Africa news

Published: September 20, 2019

Better days for Ghana

The world’s fastest growing economy is benefiting from increased oil production and comprehensive banking reforms. However, public debt levels remain a key concern particularly with an election approaching. 

In May, the International Monetary Fund made a surprising prediction: Ghana would be the world’s fastest growing economy in 2019. 

With its GDP expected to rise by 8.8%, the country’s growth rate is around double the pace of emerging economies as a whole. 

This growth can, in part, be explained as the upshot of increased oil production. 

Once known primarily as a cocoa producer, Ghana is nowramping up its exploration activities, spearheaded by the likes of Tullow Oil and Aker Energy. The country is expected to produce 500,000 barrels of oil a day by 2024, more than double the current total. 

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