Ghana's economy sees 9% growth in Q2

Ghana's economy is experiencing significant growth with a staggering 9% rise in gross domestic product in the second quarter of 2017, up from 6.6% in the first quarter. This remarkable increase marks a substantial improvement from the 1.1% growth recorded in the same period last year. Samuel Kofi Ampah, Head of Research at Groupe Nduom, shared insights on the driving forces behind this economic boom in a recent interview on CNBC Africa. The surge in GDP is seen as a positive outcome of the country's adherence to IMF conditions and the government's fiscal consolidation efforts. The recent growth is attributed to various sectors, particularly the industry, oil, and gas sectors. Investments in the oil field and a boost in personal consumption have also played crucial roles in propelling the economy forward. The stability of the Ghanaian currency has enhanced retail sales, instilling confidence in the economy. However, questions arise regarding the sustainability of this growth, given Ghana's historical challenges in maintaining economic progress post-election cycles. Despite past setbacks, the current administration's commitment to fiscal discipline and managing revenue constraints is commendable. The government's efforts have even led to a trade surplus, a rare occurrence that has contributed significantly to the impressive 9% GDP growth. Overall, Samuel Kofi Ampah remains optimistic about the government's determination to sustain and build upon the current economic upswing in Ghana.