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 Jubilee field in 2007 represented something of a turning point in the country’s economic trajectory. Followed by growth rates that at one point reached above 14%, as well as a GDP re-basing that improved the accuracy of its reporting, the country has moved up into lower middle-income status. As a result of its recent economic surge and stable environment, investment levels have continued to rise, as companies both foreign and domestic are eager to capitalise on the country’s wealth of natural resources and growing middle class.
There have been challenges, as public spending comes under pressure and commodity exports remain exposed to exogenous shocks, but the economy’s fundamentals are encouraging.