 23 non-life and 18 life. The non-life segment is driven primarily by motor insurance, which is the main source of profit for the government and corporations. The life segment has been expanding in recent years and life premiums are expected to exceed non-life premiums in the next five years, with premium income in the segment having jumped by 52% year-on-year in 2010. This section contains an interview with Richard Kwame Asante, Chairman, National Pensions Regulatory Authority.

Ghana has a relatively active banking sector, with 27 universal banks, 135 rural banks and 49 non-bank financial institutions, including leasing firms, mortgage providers, and savings and loan institutions. The contribution of the banking and insurance sectors to GDP has risen steadily in recent years, from 2.7% of GDP in 2006 to 5.2% in 2010. Deposits have also been on the rise, increasing from $2.6bn in December 2007 to $7.6bn in September 2011. The sector is currently seeking to provide a greater variety of technology-enabled banking services and increase the ability of banks to lend and fund major projects in other sectors of the economy. This chapter contains an interview with Samuel Ashitey Adjei, Managing Director, Ecobank Ghana; and a viewpoint by Kofi Wampah, Acting Director and Deputy Governor, Bank of Ghana.

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.

In partnership with Tilleke & Gibbons, OBG takes a look at Thailand’s legal system. Key points include revised investment incentives and new tax breaks for foreign companies, as well as the impact of new free trade agreements. Darani Vachanavuttivong, Co-Managing Partner and Managing Director of Intellectual Property (IP) at Tilleke & Gibbins, offers a viewpoint on the importance of IP rights.

In conjunction with BDO Advisory, OBG explores the taxation system. Andrew Jackomos and Paul Ashburn, Senior Partners at BDO Advisory, share a viewpoint on preparing for implementation of the AEC.