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Analysis

Ghana to leverage free trade agreements to expand market access
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The African Continental Free Trade Area (AfCFTA), established in 2018, is the world’s largest free trade area by number of member states, second only to the World Trade Organisation. As of October 2023 all countries on the African continent – with the exception of Eritrea – had signed the AfCFTA agreement, and 47 out of 54 countries had ratified it. Amid trade tensions between the US and China…

Analysis

Africa targeting regional cooperation for economic diversification
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Although economies in Africa faced uncertainty in 2022 as economic and global shocks weighed on the post-Covid-19 pandemic recovery, intraregional trade and climate finance initiatives are helping chart a course towards more sustainable development. Growth is projected to remain moderate at 3.3% in 2023 and increase to 4.0% in 2024, according to the IMF’s October 2023 regional economic outlook for…

Analysis

Ghana's informal retail segment occupies important economic role
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The informal sector plays a pivotal role in sub-Saharan Africa’s economy, and is a significant contributor to both GDP and jobs. It is also the main source of employment for key demographics such as women, who outnumber men in the labour force: a report from the International Labour Organisation found that the informal employment rate in the non-agriculture sector was 63.6% for women in 2019. As…

Overview

Ghana improving health care access and research funding
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Ghana has made steady progress in improving access to health care for its 32.9m citizens. This includes the rollout of the National Health Insurance Scheme (NHIS), which covered nearly 17.2m people as of June 2023, or 55% of the population, with the aim being to cover 20m people by the end of 2023. The initiative has helped those seeking medical care overcome financial and geographic obstacles. Although…

Overview

Ghana's policy reforms and education technology aim to enhance education
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The government has prioritised education reform in recent years. Since 2017 it has passed several initiatives aimed at improving education availability and quality. The provision of free senior high school (SHS) in 2007 and a commitment to increase spending have enhanced access to education, as reflected in rising enrolment rates at all levels. There have also been advancements in Ghana’s technical…

Overview

Ghana’s tourism sector focusing on diaspora and business travel
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The tourism sector in Ghana has rebounded significantly since the Covid-19 pandemic, showing strong potential for growth over the coming decade. The Ministry of Tourism, Arts and Culture (MoTAC) and the Ghana Tourism Authority (GTA) have invested heavily in a variety of marketing campaigns aimed at diversifying Ghana’s visitor markets. This has helped attract a large number of the diaspora population…

Overview

Ghana's infrastructure development driving economic growth
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Construction has been central to the country’s development over the past decade across several sectors of the economy, and notably, from 2013-21, the sector contributed an average of 7.2% to the country’s GDP. Although infrastructure dominates the construction landscape in Ghana, other segments are exhibiting strong growth potential, such as construction in the commercial, industrial, residential…

Overview

Ghana prioritising affordable housing amid rising urbanisation
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In recent years the greater activity and growth in the real estate sector has contributed to Ghana’s continued economic expansion. Private entities own more than 70% of properties in the local residential and commercial markets, according to the report “Construction Sector – Real Estate Development Report 2022” published by Ghana’s GCB Bank in September of that year. Demand for retail and…

Overview

Ghana investing in road, rail and aviation infrastructure
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The transport and infrastructure sector has seen significant development over recent years across all segments. Upgrades of airport runways and construction of new terminals have strategically positioned both core and regional airports to accept further international traffic. Road and port modernisation projects are projected to facilitate an increase in the import and export of goods, while landmark…

Overview

Ghana's e-commerce growth to capitalise on large, young population
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Ghana’s ICT sector remains a significant contributor to overall economic development. Valued at around $1bn in 2022, the sector has maintained its growth and is expected to expand to $5bn by 2030, despite the fiscal constraints and currency depreciation being experienced by the broader economy. With government support, a dynamic start-up ecosystem and growing digital infrastructure, Ghana is well…