FOCUS on Ghana 2022
Africa’s New Powerhouse
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 in Africa. The country has a wealth of natural resources that range from precious minerals to fossil fuels and agricultural produce, on which its young economy stands. In addition to being Africa’s leading producer of gold, Ghana is also the world’s second-largest cocoa exporter and a key producer of palm oil and timber. Other minerals like bauxite, diamonds, iron ore, lithium, and manganese also contribute to its many strengths as an emerging economic giant in Africa. Ghana has seen great poverty and setbacks in the past, but its pre-COVID economy was poised for steady annual growth, with GDP growth of 7% between 2017 — 2019. Two years later, the country’s economy has successfully recovered from pandemic-induced obstacles and is expected to reach GDP growth of 5.5% in 2022.