Highlights from The Report: Ghana 2022
Ghana | Economy
Marking 10 years of Oxford Business Group’s coverage of the country, The Report: Ghana 2022 details how the West African nation navigated the Covid-19 pandemic crisis and has emerged in a position of comparative strength.
A number of measures have been taken to balance government revenue and spending, and the country remains a safe haven for foreign direct investment, which stood at $830m in the first half of 2021. As such, Ghana’s economy is forecast to expand by 6.2% in 2022, according to the IMF.
Underscoring this, Ghana recorded robust GDP growth, which jumped from 2.1% in 2015 to a high of 8.1% in 2017. Its capital, Accra, hosts the African Continental Free Trade Area Secretariat and is looking to become one of Africa’s largest centres for financial services. The Report: Ghana 2022 takes a detailed look at the country’s mining industry, exploring how higher demand for gold helped offset lower oil and gas prices during the early days of the Covid-19 pandemic.
Other areas of in depth coverage in the report include ongoing developments in Ghana’s energy sector, including plans for new oil wells, new liquefied natural gas projects and expanding refining facilities, which together are helping to position Ghana as a regional refining centre.
In addition, the report examines moves to put technology and innovation at the heart of Ghana’s agricultural development with the aim of boosting crop yields and adding value to the sector. These digitalisation efforts are creating significant opportunities for investment and employment.
Other areas of the economy explored include the country’s industrial sector which has been a significant source of economic growth in recent years and has significant potential to contribute to value creation in a country that currently exports a significant amount of unprocessed minerals and agricultural products.
The report also covers the country’s bid to broaden its industrial base and diversify the national economy away from traditional segments such cocoa, minerals and oil.
Read The Report: Ghana 2022 for more insights into these topics and more, complemented by critical insights from key players across the public and private sectors.