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Analysis

Accommodation quality is on the up, despite concerns that a flurry of new developments could lead to an oversupply
OBG
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For years, travellers to Accra complained about the quality of accommodation. Room and service standards were often poor, while prices were high, particularly following the discovery of oil, which in turn led to an influx of business travellers. This situation is now beginning to change as a growing number of four- and five-star hotels are opening in the capital in addition to other major centres.…

Analysis

The government has placed an emphasis on updating hospital equipment and training new and existing staff
OBG
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Despite budget increases, adequate medical training and staff shortages remain a concern. The government has rolled out several projects to raise the quality and quantity of properly trained staff across the sector. Human Resources The Ministry of Health (MoH) has submitted a new sector-focused human resources policy to the Cabinet for approval by the end of 2014. The staff training programme incorporated…

Analysis

A look at International Financial Reporting Standards for SMEs
OBG
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Small and medium-sized enterprises (SMEs) pervade the business world. In virtually every jurisdiction ( including Ghana), from the largest economies down to the smallest, over 99% of companies have fewer than 50 employees. In most jurisdictions the law requires SMEs to prepare and publish financial statements and have them audited. The global trend in the past decade has been for jurisdictions to adopt…

Analysis

Analysing the potential impact of Ghana’s emerging local content laws
OBG
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There has been a lot of talk about whether Ghana optimally benefits from the exploitation of its natural resources. The recent oil discovery heightened this debate, with many pointing to Norway as the model Ghana should emulate. The Extractive Industries Transparency Initiative and disturbances in Nigeria’s oilrich Niger Delta have also contributed to interest in the subject. Indeed, when Nigeria…

Overview

Oil-fuelled GDP growth set to decelerate as other sectors take the lead
OBG
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Nestled in the Gulf of Guinea on Africa’s Atlantic Coast, Ghana has developed a reputation as a robust and stable democracy, and with a storied legacy of pan-African initiatives it has long punched above its weight diplomatically. Due to its vast natural resources, Ghana has a strong export profile, although it is somewhat dependent on commodities. It is the world’s second-largest exporter of cocoa,…

Overview

A stable political system supports growing foreign relations
OBG
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Under the 1992 constitution, which created the fourth republic, Ghana has a unitary presidential system. The president, who is also the head of state, is elected every four years and the balance of power is ensured by a system of checks and balances. The current constitution of the Fourth Republic outlines the foundations of a republican version of democratic government, with an emphasis on a tripartite…

Overview

Despite real difficulties, the country has made major strides and is in a better position to clear hurdles
OBG
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A few years ago, Ghana’s economy was one of the fastest growing in the world, with GDP growth rates stretching above 14%. Recent oil discoveries, combined with sustained prices for cocoa and gold, led to an influx of capital and boosted activity in a range of sectors, from telecoms to construction. Although Ghana’s economy is still growing apace – GDP was up 6.7% in the first quarter of 2014…

Overview

Most fundamentals remain healthy but challenges do exist
OBG
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For a frontier market, Ghana’s banking system is very developed. It is well capitalised, the non-performing loan (NPL) ratio has been declining for a number of years, and regulators are continually pushing to ensure the sector is both sound and inclusive. The main urban centres are well banked, and rural parts of the country are served by a wide range of specialist institutions. In addition, the…

Overview

Recent reforms are likely to boost stability and draw in capital
OBG
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Benefitting from a broader increase in interest in frontier economies and strong headline growth, Ghana’s capital markets have performed well in recent years, with the Ghana Stock Exchange (GSE) Composite Index up 71.81% in 2013. Secondary listings and new initial public offerings (IPOs) and funds have increased investor options on the bourse, while a number of reforms have also been implemented…

Overview

A period of expansion is encouraging sector reforms
OBG
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The insurance sector is growing rapidly as result of reforms, improved regulation and a better understanding of the relevant products on the part of Ghana’s consumers, and the market has been a star performer. Total premiums rose 23% in 2013 over 2012, and the five-year average growth for the sector was 32%, according to the insurance commissioner as quoted in the local press. Business has not only…