Ghana Articles & Analysis

The Ghanaian economy is well positioned to accelerate growth, with several key factors likely to encourage expansion in the coming years.

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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. 

Soft commodity prices, disruptions to oil and gas production, and a depreciating currency saw Ghana’s economy slow in 2016, though the country’s new government is expected to benefit from a strong rebound over the coming year.

 

Low oil prices have had a significant impact on producers. According to a 2015 study by consultancy Wood Mackenzie, following the price drop, well over $200bn in spending on oil and gas projects around the world has been deferred, and roughly 250,000 industry employees globally have lost their jobs. This has been magnified in commodity-...