Is Ghana becoming an investors’s dream?
Twenty years ago, the West African country was struck by poverty and famine. Now it may be the heaven for risk tolerant investors, as it rapidly becomes one of the fastest growing economies in the world. According to the World Bank, its projected growth in 2018 may be between 8.3 and 8.9 percent. This is on par with the rising giants such as India, or Africa’s fastest booming country that is Ethiopia.
In addition to that, Ghana’s stock exchange index is the fastest growing in the world, as the Accra-based Ghana Stock Exchange Composite Index has gained 19 percent in dollar terms in January only, the most among benchmarks tracked by Bloomberg.
“Ghana’s economic outlook turned considerably brighter about a decade ago, with the discovery of major offshore oil deposits. And oil is not the only resource helping to drive Ghana’s economy. Cocoa is Ghana’s other natural bounty, and producers are piggybacking on the oil boom,” thinks The New York Times’s Tim McDonnell.
According to the World Bank, also others, non-resource intensive countries are expected to expand at a solid pace. This is helped by robust investment growth. Côte d’Ivoire is forecast to expand by 7.2 percent in 2018, Senegal by 6.9 percent, Ethiopia by 8.2 percent and Tanzania by 6.8 percent.