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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.

For more information on the Ghana energy market, please click here: Ghana energy market

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