After sustained GDP expansion over the last decade, reaching into the double digits, the Ghanaian economy has slowed recently due to a drop in export revenues, a depreciating currency and a widened fiscal deficit. However, the new government’s aggressively pro-business agenda and the country’s fundamentals – a developed private sector, political stability, transparent regulatory frameworks and a wealth of natural resources remain attractive.
- Economy: Focus on Services – According to government data, in 2015 the services sector led the charge with growth of 5.7%. The fastest-growing subsectors were health and social work, with a rise of 15.5%, and information and communication, at 13.4%.
- Agriculture: Growing Yields – One of the country’s largest employers and revenue earners, the agricultural sector gained ground in 2015, expanding by 2.4%, although this was roughly half the rate recorded in 2014. As a result, agriculture’s share of GDP declined from 21.5% to 20.3%.
- Insurance: Niche Products – Higher minimum capital requirements are expected to lead to stronger underwriting capacity across the industry, while the development of micro- and mobile insurance products for citizens on lower incomes will boost demand.
- Energy: Fuelling Supply – Ghana’s energy consumption continues to expand, underlining the urgency of boosting generation capacity and improving access to power.
- Telecoms & IT: Data Driven – In order to develop new streams of revenue, operators have been rolling out data-intensive services that make use of the country’s 3G and 4G networks.
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