Ghana: Oil adds to gold and cocoa resources

Annual average GDP growth was above +5% in 2000-08, a relatively good rate of expansion but around the pace required to make positive advances in socio-economic development for a country like Ghana.

EH forecasts GDP growth to slow but, at +7% in 2013 and +7.5% in 2014, it will remain above the average for Sub-Saharan Africa. Large current account deficits were recorded before oil output came on stream and exports of crude oil have now boosted the trade balance. Economic management appears sound, partly reflecting relative consistency in recent years of pro-market policy formulation adopted by governments of varying political allegiance. Relative to other countries in Sub-Saharan Africa, Ghana consistently ranks highly in the World Bank's Ease of Doing Business surveys.