Ghana has enjoyed a stable and democratic government over the last two years, reflected in the thriving economy which has grown, on average, 7% since 2017 until the pandemic crimped development to a mere 0.4% in 2020. However, in the third quarter of 2021, the Ghana Statistical Service reported 6.6% growth in GDP, indicating a strong recovery. Ghana ranks as one of the most attractive locations for doing business in Africa with a fast-developing financial sector, high accessibility with good air, water and land connections and central to the Economic Community of West African States (ECOWAS). Home to one of the highest literacy rates in West Africa, a competitive and educated labour force, a growing population and middle class and a strong resource pool provide ample opportunities for investors.
Ghana’s proactive development is seen in programmes like the Ghana COVID-19 Alleviation and Revitalization of Enterprises Support (Ghana CARES) and Ghana’s National Adaptation Plan Process launched in 2020, developed to combat the economic effects of the pandemic and design strategies for resilience against the possible impacts of uncontrollable events (climate change and health crises). The fiscal deficit has narrowed, inflation has come down, and GDP growth has rebounded, driven primarily by increases in oil production. However, the economy remains highly dependent on the export of primary commodities such as gold, cocoa, and oil/gas, and consequently is vulnerable to potential slowdowns in the global economy and commodity price shocks.