Ghana energy market: Discovery of oil in the 'Jubilee fields' expected to boost GDP

Press release   •   Apr 18, 2013 15:18 BST

Ghana won independence from Britain in March 1957: the first sub-Saharan African nation to achieve freedom from European colonization. While the immediate post-independence history was one of political strife and economic uncertainty, recent decades have seen Ghana striving to reclaim its ancient prosperity. The country has experienced uninterrupted GDP growth since 1985; 2012 will see this growth enter its 28th consecutive year.

In 2011 the country posted an impressive growth rate of 14.4%, making it the second fastest growing economy in the world behind Qatar. Indeed, in many ways Ghana is the poster child of a continent that in recent years has found its economic confidence; until 2015 it is estimated to grow at an average of over 7% per annum, the eight-highest growth rate in the world.

Strong macroeconomic policies, a stable government and the exploitation of the country's plentiful natural resources have been the foundations for a growth that is apparent wherever you look: vehicle purchase grew by a record 88% in 2011; energy consumption is rising by an annual average of 10%; 2011 saw production of cocoa, of which Ghana is the world's second-largest producer, rise to a record 1 million tons; and a rebasing of national accounts in 2011 has propelled Ghana's global position to among the lower middle income group of countries.

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