CATEGORY: OBG CEO Surveys
With GDP expansion forecast at 7.5% in 2019, and monetary and fiscal restructuring under way, the Ghanaian authorities are pushing ahead with a number of programmes to boost the performance of key sectors and promote diversification. The business community, in turn, remains largely optimistic about near-term prospects. In the third Ghana CEO Survey, 71% of participants have positive or very positive expectations of local business conditions in the coming 12 months, though many also underscore the pressing challenges still to be addressed, including the infrastructure deficit and access to credit.
Ghana has been the subject of much attention in 2019. In April the country successfully concluded a three-year credit deal with the IMF that aims to improve fiscal management and strengthen public finances. That same month saw the establishment of Google’s first Africa Artificial Intelligence lab in Ghana, and in July the capital city Accra was chosen to host the Africa Continental Free Trade Area (AfCFTA) secretariat.
Continually subdued commodity prices and a humanitarian crisis in neighbouring Venezuela are two of a multitude of challenging external factors affecting the Trinbagonian economy in 2020. As the twin island nation exits recession, business leaders answering OBG’s latest CEO survey have reflected on some of the key issues affecting the country’s current economic trajectory.