Ghana economic outlook

Ghana's economy is poised for growth and optimism as the World Bank forecasts a 7.5% growth rate in 2017, making it one of the fastest-growing economies in Africa and the world. Charles Robertson, Global Chief Economist at Renaissance Capital, highlighted the potential for Ghana's GDP expansion but also expressed concerns about the country's budget. In an interview with CNBC Africa, Robertson discussed the impact of Ghana's political landscape on its economic development. The new administration in Ghana aims to foster a pro-business environment, attract foreign investors, and reduce reliance on the state for job creation. With a focus on promoting private sector growth and implementing business-friendly reforms, Ghana's government is striving to strengthen the economy and increase investment opportunities. Despite the positive outlook, Ghana's ease of doing business ranking has declined from 51st to 108th place in recent years. While Ghana hasn't regressed in terms of business regulations, other African nations have outpaced its reform efforts. Robertson emphasized the importance of improving Ghana's business environment to attract investment and stimulate economic growth. One key challenge highlighted by Robertson is the lengthy process of complying with export requirements in Ghana, which significantly exceeds the time needed in other countries. The cumbersome export procedures contribute to the country's current account deficit and hinder its potential for export-led growth. Addressing these obstacles and enhancing the ease of doing business are crucial steps for Ghana to unlock its full economic potential and attract foreign investment. Despite the challenges, Robertson remains optimistic about Ghana's economic prospects, especially if the government maintains a positive relationship with international financial institutions like the IMF and the World Bank. By prioritizing business reforms, reducing bureaucratic hurdles, and fostering a more investment-friendly climate, Ghana can position itself for sustained economic growth and development.