A leading African economic think tank expects Ghana to have economic growth of 8.7 percent in 2017, the fastest of 54 countries ranked on the continent.
Cote d’Ivoire (8.3), Congo (8.0), Ethiopia (7.7) and Mozambique (7.5) rounded out the top five, according to the African Economic Outlook (AEO), a partnership between the African Development Bank, Organization for Economic Cooperation and Development (OECD) and the United Nations.
Thanks to its stable currency, the cedi, and pro-business government, Ghana has emerged as a preferred option for western investors looking for African investment opportunities.
Earlier this month, Ghanaian President John Mahama told a group of local executives that creating the conditions under which business can grow is his top priority.
Since taking over in 2012, Mahama has sought to limit government borrowing, which he said crowds out the private sector and raises interest rates.
"We started structural reforms at the right time. You notice that our economy is showing some more resilience at a time when everybody is facing economic headwinds," Mahama said.
First elected in 2012, Mahama is up for re-election on Dec. 7.
In September, the International Monetary Fund reported that Ghana’s government, which will run a surplus in 2016, is strengthening due to Mahama’s economic reforms. It credited them for stabilizing the cedi.
“The stability of the cedi should contribute to a marked decline in (its) debt-to-GDP ratio,” said Tao Zhang, deputy managing director of the IMF.
Ghana’s largest export destinations are Switzerland ($1.73 billion), China ($1.06 billion), France ($939 million), India ($789 million), and The Netherlands ($778 million).
According to the U.S. State Dept., Ghana exported $309 million in goods to the U.S. in 2015, 71 percent of which was cocoa ($218 million). Ghana is the second-largest exporter of cocoa beans in the world.
Fastest growing African economies in 2017
Country
Projected Growth Rate
Ghana
8.7
Côte d’Ivoire
8.3
Congo, Dem. Rep.
8.0
Ethiopia
7.7
Mozambique
7.5
Rwanda
7.2
Tanzania
7.2
Djibouti
7.1
Senegal
6.5
Kenya
6.4
Guinea-Bissau
6.2
Togo
6.0
Sudan
6.0
Namibia
6.0
Central African Republic
6.0
Burkina Faso
5.9
Uganda
5.8
Benin
5.7
Gambia
5.6
Niger
5.5
Sao Tome and Principe
5.4
Gabon
5.1
Cameroon
5.1
Source: West Africa Wire Reports
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This report is anything but credible
... 'fact' from where? This is the gymnastics of lazy, desperate hoppers. JDM is a big time failure come what may. The ecomini is sick: that's the fact!!!
Peacefmonline pls don't be doing lazy in putting facts out. There is no mention of this so call think tank. U should have assertain the name of this group to know their credibility before putting this online. This is all the work of this incompetent Mahama and his administration. God help us
WE ARE FEELING REAL HEAT IN OUR POCKET DAILY AND YOU ARE THERE SAYING SOME THINGS YOU DON'T HAVE ACTUALS.
Elections gymnastic!
Don't tickle yourself. Who is that think tank? ***barred word***. JM projected 4.3 if which the IMF scaled it down to 3.3 consistent with my own calculations
This is a fact....God bless you Mahama. Your haters don't even mind it Ghana should crumble for their party to come to power. Ghana 1st, when the growth happens it is for the good of Ghana as a whole and not just for a few...think Ghana. May God bless our home land Ghana and make us great and strong no matter what evil people may wish for..
This report is suspect.
Propaganda and dubious report from dubious and desperate people. Growth for where? Apuuto.
Since taking over in 2012, Mahama has sought to limit government borrowing, which he said crowds out the private sector and raises interest rates........ Where did this reporter get his facts from....mahama government limiting borrowing APUUUU