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.
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.
3. Ghana has lower child mortality than its neighbors, indicating a relatively healthy populace.
4. Rich in natural resources.
5. It’s on the coast and has plenty of ports that can be used to ship and receive goods.
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.
7. It also has a head start in terms of literacy rates and education.
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.
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.
10. Ghana scores well on international indicators of governance quality, freedom, democracy, ease of doing business and corruption.