Africa: 2018, A Year Of Exponential Growth For Ghana’s Economy
What a year 2017 was for Ghana! Can we call it a successful year? Well, that was meant to be a rhetorical question. In many ways, with a new government almost everyone expected a transitional period in our growth and development. With many new leaders at the helms of affairs at various levels as well as new ideas and strategies being implemented, 2017 was that year of change.
However, we all cannot overlook what immense potential Ghana has in terms of economic development. With Ghana’s highest foreign exchange earners being gold, cocoa, oil and tourism, we are definitely bound for a bountiful 2018. Below, Jumia Travel which is Africa’s leading online travel website looks at the prospects and challenge of Ghana’s economic growth in 2018.
In the first half of 2017,there was an improvement in Ghana’s economic growth after a substantial decline in 2016. Gold Reserves in Ghana remained unchanged at 8.74 Tonnes in the fourth quarter of 2017 from 8.74 Tonnes in the third quarter of 2017. This shows a good upward trend and the likelihood of a better 2018. Gold is one of Ghana’s main economic drivers as the country is renowned to be a land of great mineral wealth. This was even the reason why the early European settlers named the country ‘’Gold coast’’.
Over the years, many countries have emerged as leading gold producers but Ghana still remains one of the highly recognized producers of this rich mineral. With several trade agreements and investments in place mixed with a stable country and economy, there is great promise for gold business to and from Ghana. In the end, it is our economy and the citizens who will benefit greatly. Even the effects of illegal mining ‘’galamsey’’ on education, health and the general economy are so immense that the directive of the president to stop illegal mining is just timely.
Cocoa, another massive earner of foreign exchange seems to have been slow in 2017 but with the one million metric tonnes target set for this crop season, cocoa is poised to rake in a lot of revenue this year. Production is at it’s peak and the weather seems to be stable for good cocoa growth. The mechanisms are also in place and policies right on cue. With the right balance, 2018 definitely will be a massive year for cocoa and agriculture in general.
Then we look at oil. The much talked about find some many years back brought about great promise and general joy at the prospect of making some good revenue for the country. However, over the past few years, a national tussle between Ghana and Ivory Coast begun to raise concerns. This dispute was settled last year and plans are far underway for massive work to begin on this. Oil is by far a leading world economic catalyst and getting it right here in Ghana will go a million miles in growing our economy.
Finally let’s look at the 4th highest foreign exchange earner, tourism. Unfortunately, domestic tourism has been under the radar with most of Ghana’s tourism revenue coming from international travels. In 2017, Ghana made several important strides in this regard. With events such as the World Tourism Summit and the African Air Show putting Ghana on the international map. Several other strategies by the Ghana Tourism Authority and the Ghana Tourist Development Company paved the way for great tourism business.
A better air transport system, good road networks , renovated tourist sites and a general public interest in tourism these days, 2018 seems to be that year of massive growth and development in the tourism industry.
2018 is a promising year by all standards and we all have to play our respective roles in making this year a very massive year of growth.