June 11, 2022

The Economist: Ghana, Africa’s New Powerhouse

“We are rekindling the spirit that made Ghana a leading light on the African continent.” H.E. Nana Addo Dankwa Akufo-Addo President of the Republic of Ghana

Located on the edge of the Atlantic Ocean, Ghana, and its population of 32 million, shares its borders with Cote D’Ivoire, Togo, and Burkina Faso in West Africa. As the first sub-Saharan African country to liberate itself from British colonial rule in 1957, Ghana has made major strides in becoming the stable multi-party democracy it is today – one that has earned its rank as being 2021’s best investment destination in West Africa, and the 6th best on the African continent. Its capital city of Accra, which lies on the Gulf of Guinea, is often seen as one of the most central cities in the world – never too far from any destination. With its world-class port and airports, it is home to excellent infrastructure and a growing middle-class.

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Launch of “FOCUS ON AFRICA” edition, 2022

Economic diversification is key to building sustainable and inclusive growth on the continent
Growth will be moderate in Africa this year, with the continent expecting to see an average GPD growth of 3.9%, according to the International Monetary Fund (IMF). But economic recovery is extremely different from one place to another. While Rwanda will see a robust growth of 7%, Equatorial Guinea is going back into recession and is expecting a -5.6% in 2022, the world’s worst performance.Mauritius’ economy severely suffered from the Covid-19 pandemic because of its reliance on the flows of foreign tourists. Zambia took a U-turn. In an inspiration move for many African opposition leaders, Zambians elected H.E. Hakainde Hichilema to the Presidency of the country in 2021.

West African economies proved more resilient than others
2021, Nigeria managed to renew with economic growth and even posted a healthy +5.01% growth in Q2 2021. However, recovery was slowed down by decreasing oil production following years of under-investment and under-performance by aging infrastructure. However, levels of pledged foreign investment picked up towards the end of the year. Even as total announced investment fell from $29.9bn in 2019 to $16.7bn in 2020, the pace of commitments picked up over the course of 2020 and remained high in 2021.
In West Africa, 2021 showed the resilience of the region as most markets posted healthy recovery figures despite an unstable global climate. The region is positioning itself as a hub of African growth and hosts some of the continent’s strongest institutions such as the African Development Bank (AfDB) in Abidjan or the new Secretariat of the African Continental Free Trade Area (AfCFTA) in Accra.

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