Ghana’s economy proves robust in 2009 despite global crisis, but managing oil revenues a bigger challenge – Report
Ghana’s economy has proven to be robust despite external headwinds of 2009, boding well for economic expansion going forward, a report by the research firm Markets and Companies has said.
However, management of the country’s new found wealth, oil revenues, will be a big challenge to the politicians, it added.
The report noted that while GDP growth was estimated to have been 4.7% in 2009, authors of the report see it accelerating into double digits by 2011.
While it indicates the considerable uncertainty of the commercial production of oil in the country, it admits that its production will boost growth and lead to remarkable reductions in the deficits on current account and fiscal account.
“In fact, we expect both accounts to flip into surplus over the coming years,” the authors said.
The report commenting on Ghana’s political stability, concludes that, that stability is relative, comparing Ghana to its regional neighbours.
In the view of the authors of the report, “the major challenge that the Ghanaian authorities face over the coming years is the responsible management of oil revenues.”
According to the report, Ghana’s currency will appreciate only mildly in 2010.
“We have also reduced our 2010 real GDP growth forecast to 6.4% from 6.7% previously,” the authors said.
By Emmanuel K. Dogbevi
The present NDC government is managing the economy better than they did in their last 4 years before NPP took over. The government should remained focused and not be bothered by those who think they should witch hunt and imprison members of the previous government.
We must aim at uniting this country instead of dividing ourselves into parties and tribes. It will never help us to progress. We have wasted 50 years in the wrong direction and must wake up and be serious especially when God has blessed us with crude oil now.
We should position ourselves to manufacture a lot for ourselves with the natural resources we have. A lot of products come out from oil and gas and we must reap those benefits instead of putting our hopes on royalties. We have gold, manganese, bauxite, timber, cocoa and diamond so we need not import much to industrialize. If we are really serious we can triple our incomes in the next ten years.
In any financial report the name of the company and the author has to to be disclosed for authenticity. Research firms companies is trade group and not a company as you reported. No name was assigned to the report. could that be a PR firm for the government?