As in many West African countries, Ghana’s economy is strongly correlated with global commodities. Oil, gold and cocoa are the three main sources of foreign currency and income; however, price swings over 2015 and 2016 for these three resources, a strengthening US dollar, as well as domestic issues such as fiscal slippage, growing debt and mounting inflation have combined to slow the pace of development, leading to a depreciating currency and a budget shortfall.
Despite this, Ghana’s economic prospects for 2018 appear strong. Following a belt-tightening process, the government has both brought down the problematic fiscal deficit and channelled capital spending towards priority projects by capping budget transfers to statutory funds. The government also has plans to industrialise rural regions, improve the business environment, harness the financial sector and improve access to credit for private actors.
This chapter contains interviews with Ken Ofori-Atta, Minister of Finance; R Yofi Grant, CEO, Ghana Investment Promotion Centre; and Akinwumi Adesina, President, African Development Bank.