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Ghana boosting agriculture production and increasing exports
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Ghana is the second-largest cocoa producer in the world after Côte d’Ivoire, accounting for a global market share of 20%. The crop, which grows primarily in the Ashanti, Brong-Ahafo, Eastern, Western, Western North and Western South regions, is cultivated by families, communities and cooperatives. The cocoa grown in Ghana is mostly processed for export, as the local market for finished cocoa products…

Analysis

Discovery of Ghana's lithium deposits generates investment opportunity
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With critical minerals a central issue in the global energy transition, Ghana’s 2018 discovery of lithium deposits has brought international attention to the West African country. Five years later, and in the wake of the Covid-19 pandemic, worldwide demand for lithium is even greater, and 2023 has seen Ghana take several steps forwards in positioning itself in the global supply chain. The first…

Analysis

Electric vehicle demand to drive mineral extraction for batteries
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Emerging markets are taking steps to position themselves in the global value chain for EVs, with several recent projects focused on the decentralised production of batteries for electric vehicles (EVs). At the same time, however, these industrial developments highlight the carbon-intensive nature of extracting the materials needed to produce EVs, though hopes remain that the process can be further…

Analysis

How Ghana can apply new technology to boost extractives
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Ghana is increasingly employing geospatial technologies such as drones and other intelligent technologies in its mining sector. These technologies can streamline operational processes and reduces costs, while also enhancing efficiency and safety. Data analytics processes a wealth of generated data, enabling predictive maintenance and real-time monitoring for informed decision-making. Although many…

Analysis

Global insurance industry responding to environmental risks
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With the launch of a new joint initiative to support those countries that are most vulnerable to the effects of climate change, the global insurance industry is evolving in ways that could carry important implications for business in emerging markets. One such initiative, the Global Shield against Climate Risks (GSCR) was announced by the ministers of finance of the so-called Vulnerable Twenty Group…

Analysis

Ghana reducing arrears amid government initiatives
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In December 2022 the Ghanaian government implemented the Domestic Debt Exchange Programme (DDEP), a voluntary initiative under which eligible bondholders swapped bonds for new securities with differing rates and maturities. Later that month Ghana struck a deal with the IMF for a three-year, $3bn loan to help alleviate the country’s debt. Upon closing in February 2023, 85% of a total GHS97.7bn ($8.9bn)…

Analysis

How Ghana is diversifying investment products and mobilising liquidity
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Improving the diversification of investment products and the liquidity of the securities market has been a government priority in recent years. One key initiative is the Capital Market Master Plan (CMMP) being implemented by the Securities and Exchange Commission (SEC). The CMMP is divided into three phases – 2020-22, 2023-25 and 2026-29 – and has set a 2024 target of increasing the amount raised…

Analysis

Authorities working to enhance insurance awareness in Ghana
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While the authorities have prioritised enhancing insurance penetration in Ghana, uptake remains stubbornly low. Indeed, insurance penetration measured as gross premium as a share of GDP hovered around 1% between 2016 and 2022, according to the National Insurance Commission (NIC). By ways of regional comparison, in 2021 South Africa had the highest penetration rate on the continent, at 17%, followed…

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…