Ghana’s economic growth to average 10.5%

The economic growth of Ghana is expected to average between 9.5% and 10.5% over the next five years as revenue from oil production starts, the Bloomberg news has reported citing Ghana’s Databank Financial Services.

This year, growth is expected to accelerate to about 6.3% from 4.9% in 2009 as the government invests more in agriculture, it said.

Ghana has one of the largest oil fields to be discovered in West Africa in the last 10 to 15 years. The Jubilee oil field is said to  hold 1.8 billion barrels of oil and it has 17 wells, according to the major stakeholder, UK oil company Tullow Oil.

Commercial production of oil is expected in the last quarter of the year.

By Emmanuel K. Dogbevi