Country Profile
From The Report: Ghana 2019
View in Online Reader

In 1957 Ghana became the first African country to achieve independence from a European colonial power, and today it is one of the continent’s most vibrant democracies. The 2016 elections saw Nana Akufo-Addo, now president, speak to voter dissatisfaction with the economy, which at the time was suffering from the protracted downturn in global prices of its chief commodity exports. The election was thus fought on an issue affecting all Ghanaians, rather than on sectarian grounds, while the exemplary behaviour of both presidential candidates and their supporters in the transfer of power also indicated the growing strength of democratic governance in the country. With a GDP of GHS256.6bn ($55.4bn) at the end of 2018, Ghana is also a contender to become the year’s fastest-growing economy worldwide. As it tries to move away from traditional resource dependency, the country now faces the challenge of ensuring the widest benefit from that expansion, particularly given its growing and increasingly urbanised population. This chapter contains viewpoints with Nana Akufo-Addo, President of Ghana; Mahamudu Bawumia, Vice-president of Ghana; Angela Merkel, Chancellor of Germany; and an interview with Rona Fairhead, Minister for Trade and Export Promotion, UK Department for International Trade.

Articles from this Chapter

Overview

Sustained development: First to independence from colonial rule, Ghana continues to be one of the most stable countries in sub-Saharan Africa
OBG
plus

In 1957 Ghana became the first African country to achieve independence from a European colonial power, and today it is one of the continent’s most vibrant democracies. A nation of great diversity in landscapes, languages and ethnicities, Ghana has seen a steady improvement in its people’s well-being over the years. With a GDP of GHS256.6bn ($55.4bn) at the end of 2018, Ghana is also a contender to become the year’s fastest-growing economy worldwide. As it tries to move away from traditional…

Viewpoint

Bright future: President Nana Akufo-Addo, on ensuring a business-friendly climate and an appealing investment destination
OBG
plus

Viewpoint : Nana Akufo-Addo Ghana has good human capital and our economy has great possibility for accelerated growth and job creation. In recent years, admittedly, our economy has not done so well, and we have not been successful in appreciably improving the living standards of our people. Our country has an abundance of valuable natural resources, and we have no excuse to waste our good fortune; we will bring progress and prosperity to the citizens. I took office in January 2017 with clear orders…

Viewpoint

Digital shake-up: Vice-President Mahamudu Bawumia, on how digitalisation is revolutionising the nation’s finances
OBG
plus

Viewpoint :Mahamudu Bawumia There are certain pieces of soft infrastructure that have to be in place for issues such as high interest rates and banking penetration to be solved. Notably, to achieve lower interest rates an environment must exist in which people have unique identities, preventing them from taking out a loan, refusing to pay it and then going to another bank with a different name and doing it again. In Ghana we have gold, oil and bauxite and many more natural resources, but they will…

Overview

Steady does it: A prolonged period of peaceful civilian rule gives the country confidence for the future
OBG
plus

Now in the third decade of its fourth republic since independence, Ghana has enjoyed a protracted period of civilian rule in recent times, with democratic governance firmly established by a series of largely peaceful elections. As a presidential and unitary republic, with a unicameral legislature and independent judiciary, Ghana also recognises the importance of its regions, each of which has its own assemblies and local government units. The last general election was held in December 2016, and…

Analysis

A collaborative approach: Despite challenges, focus remains on maintaining stability as international relations continue to flourish
OBG
plus

Since gaining independence in 1957 Ghana has broadly followed two major foreign policy guidelines: non-alignment and pan-Africanism, both of which arise from the colonial experience and the country’s reaction to the Cold War. They also reflect Ghana’s awareness that it is the first country in colonial Africa to gain freedom, giving it great responsibility in setting the tone for international relations that other, similar states may follow in the future. Prior to independence, former Ghanaian…

Viewpoint

A common goal: Angela Merkel, Chancellor of Germany, on collaborating on reforms and mutually beneficial trade partnerships
OBG
plus

Viewpoint :Angela Merkel Ghana is one of our most important trading partners in sub-Saharan Africa, but we know that much development potential remains untapped. German businesses are very interested in both trade with, and investment in, Ghana. However, the president rightly says that words alone do not achieve anything – they need to be followed by action. In fact, the only thing that counts is what actually happens. The people of Ghana know that as well. Looking around at the young population,…

Interview

Beneficial collaboration: Rona Fairhead, Minister of Trade and Export Promotion, UK Department for International Trade (DIT), on working with African countries to energise exchange and investment
OBG
plus

Interview :Rona Fairhead How is the UK government encouraging increased private sector investment in Ghana? RONA FAIRHEAD: The UK government’s ambition is to be the largest G7 investor in Africa by 2022, and we see Ghana as a key country in helping us achieve this goal. We have a three-point plan aimed at increasing investment: we want to be indispensable to British businesses already invested in Africa; to attract new investors to Africa; and to work with African governments to boost reforms…

Overview

OBG Business Barometer: Ghana CEO Survey:
OBG
plus

The year 2018 was trying for the Ghanaian economy, with plans to schedule an exit from an IMF credit deal by year-end, ongoing fiscal and monetary reforms, and an historic consolidation agenda for the banking sector. Despite the scope of adjustments, sentiment among the business community has remained robust, with 93% of respondents having positive or very positive expectations of local business conditions for the coming 12 months. Gradual recovery of GDP has since seen the economy grow again, expanding by 8.4% in 2017, according to the IMF’s October 2018 “World Economic Outlook” report, on the back of enhanced output and exports.…