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Overview

Ghana's advantages include rich history and stable governance
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Ghana achieved independence from British colonial rule in 1957, making it the first African country to do so. The country shifted between several civilian and military governments post-independence until January 1993, when the ruling Provisional National Defence Council military government transitioned the country into the current Fourth Republic of Ghana, following presidential and parliamentary elections…

Overview

Overview of Ghana's democratic landscape
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In December 2020 Ghanaians went to the polls to elect a president and members of Parliament. The incumbent head of state and leader of the ruling New Patriotic Party (NPP), President Nana AkufoAddo, was re-elected in the first round of voting over former President John Dramani Mahama, the candidate for the main opposition party, the National Democratic Congress (NDC). This marked the third time that…

Overview

Ghana's new ease-of-doing-business measures boost industrial capacity
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Ghana’s industrial strategy has been a reference point in the acceleration of Africa’s industrialisation drive in recent years. Since 2015 industrial subsectors such as manufacturing, and oil and gas have consistently attracted some of Ghana’s largest inflows of foreign direct investment (FDI). Indeed, the country has remained in the top-three FDI destinations in West Africa since 2006. The relative…
Viewpoint

President Nana Akufo-Addo: Viewpoint
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Viewpoint:President Nana Akufo-Addo Ghana is currently serving the second of its two-year term on the UN Security Council as a non-permanent member. In the 66 years since the country joined the UN – the first post-colonial African country to do so – this is the third time that we have had the privilege of serving on the council. Ghana is holding firm to the belief that democracy is the…
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Ernest Addison, Governor, Bank of Ghana: Viewpoint
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Viewpoint: Ernest Addison African economies are faced with acute debt challenges, underscored by rising social and infrastructure needs. This is coming amid spillovers from the Covid-19 pandemic, the war in Ukraine, the tightening of global financing conditions and climate change. Public debt in sub-Saharan Africa has reached levels last seen in the early 2000s. The resulting increased debt service…
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Ayesha Bedwei Ibe, Tax Leader, PwC Ghana: Viewpoint
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Viewpoint:Ayesha Bedwei Ibe In 2022 Ghana’s government sought financial and technical assistance from the IMF to strengthen the economy. This decision was taken after several debates about whether the country needed support from the international organisation to improve its economic situation or if the country could resolve the issues by itself. External factors such as the Covid-19 pandemic…
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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:…
Chapter

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…
Chapter

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…
Chapter

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…