Ghana’s rich resource base and diversification efforts have positioned
the country as one of the fast-growing economies on the continent.
Mr. Oliver Cornock, the Editor-in-Chief of OBG has said “Ghana’s economy
grew by an estimated 7.5 per cent in 2019, driven largely by
double-digit expansion in oil and gas GDP”.
Mr. Cornock commenting ahead of the Ghana 2020 report launch said: “The
introduction of several targeted programmes aimed at increasing local
industrial capacity and boosting agricultural value added, reflects the
growing role that industry and services were playing in this
strategically important regional market.”
The Report: Ghana 2020 charts the role that the country’s three Eurobond
offerings played as part of a broader, ongoing drive to stabilise the
local currency and boost foreign exchange reserves.
It also tracks the progress made in reducing the deficit, which fell to
4.2 per cent of GDP in 2019, on the back of measures brought in to
improve fiscal discipline and restore macroeconomic stability.
The extractive industries play a crucial role in Ghana’s economy, with gold and crude oil, its top exports in value.
OBG examined the positive impact that 1.5billion barrels of newly
discovered oil was expected to have on the economy, adding to reserves
estimated at 660 million barrels in 2018.
It also explored the development underway in the mining and quarrying
sector, which contributed US$4.2 billion to the economy in 2018, up 13.3
per cent year-on-year, buoyed by higher commodity prices, growing
global demand and support from the government.
In addition, OBG considers the digital drive underway in Ghana, as the
mobile money market gains momentum and more public services move online.
One of the chapter’s highlights was a roundtable, in which industry
leaders share their thoughts on a range of topical issues related to
Information Communication Technology. Mrs. Souhir Mzali, the Group’s
Regional Editor for Africa, said that Ghana was also well placed to take
advantage of the Africa Continental Free Trade Area (AfCFTA) as it
advances, having moved earlier than some other countries in the region
to upgrade and extend its port infrastructure.
“Hopes are high for the part that the AfCFTA will play in accelerating
regional integration and intra-continental trade, even though there are
many challenges that need addressing ahead of its implementation,” she
said.
The Group’s Regional Editor for Africa said as a key player in the
region and host nation of the secretariat, Ghana could expect to be at
the forefront of the drive to develop the world’s largest trade area.
The report marks the culmination of almost nine months of field research
by a team of analysts from Oxford Business Group and the publication
assesses trends and developments across the economy, including those in
macroeconomics, infrastructure, banking and others.
It has been produced in collaboration with the Ghana Investment
Promotion Centre and the Association of Ghana Industries with
contributions coming from Temple Investments, PwC and B&P
Associates.
The report also contained a viewpoint by President Nana Addo Dankwa
Akufo-Addo, together with a detailed sector-by-sector guide for
investors, which also features a wide range of interviews with other
high-profile personalities, including: Mahamudu Bawumia, Vice President
of Ghana; Ernest Addison, Governor, Bank of Ghana; Kevin Okyere, CEO,
Springfield Group; Edmund Poku, Managing Director, Niche Cocoa; and Kojo
Aduhene, CEO, LMI Holdings.
Source: primenewsghana.com
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