10 Reasons Why Bloomberg Believes Ghana Could Be Africa’s Economic Messiah

According to Bloomberg, Ghana has a number of big advantages over other countries in the region in terms of geography, institutions and human capital.

These advantages have helped to make Ghana one of the fastest-growing countries on the continent.

1. The raw materials for a Ghanaian manufacturing boom are there.

The country has entrepreneurial and innovative talent, as demonstrated by the introduction a few years ago of the first Ghana-made car. And both China and other industrialized nations are clearly interested in Ghana as a production base for the burgeoning West African market.

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2. Less ethnic fracas

Members of the Akan ethnic group make up about half of the population, meaning that Ghana has less of the ethnic fragmentation plaguing many post-colonial states.

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3. Ghana has lower child mortality than its neighbors, indicating a relatively healthy populace.

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4. Rich in natural resources.

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5. It’s on the coast and has plenty of ports that can be used to ship and receive goods.

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6. With about 31 million people, it has a large enough population to create a substantial domestic market but small enough that providing jobs and food won’t be too insurmountable of a challenge.

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7. It also has a head start in terms of literacy rates and education.

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8. Agricultural productivity has increased.

This has allowed many Ghanaians to move from farms to cities, where they have been mostly employed in the service sector.
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9. Growth rate

Although Ghana’s 2019 growth rate ended up being only 7% rather than the world-beating 8.8% forecast by the International Monetary Fund, that is still very solid growth.

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10. Ghana scores well on international indicators of governance quality, freedom, democracy, ease of doing business and corruption.

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