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Chapter | Industry & Retail from The Report: Ghana 2018

Industry is at the centre of government plans to transform the economy from one reliant on its resource base to one driven by value-added exports. The current administration has laid out a series of plans to achieve these goals and build strong value chains around key industries, announcing a number of policies designed to support the industrial agenda and expand production. The performance of the retail sector has generally reflected that of the wider economy, and as Ghana is a particularly price-sensitive market, the inflationary environment and subsequent decline in spending have affected segments such as food and luxury goods. However, the long-term opportunities in the market are promising, thanks in large part to Ghana’s young and growing population; more than 50% of citizens are under the age of 25, providing a stream of tech-savvy and eager consumers. This chapter contains interviews with Kais Marzouki, CEO, Nestlé Central and West Africa Region; and James Asare-Adjei, Former President, Association of Ghana Industries, and CEO, Asadtek Group.

Chapter | Agriculture from The Report: Ghana 2018

Employing over half the national labour force, agriculture has long played a pivotal role in Ghana´s economy, and its key agriculture product, cocoa, is one of the top-three export commodities. After years of slower growth, the sector is poised for a revival, particularly given the strong government and private interest in advancing development through technological innovation. As long as initiatives are well coordinated along the value chain, domestic use and export-focused commercial agriculture is likely to make steady progress in the short term. This chapter contains an interview with Owusu Afriyie Akoto, Minister of Food and Agriculture.

Chapter | Mining from The Report: Ghana 2018

For more than 150 years the mining industry has been one of the key pillars of the Ghanaian economy. While it contributes a modest and – as a result of rising oil, gas and agricultural production – declining proportion of GDP, it remains a major source of government revenue, through taxation and royalty payments, and an indispensable driver of employment and infrastructure development. Following several years of weak commodity markets, the rebound in global prices has resulted in bigger profit margins for miners, while upgrades in key projects have helped boost production. Moreover, expansion projects and continued exploration activities indicate that Ghana’s history of large-scale gold mining will continue for many years to come.

Chapter | Energy & Utilities from The Report: Ghana 2018

Ghana’s wealth and potential of hydrocarbons resources have helped it leverage a spike in headline GDP growth and inbound investment. However, in recent years the economy has suffered alongside other oil-producing nations, as global prices have declined in tandem with reduced demand. With continued exploration and new projects coming on-line, the country has its eyes on increased oil production for local use and export to jump-start the economy. Accra remains an attractive base of operations for international oil and gas companies given its affordability, security and accessibility. Ghana’s energy consumption continues to expand, underlining the urgency of boosting generation capacity and access to power. This chapter includes interviews with Jonathan Amoako-Baah, CEO, Ghana Grid Company; and Emmanuel Antwi-Darkwa, Acting CEO, Volta River Authority.

Chapter | Insurance from The Report: Ghana 2018

The Ghanaian insurance industry has experienced a decade of rapid growth, and the proliferation of private companies and brokers. Government efforts to strengthen the financial sector and new leadership at the National Insurance Commission, the industry regulator, contributed to rising optimism in late 2017. The regulator and the government are aiming to increase insurance penetration to 10% of GDP. The growth of new business lines such as bancassurance, micro-insurance and mobile insurance should help bring this target into reach, although there is still ample progress to be made. This chapter contains interviews with Justice Yaw Ofori, Commissioner, National Insurance Commission; and Aaron Issa Anafure, Former CEO, SIC Life Insurance.

Chapter | Capital Markets from The Report: Ghana 2018

The Ghanaian capital markets showed promising signs of a steady recovery over the course of 2017, as the country saw an improvement in key macroeconomic indicators. Moreover, a return to strong growth, along with the steady issuance of new government bonds, has provided a boost to the Ghana Stock Exchange (GSE). The country’s capital markets are benefitting from a wide range of reforms, including to pensions, which swill help loosen domestic capital and improve liquidity, listings and trading. As the country begins a new cycle of growth and investment, the GSE is likely to play an increasingly important role in financing domestic development. The chapter contains an interview with Kofi Yamoah, Managing Director, Ghana Stock Exchange; and a viewpoint from Roger Adjovu, General Manager, Liberty Capital.