Ghana’s currency declined 20% against the US dollar last year and as a result Ghana’s government is focusing on ways to stabilize the economy and focus on the country’s hydrocarbons sector.
Growth in Ghana will have to come from infrastructure development and the monitoring of its natural resources. The government is launching a range of large-scale infrastructure projects, aimed at boosting the country’s growth potential. These projects address the large infrastructure gaps present in the economy.
The major opportunities lie in the oil industry and natural gas production, which would translate into foreign direct investment for the country. Crude oil made up 22% of Ghana’s exports in 2012, second only to its gold exports, which accounted for 41.67% of exports. The management consultancy expects Ghana’s real GDP to rise 8% this year, mainly on the strength of higher oil production and growth in the service sector.
Foreign direct investment is estimated to have been around USD 3.36 billion this year, and rise 1.2% in 2014.
Ghana’s mining sector is under considerable stress at present. Mining firms are struggling to maintain profitability in the face of increased costs (such as fuel, labour and electricity), lower commodity prices and higher taxes. On the flip side, crude oil exports are expected to upturn by 34.9% this year to USD 4.02 billion.