Country Profile
From The Report: Ghana 2024
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The first country in Africa to achieve independence from the UK, Ghana has been widely regarded as a stable democracy, economic powerhouse and key player on the continent since the establishment of the Fourth Republic of Ghana in January 1993. However, recent economic challenges have resulted in acute financing issues, depreciation of the local currency and high inflation, while real GDP growth slowed to 3.1% in 2022 from 5.1% the previous year. Despite these pressures, Ghana aims to become a leading centre on the continent for financial services, and the federal budget for 2023 was demonstrative of the country’s willingness to pursue strategic investment to boost and retain foreign direct investment inflows.

This chapter contains a viewpoint from President Nana Akufo-Addo, and interviews with Gan Kim Yong, Singapore’s Minister for Trade and Industry; and Gabby Asare Otchere-Darko, Founder and Executive Chairman, Africa Prosperity Network.

Articles from this Chapter

Overview

Exemplary development: A rich history, stable governance and a varied landscape have helped make Ghana a regional economic powerhouse
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Ghana achieved independence from British colonial rule in 1957, making it the first African country to do so. The country shifted between several civilian and military governments post-independence until January 1993, when the ruling Provisional National Defence Council military government transitioned the country into the current Fourth Republic of Ghana, following presidential and parliamentary elections in 1992. Ghana is now widely regarded as a stable democracy, a regional economic powerhouse…

Viewpoint

Forging ahead: President Nana Akufo-Addo, on efforts to achieve sustainable aims
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Viewpoint:President Nana Akufo-Addo Ghana is currently serving the second of its two-year term on the UN Security Council as a non-permanent member. In the 66 years since the country joined the UN – the first post-colonial African country to do so – this is the third time that we have had the privilege of serving on the council. Ghana is holding firm to the belief that democracy is the best route forwards, in order to achieve our aim of becoming a prosperous country. It is true that the…

Overview

Tenets of stability: Prior to the next round of elections, democratic institutions are poised to help address key economic concerns
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In December 2020 Ghanaians went to the polls to elect a president and members of Parliament. The incumbent head of state and leader of the ruling New Patriotic Party (NPP), President Nana AkufoAddo, was re-elected in the first round of voting over former President John Dramani Mahama, the candidate for the main opposition party, the National Democratic Congress (NDC). This marked the third time that the two men have faced each other for political office, with then-Vice President Mahama defeating…

Interview

Strengthening ties: Gan Kim Yong, Singapore’s Minister of Trade and Industry, on bilateral relations and foreign investment opportunities
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Interview:Gan Kim Yong What factors have made Ghana an enticing investment destination for Singapore-based businesses? GAN KIM YONG: Ghana is often seen as a home base for companies from Singapore that are looking to expand into West Africa. For one, the use of English as an official language has made doing business in Ghana much more convenient. Ghana is politically stable and has established institutions to ensure good governance, offering certainty to companies operating in the country. It also has one of Africa’s most competitive business environments. The government of Ghana has committed to implementing policies that improve investor…

Analysis

The way forwards: The continent eyes enhanced economic diversification through intraregional cooperation and digital expansion
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Although economies in Africa faced uncertainty in 2022 as economic and global shocks weighed on the post-Covid-19 pandemic recovery, intraregional trade and climate finance initiatives are helping chart a course towards more sustainable development. Growth is projected to remain moderate at 3.3% in 2023 and increase to 4.0% in 2024, according to the IMF’s October 2023 regional economic outlook for sub-Saharan Africa. Regional Cooperation The African Continental Free Trade Area (AfCFTA) seeks…

Interview

Economic integration: Gabby Asare Otchere-Darko, Founder and Executive Chairman, Africa Prosperity Network, on bolstering regional trade
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Interview:Gabby Asare Otchere-Darko Where do you identify key trade enablers that can boost continental industrialisation? GABBY ASARE OTCHERE-DARKO: The implementation of the African Continental Free Trade Area (AfCFTA) by 2040 is expected to boost intra-African exports by 15-25%, lift 30-50m Africans out of extreme poverty and promote industrialisation. Improving Customs and border procedures could boost global trade by up to $1trn annually, with the removal of non-trade barriers resulting…