With the scheduled exit from an IMF credit deal by year-end, ongoing fiscal and monetary reforms, and an historic consolidation agenda for the banking sector, 2018 was a trying year for the Ghanaian economy.
The year 2018 was trying for the Ghanaian economy, with plans to schedule an exit from an IMF credit deal by year-end, ongoing fiscal and monetary reforms, and an historic consolidation agenda for the banking sector. Despite the scope of adjustments, sentiment among the business community has remained robust, with 93% of respondents having positive or very positive expectations of local business conditions for the coming 12 months. Gradual recovery of GDP has since seen the economy grow again, expanding by 8.4% in 2017, according to the IMF’s October 2018 “World Economic Outlook” report, on the back of enhanced output and exports.
Africa has undergone significant changes since the turn of the century thanks to structural and policy reforms, promises to unlock the continent’s economic fortunes and higher levels of foreign investment.