Ghana’s efforts to drive new growth by stepping up industrialisation across rural areas, increasing oil production and boosting agricultural output are explored in a country report just produced by the global research and consultancy firm Oxford Business Group (OBG).
he Report: Ghana 2018 charts the progress of new offshore exploration and production projects, which are expected to help meet local needs and support economic expansion by bolstering exports as global oil and gas prices begin to rise.
OBG’s publication also tracks the changes under way across Ghana’s agricultural sector, as moves to increase self-sufficiency and reduce imports gain pace. Key areas analysed include the ongoing commercialisation of the country’s farming industry and longer-term plans to increase processing for higher added value.
With rising commodity prices helping to galvanise inflows and changes to the law governing greenfield activity under consideration, OBG’s publication asks what’s next for Ghana’s mining industry. There is also coverage of efforts under way to enhance Ghana’s business environment, which include facilitating access to credit, and encourage compliance.
The Report: Ghana 2018 contains a contribution from President Nana Akufo-Addo, together with a detailed, sector-by-sector guide for investors. It also features a wide range of contributions from other high-profile personalities, including: Vice-President Mahamuda Bawumia, Chairman, Economic Management Team; Ken Ofori-Atta, Minister of Finance; Jonathan Amoako-Baah, CEO, Ghana Grid Company; and Ernest Addison, Governor, Bank of Ghana.
High-level international representatives also give their views on Ghana’s economic development, including Marcel de Souza, President, ECOWAS Commission, and Akinwumi Adesina, President, African Development Bank.
Commenting after the launch, OBG’s Editor-in-Chief Oliver Cornock said the Group’s latest report showed that after a challenging few years, Ghana was positioning itself to capitalise on global upticks in both commodity and oil prices, while taking the steps needed to rein in fiscal spending.
“Ghana’s wealth of resources will continue to serve the country well as it eyes a new phase of economic expansion with an emphasis on higher-value exports and improved trade ties,” he said. “With measures to encourage lending also now gaining pace, the administration’s plans for reinvigorating growth look to be on track.”
Souhir Mzali, OBG’s Regional Editor for Africa, added that Ghana’s decentralisation drive was also proving effective in both diversifying and galvanising the economy.
“Apart from paving the way for a new era of local democratic processes, the creation of additional districts requires a raft of supporting infrastructure to meet the needs of Ghana’s expanding population,” she said. “Our research confirms that this wave of development, especially in rural areas, is helping to broaden the economic base and ensure new growth is more inclusive.”
The Report: Ghana 2018 marks the culmination of more than six months of field research by a team of analysts from Oxford Business Group. The publication assesses trends and developments across the economy, including those in macroeconomics, infrastructure, banking and others. The Report: Ghana 2018 is available in print and online.