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    • Toolbox: Instruments Avlb. to Support Private Investment in CWA Countries
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    • Africa Advisory Group Meeting - Chairs' Conclusion - May 2020
    • CWA Recent Trends in FDI and Cross-Border Investments - Oct 2019
    • CWA WBG - Implementation Plan - Oct 2019
    • G20 CWA - Independent Review by the African Center for Economic Transformation - Oct 2019

      Documents

      • The G-20 Compact with Africa: A Joint AfDB, IMF and WBG Report
      • Ger­many, the G20, pro­tec­tion­ism and the Com­pact with Africa
      • Germany and IMF Strengthen Capacity Development Cooperation in Africa

      Documents

      • G20 Com­pact with Africa
      • G20 Finance Ministers and Central Bank Governors on Compacts
      • Toolbox: Instruments Avlb. to Support Private Investment in CWA Countries
      • Toolbox 2: Instruments Avlb. to Support Private Investment in CWA Countries

      Documents

      • Africa Advisory Group Meeting - Chairs' Conclusion - May 2020
      • CWA Recent Trends in FDI and Cross-Border Investments - Oct 2019
      • CWA WBG - Implementation Plan - Oct 2019
      • G20 CWA - Independent Review by the African Center for Economic Transformation - Oct 2019
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Ghana

Ghana

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Ghana’s economic growth is expected to accelerate in the near term, spurred by improvements in both the oil and non-oil sectors. Inflation and the fiscal deficit are expected to decline as a result of broad macroeconomic reforms, including commitments to strengthen revenue mobilization and to implement strict expenditure prioritization. Ghana has also embarked on an ambitious reform program to improve the investment climate for both local and international investors. Ghana does not discriminate against foreign-owned businesses, and has laws that protect investors against expropriation. In addition, its wealth of resources, stable political environment and dynamic economy have attracted growth in foreign direct investment. 

 

Key Indicators
 Population, millions  28.8 
 GDP per Capita, U.S. dollars  1663
 GDP Growth, percent
 8.4
 Inflation, end of period, percent  11.8
 General Government Debt, percent  71.8
 Global Competitiveness Ranking 2017-18  111
 Doing Business Ranking, 2019  114
*Figures are for end of 2017, unless otherwise indicated.

 

Country Websites

Ghana Investment Promotion Centre
Ministry of Trade and Industry
Ministry of Finance (Public Investment Division)

Partner Websites

Ghana and the AfDB
Ghana and the IMF
; IMF Technical Assistance Center
Ghana and the WBG

Ghana Reform Matrix May 2022
Ghana Reform Matrix April 2021
Latest IMF Article IV Report on Ghana April 2019
Latest IMF Article IV Report on Ghana September 2017
Prospectus August 2017
Ghana Policy Matrix (most updated) March 2018
Latest 2018 Staff Report on Ghana May 2018

NEW: Creating Markets in Ghana – Country Private Sector Diagnostic

Creating Markets in Ghana – A new joint IFC and World Bank study has identified agribusiness, ICT and education services in Ghana as high growth potential sectors. The Country Private Sector Diagnostics (CPSD) identify sectors where private sector solutions can create or expand markets, and make substantial contributions to development impact. To read the diagnostic, click here.


Agriculture & Agribusiness

Background

  1. The Agriculture sector remains the bedrock of sustainable development, contributing over a quarter percent of GDP and providing jobs and livelihood to over half the population with approximately 300,000 hectares of irrigable land accessible.

Relevant institutional/policy changes and challenges

  1. The strategy is to pursue value-addition, aimed at rapidly ramping up agro-processing and the development of new and stable markets

Specific investment opportunities

  1. Agriculture Mechanization
  2. Value chain opportunities - e.g. rice, tomatoes, poultry, sugar, ethanol
  3. Agro-processing - cashew, cotton, soya, rice, oil palm, coconut
  4. “1 Village 1 Dam” project
  5. “1 District 1 Factory”


Petro-Chemical Industries

Background

  1. Ghana has since 1962, been contemplating the establishment of an integrated aluminium industry, using its natural resources in bauxite, hydro, gas and its existing smelter (Valco).
  2. The current estimate of deposit at Kyebi is 180 million metric tonnes and Nyinahin is 792 million metric tonnes.
  3. Petro-Chemical industry to complement oil & gas.

Relevant institutional/policy changes and challenges

  1. A number of feasibility studies have been conducted in the area

Specific investment opportunities

  1. Development of the bauxite mines which are located in Awaso, Nyinahin, and Kyebi
  2. Establishment of a refinery at one of the bauxite site,
  3. Construction of a dedicated power plant to provide reliable and affordable source of power for the smelter;
  4. Development of a rail way infrastructure between the mines and Tema; and
  5. Establishment of industrial parks dedicated to the manufacturing of aluminium related products and petro-chemicals


Energy

Background

  1. The government’s energy policy is embodied in the Strategic National Energy Plan 2006-2020. The policy aims to develop a sound energy market that would provide sufficient, viable and efficient energy services for Ghana’s economic development

  2. Total installed capacity of over 3,800MW, with electricity accessibility above 80%.

Relevant institutional/policy changes and challenges

  1. Unbundled energy sector (separation of generation, transmission and distribution). This has led to viable Independent Power Producers (IPPs) in the market

  2. Established active institutional, legal and regulatory framework;
  3. Ongoing restructuring of the energy sector debt;
  4. Focus on renewable energy and energy efficiency; and
  5. Introduction of concessions in electricity distribution sector to enhance efficiency and quality of service.

Specific investment opportunities

  1. Increase penetration of renewable energy in the energy mix, to achieve at least 10% of the generation mix by 2020;
  2. Manufacturing of prepaid meters, cables and PV solar panels;
  3. Potential hub for the manufacturing of equipment for the transmission and distribution of electricity cables, and transformers for the region
  4. Development of mini-grid systems in off-grid and island communities for lighting, irrigation and other activities.


Financial

Background

  1. Ghana’s financial system is skewed towards the banking sector with insurance and pension at nascent stage.
  2. Although domestic capital market is promising, it is thin with corporate bonds virtually non-existent.
  3. Penetration remains low in the insurance sector. Pension funds industry has been growing rapidly on the back of the recent reforms but with the bulk of the assets in government securities and term deposits.

Relevant institutional/policy changes and challenges

  1. The passage of the new Securities Industry Act, 2016 (Act 929) has provided for a stronger regulatory framework that supports the facilitation of securities market development.
  2. The launch of the Ghana Alternative Market (GAX) provides a platform for companies with growth prospects to raise long-term capital.
  3. The Venture Capital Trust Fund (VCTF) has invested in 50 Ghanaian SMEs and has promoted indigenous local VC Fund Managers to take equity positions in Ghanaian SMEs.
  4. Need to promote long-term finance and diversify the financial sector from traditional reliance on credit financing and also to address deficiencies in the regulatory and supervisory framework.

Specific investment opportunities

  1. Ghana Venture Capital Trust Fund to create instruments and leverage foreign private capital for long term financing
  2. Ghana Infrastructure Fund to provide a vehicle for infrastructure finance including railways, airports and commercially viable roads, etc.
  3. Investment funds to support industrial expansion, and the promotion of scientific research to support industrial competitiveness
  4. Improve financial infrastructure by building an electronic database / portal for the financial sector (including Securities and Exchange Commission, National Pensions Regulatory Authority, National Insurance Commission, Bank of Ghana, etc.)
  5. Development of domestic capital markets, and strengthening the supervisory capacity of regulators in the insurance, pensions and capital market

See Full Prospectus


 

Country

Michael Ayesu

mayesu@mofep.gov.gh


African Development Bank

Sebastian Okeke

s.okeke@afdb.org

 

Bumi Camara

bcamara@afdb.org


International Monetary Fund

Carlo Sdralevich

csdralevich@imf.org

 

Albert Touna Mama

ATounaMama@imf.org


World Bank Group

Pierre Laporte

plaporte@worldbank.org

 

Ronke Ogunsulire

rogunsulire@ifc.org

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