Ghana is poised to become the fastest growing economy in the world with the recent boost in the nation’s oil revenue.
According to a New York Times report, the country is set to outpace both India with its “booming tech sector” and Ethiopia’s agriculture and coffee export-driven growth.
Ghana’s bright fortunes are hinged on its increased crude oil production and rises prices in the global market.
“In the last 18 months, two major oil fields off Ghana’s coast have started production,” the report stated.
In 2017, production jumped to nearly 60 million barrels, resulting in oil export revenues 124 percent above the previous year, the Time reported, quoting data from Ghana’s central bank revealed.
According to the International Monetary Fund (IMF), in 2018, Ghana’s projected growth is between 8.3 and 8.9 percent, with only Bhutan, a South Asian country, predicted to have a higher growth.
In January, Ghana’s benchmark stock index “achieved the world’s highest rate of growth” at 19 percent.
Experts have however expressed worry on the negative effect of the “resource curse” taking hold of Ghana’s burgeoning economy.
Ghana’s agricultural sector is also experiencing good fortunes as local producers tap from oil wealth to increase cocoa production, an abundant natural resource of the country.
“Cocoa sales are helping lift Ghana’s agriculture sector, which at the end of last year posted its best quarter of growth since 2010, driven by a bumper cocoa crop,” the report noted.
“Cocoa prices, along with prices for another of Ghana’s exports — gold — are rising again.”