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Afua Adubea Koranteng, Managing Partner, Koranteng & Koranteng Legal Advisors: Viewpoint
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Viewpoint:Afua Adubea Koranteng The African Continental Free Trade Area (AfCFTA) was established in 2018 by African Union member countries, with Accra as its Secretariat. Aimed at fostering socio-economic development, reducing poverty and boosting global competitiveness, the agreement had 54 signatories and 47 ratified countries as of August 2023. The agreement is to be implemented in two phases:…
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The Report: Ghana 2024: Country Profile
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The first country in Africa to achieve independence from the UK, Ghana has been widely regarded as a stable democracy, economic powerhouse and key player on the continent since the establishment of the Fourth Republic of Ghana in January 1993. However, recent economic challenges have resulted in acute financing issues, depreciation of the local currency and high inflation, while real GDP growth slowed…
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The Report: Ghana 2024: Financial Services
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The Domestic Debt Exchange Programme that launched at the end of 2022 has helped stabilise inflation. This is expected to foster sustainable growth, injecting optimism into the sector and the overall economy. However, macroeconomic headwinds such as elevated government debt and inflation have constrained the maturation of Ghana’s capital markets, leading to a slowdown in the number of initial public…
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The Report: Ghana 2024: Economy
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Although impacted by the Covid-19 pandemic and other external shocks, the local currency has managed to regain much of its value against the US dollar since its low in November 2022, while GDP growth is projected to maintain an upward trajectory into 2024 and 2025. Ghana is the continent’s leading exporter of gold and its second-largest cocoa producer, and its political stability makes it attractive…
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The Report: Ghana 2024: Utilities
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The utilities sector is expected to experience robust growth over the coming decade alongside positive macroeconomic trends. In 2022 oil comprised one-third of the country’s energy supply, followed by biomass and natural gas, with hydropower and other renewables accounting for less than 6% in total. However, Ghana is aiming for renewable energy sources to account for 10% of its overall energy mix…
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The Report: Ghana 2024: Energy
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The capacity and capability of Ghana’s energy sector is anticipated to expand in the coming years, helping increase overall revenue and maintain a steady inflow of foreign direct investment. Hydrocarbons comprised an average of 4.5% of the country’s GDP annually between 2013 and 2021, and the sector was projected to contribute $935m to GDP in 2023. Oil and gas production is projected to grow in…
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The Report: Ghana 2024: Agriculture
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In addition to being a major source of foreign exchange, the agriculture sector accounts for a significant portion of the country’s employment, as an estimated 75% of the rural population worked in the sector as of February 2023. Agriculture is projected to grow at a compound annual growth rate of 2.7% through to 2028, reaching an annual value of $3.8bn. Modern farming techniques are expected to…
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The Report: Ghana 2024: Mining
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As Africa’s leading producer of gold, the mining sector accounts for a significant portion of the economy. The sector is also a major employer, as it is composed of large-scale mining outfits, and artisanal and small-scale operators. In 2023 the government began to implement reforms on raw materials exports to support in-country, higher-value processing and manufacturing. While the coming years are…
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The Report: Ghana 2024: Industry & Retail
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Since 2015 industrial subsectors have consistently attracted some of Ghana’s largest inflows of foreign direct investment (FDI), with the country among the top-three in West Africa in terms of FDI since 2006. A proactive industrial policy has helped overcome obstacles such as trade barriers and the availability of industrial land, and the country offers significant development potential to consolidate…