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…
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…
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…
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…
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…
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…
Construction has been central to Ghana’s development over the past decade, contributing 7.2% of GDP between 2013 and 2021. Although infrastructure development dominates the sector, other segments are exhibiting strong growth potential, such as the commercial, industrial, residential and energy spaces. Ghana also has a sizeable untapped market for affordable homes and commercial buildings, which presents…
The transport and infrastructure sector has seen significant development in recent years across all segments, as witnessed in the upgrades made to airport runways and the building of new terminals, as well as port and road modernisation projects. Spending on rail infrastructure is expected to boost freight and passenger capacity for domestic journeys and improve connectivity to neighbouring countries.…
Ghana has made steady progress in improving access to health care for its citizens, including through the rollout of the National Health Insurance Scheme, which covered more than 17m people as of June 2023. While the Covid-19 pandemic made for a challenging environment in health care delivery, it also allowed policymakers to identify and address existing issues in facilities, the health care labour…
