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Ghana Hungary Chamber of Commerce and Industry

Economic Outlook - Ghana

  

 

The IMF has concluded that there will be significant foreign investmentin Ghana after 2013, with robust economic growth, democratic constitution and favourable prospects for oil & gas.

 

Mining and agriculture dominate Ghana's exports, but construction and services now account for more than half of the country's output. Ghana has made great strides in reducing poverty to less than 30% of the population and has now reached lower middle-income status. Offshore oil production made it's debut four years ago (2010).

 

The newly elected government recognises that better infrastructure,  further investment in health & education, and macroeconomic stability is centred to Ghana's condition of achieving success & raising the living standards of all it's citizens.

 

The concentration of exports in three commodities - gold, cocoa & oil, makes the economy vulnerable to trade shocks and the rate of inflation has stayed higher than wanted. IMF recommendations are to reduce interest rates to allow better loans to medium-sized enterprises, to invest more money rather than subsidise state concerns and the creation of more reliable energy supplies.