The Report: Ghana 2013

The Report: Ghana 2013

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Economic growth has been extremely robust following the countrya€™s discovery of oil in 2007, reaching well into the double-digits and driving a boom in consumption and investment. The discovery in Ghanaa€™s offshore Jubilee field in 2007 represented something of a turning point in the countrya€™s economic trajectory. Followed by growth rates that at one point reached above 14%, as well as a GDP re-basing that improved the accuracy of its reporting, the country has moved up into lower middle-income status. As a result of its recent economic surge and stable environment, investment levels have continued to rise, as companies both foreign and domestic are eager to capitalise on the countrya€™s wealth of natural resources and growing middle class. There have been challenges, as public spending comes under pressure and commodity exports remain exposed to exogenous shocks, but the economya€™s fundamentals are encouraging.... the floor dropped off at year-end, a€ said economist Yvonne Mhango, director for Sub-Saharan Africa at Renaissance Capital. ... In May 2013 the policy rate was further raised to 16%, as members of the MPC felt that risk to the inflation outlook anbsp;...

Title:The Report: Ghana 2013
Author:Oxford Business Group
Publisher:Oxford Business Group - 2013-09-27


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