Despite the impact of the Covid-19 pandemic and other external shocks, Ghana’s GDP growth is expected to moderate in 2024 and 2025 thanks to the proactive measures undertaken by the government. One example of such initiatives is the Domestic Debt Exchange Programme, which has helped stabilise the local economy and provide greater fiscal stability. In 2023 the country was the continent’s leadin
Ghana is the first African country to achieve independence from British colonial rule, and is widely known for its natural resources such as cocoa, as well as its inland water sources. Several measures have been taken to balance government revenue and spending, and the country remains a safe haven for foreign direct investment, which stood at $830m in the first half of 2021. The most recent genera
After some belt tightening in response to a growing fiscal deficit, in 2017 Ghana saw almost twice the economic growth of 2016, according to the World Bank, with the robust expansion carrying through to 2018. The country had traditionally relied on primary commodities for its earnings, with gold and cocoa principal export items, until significant oil finds recently made Ghana a petroleum exporter.
Following modest GDP growth in the 2014-16 period, the recently elected government was under pressure to accelerate economic growth in 2017. In addition to a belt-tightening process, the government introduced a number of reforms, which are beginning to bear fruit. The government aims to couple the expansion of the resources sector with an aggressive industrial policy, an overhaul of the agricultur
The economy has a history of strong government involvement and a legacy of socialist policies in the 1960s and 1970s, with statist companies involved in both energy and agriculture; yet, the country’s market is now among the more liberalised in the region. Ghana has a strong export profile, although it is somewhat dependent on commodities. It is the world’s second-largest exporter of cocoa, be
A strong tradition of press freedom across all segments characterises the Ghanaian media sector, and as the economy continues to grow, a report from the International Research & Exchanges Board (IREX) shows the sector is expected to remain in good health. According to the “Ghana Media Sustainability Index”, a report released in 2012 by IREX, Ghana is home to 466 print publications, ranging…
On a June morning in 2013, commuters in downtown Accra were startled to look out their windows to see a dozen horses crossing through traffic. The maroon t-shirts and banners proudly declared the riders part of a guerrilla advertising effort from Enterprise Insurance, Ghana’s oldest insurance group, whose horse logo is a key part of the company’s identity. NEW DIRECTION: Such direct advertising…
Economic growth has been extremely robust following the country’s discovery of oil in 2007, reaching well into the double-digits and driving a boom in consumption and investment. Economic growth has been extremely robust following the country’s discovery of oil in 2007, reaching well into the double-digits and driving a boom in consumption and investment. The discovery in Ghana’s offshore Ju
A strong tradition of press freedom across all segments characterises the Ghanaian media sector. However, few providers have a truly national reach, with most focusing on a small market or a share of the largest cities. Radio remains a key outlet; its ability to reach rural regions makes it attractive, and it is a sought-after feature for mobile phone buyers. With Ghana reaching mobile penetration…
While a large portion of the country’s GDP – 30% – comes from the agriculture sector, the oil sector is growing rapidly and attention from investors abroad is expected to increase as oil revenues continue to grow. Ghana is a member of a number of international organisations, including the UN, the WTO, the African Union, and the Economic Community of West African States (ECOWAS). Having gaine
