The Ghanaian economy is well positioned to accelerate growth, with several key factors likely to encourage expansion in the coming years.
Ghana has stepped up efforts to bolster its fast-growing ICT sector with the signing of a new deal strengthening cybersecurity protections.
The rollout of new micro-insurance products in partnership with mobile operators is allowing Ghana to deepen penetration rates, something that has historically proven tricky due to its large informal sector and a lack of consumer awareness.
Lower inflation figures and higher growth forecasts in Ghana are raising the prospects for a stronger economic recovery over the coming year, prompting the government to reiterate its commitment to deficit reduction targets – although much work remains to be done.
As Ghana looks to diversify its sources of foreign exchange, it has aggressive plans to expand its tourism capacity, with an ambitious proposal for coastline development on the table and an expansion of the main international airport under way.
Ghana’s 2017 budget contains a range of incentives and reforms – including the removal of value-added tax (VAT) on financial services and property sales – that aim to bolster the private sector and sustain a recovery in foreign investment.
With a new proposal to fund affordable housing on the table, along with a previously mooted abolition of the value-added tax (VAT) on property sales, the 2017 outlook for Ghana’s housing market has brightened.