Country Profile
From The Report: Ghana 2017
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Boasting one of the region’s largest and most advanced markets, Ghana has long been a diplomatic and economic heavyweight in West Africa. The post-colonial era saw consolidation of the country’s economy and remarkable increases in the standard of living for many Ghanaians. While an abundance of natural resources has, for the most part, underwritten these improvements, recent efforts to spur development in other sectors have met with some success. Diversification has come into sharper focus recently, as reduced global commodity prices have put a dent in export revenues. In 2015 the government negotiated a three-year extended credit facility with the IMF and is now in the process of implementing the reforms required under the deal, laying the groundwork for future sustained growth.

This chapter contains a viewpoint from President Nana Akufo-Addo; and interviews with Adam Afriyie, UK Trade Envoy to Ghana; Akinwumi Adesina, President, African Development Bank; and Marcel de Souza, President, ECOWAS Commission.

Articles from this Chapter

Overview

A leading force: Stability has enabled steady progress and economic growth
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Boasting one of the region’s largest and most advanced markets, Ghana has long been a diplomatic and economic heavyweight in West Africa. In 1957 it was the first sub-Saharan country to gain its independence, and since then has developed into a stable and vibrant democracy that is the envy of many on the continent. Its stability has also allowed it to play a growing role in regional and international affairs, particularly as an active member of multilateral organisations such as the African…

Viewpoint

A disciplined approach: President Nana Akufo-Addo, on the new government’s priorities
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Viewpoint :President Nana Akufo-Addo A strong economy creates opportunities and inspires more people to start new businesses. In much the same way, a strong economy encourages existing businesses to make new investments to grow and expand. Our goal is simple – to build the most business-friendly and people-friendly economy in Africa; one that will create jobs and prosperity for all Ghanaians. We will ensure that growth is socially responsible, diversified, spread geographically, comes from…

Overview

Checks and balances: The country has consolidated its democratic principles
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Widely considered one of the best-governed countries in Africa, Ghana is attractive to investors seeking stability in a region that has long been burdened with a reputation for risk. Despite the difficulties of the first few decades following independence in 1957, the country has made great strides in consolidating its democracy over the past two decades. Since coming into effect in 1993, the constitution of the Fourth Republic has provided a strong and effective governing framework, helping to…

Interview

Valuable opportunities: Adam Afriyie, UK Trade Envoy to Ghana, on business opportunities and challenges for UK investors
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Interview:Adam Afriyie Which economic sectors in Ghana present the greatest potential for UK investors? ADAM AFRIYIE: There are great opportunities for UK investors in Ghana, which is an enormously rich country, not only in terms of the natural resources it possesses but in its people, who are very entrepreneurial. The key sectors for overseas investors in Ghana are still power and utilities. The current focus is on equipment, vehicles, chemicals and mining products, and electrical and mechanical…

Analysis

Key partners: Cultivating links with neighbouring countries as well as the largest economies in the world
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Ghana has a long history of taking a pragmatic approach to its relations with foreign countries. According to Article 40 of the 1992 constitution, the country’s foreign policy is underpinned by a commitment to protecting the interests of Ghana, establishing a just and equitable international, economic, political and social order, promoting the settlement of international disputes through peaceful norms, and adhering to the principles enshrined in the aims and ideals of the UN, the African…

Interview

Looking forward, together: Marcel de Souza, President, ECOWAS Commission, on ambitions and challenges
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Interview:Marcel de Souza What are the priority projects of ECOWAS’s Community Development Programme (CDP)? MARCEL DE SOUZA: A roundtable is planned for the beginning of 2017 to discuss the operation phase of seven priority projects. Among the projects to discuss is the Lagos-Dakar highway, which will be developed in two phases beginning with Abidjan-Lagos. This first phase of 1028 km will open numerous possibilities for communities along the stretch. The roundtable will also discuss the…