January 2017: Ghana’s push to broaden its economic base by adding value to commodity exports and capitalising on its comparative advantages are explored in a new report just produced by the global publishing, research and consultancy firm Oxford Business Group (OBG).
The Report: Ghana 2017 provides in-depth analysis of the country’s bid to foster stronger links with both neighbouring countries and other markets farther afield. OBG’s publication also charts Ghana’s efforts to address structural problems in the economy and restore macroeconomic stability through measures that have included signing a three-year, $918m credit facility with the IMF and rolling out a fiscal consolidation programme.
With energy maintaining its status as an engine for growth, despite the fall in oil prices, The Report: Ghana 2017 looks in detail at the latest developments across the sector. Topics explored include the recent move to deregulate the industry, alongside the new government’s plans to boost oil exports and increase the contribution made by renewables.
OBG’s report also looks in detail at Ghana’s construction sector, which is set to remain a key contributor to GDP on the back of planned infrastructure projects and public-private-partnership initiatives.
The Report: Ghana 2017 was launched during a two-day forum, held at the Kempinski Gold Coast Hotel, Accra, from January 11 to 12. Titled ‘Crystal Ball Africa 2017’, the event shone a spotlight on the investment opportunities emerging across the continent, and Ghana in particular, while also examining the challenges that the region faces. Other topics on the agenda included key developments in regional business-related policies and legislation.
The forum was organised by OBG and the law firm AB & David. Keynote speakers at the launch of The Report: Ghana 2017 included: Robert Tashima, OBG’s managing editor for Africa; Dr. Tony Oteng Gyasi is CEO of Tropical Cables and Conductors and former president of AGI; Mr. James Asare-Adjei, President, AGI; Mr. Seth Twum Akwaboah, CEO, AGI; Mr. Kojo Addo-Kufuor, COO, Ghana Home Loans; Mr. Bright Owusu-Amofah, CEO, Appolonia Dev't Company; Mr. Felix Nana Sackey, Managing Partner, Deloitte; Mr. Howard Barrie, Partner, Eversheds LLP, London and Mr. Nana Amoto Mensah, Director, CNergy Ghana Ltd.
Andrew Jeffreys, OBG’s CEO and editor-in-chief, said that while Ghana was experiencing a slowdown after several years of fast-paced commodity-fuelled growth, the country was well positioned for a rebound.
“Ghana benefits from strong fundamentals and several competitive advantages, including a business-friendly environment, which has ensured that it remains a draw for investors,” he said. “With efforts to generate macro-stability now gathering pace, the country’s prospects for the coming years look bright.”
OBG’s managing editor for Africa Robert Tashima agreed that Ghana’s long-term potential remained attractive.
“Global headwinds have had an impact, leading to lower export revenues and a weakened currency, but so too have domestic factors, including rising non-performing loans and fiscal slippage,” he said. “It will take some time for the economy -- and the new presidential administration -- to get traction. However, Ghana's wealth of natural resources, its improving regulatory frameworks and the influx of infrastructure investment should help pave the way for a recovery.”
The Report: Ghana 2017 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 interviews with other high-profile personalities, including: Seth Twum-Akwaboah, CEO, Association of Ghana Industries; Joe Tackie, Chairman, Steering Committee, Ghana Commodity Exchange; Alexander Mould, Acting CEO, Ghana National Petroleum Corporation; Adam Afriyie, UK Trade Envoy to Ghana; and Akinwumi Adesina, President, African Development.