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Chapter | Transport & Infrastructure from The Report: Ghana 2022

Ghana’s transport infrastructure has undergone significant upgrades over the course of recent years, boosting the country’s logistics, tourism and industrial capacity. Continued expansion of the industrial sector is a cornerstone of the government’s plans to revamp the economy to make it less dependent on commodities and tax revenue. Inadequate rural-urban connectivity and insufficient urban transport remain major hindrances to broader economic growth, but the government’s concerted efforts to remedy the underlying issues could see the transport sector become a key component in attracting greater inflows of foreign direct investment. Looking ahead, improved connectivity for rural areas is also high on the government’s transport agenda, as the authorities have identified the need for more bridges to connect rural villages and towns with the main arteries. This chapter contains an interview with Miishe Addy, Co-founder and CEO, Jetstream Africa.

Chapter | Construction & Real Estate from The Report: Ghana 2022

The construction sector has the potential to drive Ghana’s GDP growth for years to come. Indeed, it contributed an annual average of 7.5% to GDP between 2013 and 2020. However, this could be impaired in the short term due to the pandemic’s negative impacts on already declining global commodity prices. Nonetheless, the country’s political stability and the activation of the African Continental Free Trade Area make construction projects in Ghana an attractive proposition for investors moving forwards. In a similar vein, the country’s real estate sector has also experienced robust growth since 2018, thanks to higher transaction volumes. While sector growth has been facilitated by initiatives to address serious social issues ¬¬such as a lack of accessible housing finance options, the Covid-19 pandemic underscored the need for more reactive government interventions. This chapter contains interviews with Joseph Aidoo, Executive Director, Devtraco Group; and Kiran Daswani, CEO, The Greens.

Chapter | ICT from The Report: Ghana 2022

Ghana’s ICT sector has proven to be one of the country’s fastest-growing industries in recent years, with key market players offering more innovative products as data traffic surged amid the Covid-19 pandemic in 2020. Indeed, the sector had increased its contribution to GDP from $900m, or 2.3% of the total, in 2014, to $1.7bn and 3.6%, respectively, in 2017. The expansion of telecoms services has fuelled innovation and investment in ICT subsectors such as software, application platform development and mobile money. Looking ahead, policy efforts are likely to bolster growth due to the strategic importance of ICT in digital and industrial development plans. For instance, the $212m e-Transform Ghana Project, supported by the Word Bank, has provided funding and increased access to digital technologies, and strengthened instructional capacity. This chapter contains an interview with Selorm Adadevoh, CEO, MTN Ghana.

Chapter | Agriculture from The Report: Ghana 2022

With an estimated 44.7% of the workforce employed in the agriculture sector, farming, forestry and fisheries are not only central activities to Ghana’s economy but are key components of society. However, the strengthening of the sector was brought into stark relief by the Covid-19 pandemic, during which local food prices increased in some parts of the country. While the country is a key producer of cocoa, the development of value-added activities related to processing agricultural commodities remains nascent. Other challenges include climate change, deforestation, lack of mechanisation and the difficulty smallholder farmers to reach economies of scale. Overall, performance in the next few years strongly depends on the ability to create new methods for financing within the sector.

Chapter | Mining from The Report: Ghana 2022

Mining is a key component of Ghana’s national economy; the country is Africa’s largest gold producer. The Covid-19 pandemic highlighted the mineral’s prominent role, as gold is seen as a safe investment during uncertain times. While the mining sector faces challenges in terms of modernising practices, diversification efforts are forging ahead. Industrial minerals including bauxite and manganese have received significant amounts of foreign investment in recent years. Despite uncertainty over the trajectory of the pandemic, there is widespread hope that 2022 and 2023 will see mining activity pick up, with both supply and demand increasing as the world moves towards a recovery. In particular, demand from countries such as China is likely to keep rising in the years ahead, further supporting expansion. This chapter contains an interview with Douglas MacQuarrie, President and CEO, Asante Gold.

Chapter | Energy & Utilities from The Report: Ghana 2022

International oil and gas prices dropped dramatically in early 2020 when countries around the world, including Ghana, enacted measures to curb the spread of Covid-19. Rising oil prices continued into early 2022, engendered in part by geopolitical tensions involving some of the world’s largest producers. The turbulent context poses challenges for Ghana’s hydrocarbons sector, which is still in its infancy. But amid the uncertainty, Ghana looked set to embark on cautious progress. Indeed, prices rebounded in 2021 as economic activity gradually returned to normal. Moreover, the government has set out to transform the country into a regional refining centre, with feasibility studies on the Petroleum Centre Infrastructure Master Plan scheduled for 2022. Ghana is also gearing up to deliver more sustainable energy over the long term, in accordance with goals outlined at the 2021 UN Climate Change Conference. This chapter contains an interview with Rahul Dhir, CEO, Tullow Oil.

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