KEY POINTS
- Ghana’s $12 billion petroleum hub project positions it as a key oil refining center in West Africa.
- Successful debt restructuring in 2024 restored investor confidence and reduced public debt.
- Economic growth has been fueled by strategic reforms and industrial expansion.
Over the past decade, Ghana has achieved significant milestones that have shaped its economic landscape. The country advances its effort toward sustaining growth and stability through these recent developments.
Oil production and the petroleum hub initiative
In August 2024, Ghana began building a $12 billion petroleum hub in Jomoro, aiming to develop into the primary refining and petrochemical center across West Africa.
The project is funded by international investors through a consortium to build a 300,000 barrel-per-day refinery as well as petrochemical facilities.
The experts predict that this initiative will reach its target of serving West African refined petroleum requirements by 2036.
Debt restructuring and economic stabilization
The country finished a major debt restructuring program in October 2024 through which it restructured $13 billion in bonds while erasing more than $4 billion from its debt.
The accomplishment aims to reduce the government debt-to-GDP ratio to under 80 percent by 2025 from the 2022 level of nearly 100 percent and restore investor trust so Ghana can rejoin global capital markets.
Economic growth and projections
Ghana displays strong economic performance despite worldwide market obstacles.
The African Development Bank projects GDP growth to rise to 3.4 percent in 2024 and 4.3 percent in 2025, driven by industry and services sectors, along with private consumption and investment.
The positive perspective stems from current reforms along with strategic investments which promote sustainable economic development.
Strengthening domestic revenue systems
The World Bank presented its 8th Economic Update for Ghana in July 2024, to show how domestic revenue systems achieved advancement in fiscal sustainability goals.
The report underscored that expanding taxation along with better tax compliance standards and digital service delivery advances fiscal discipline while supporting economic development.
Commitment to democratic governance
Democratic governance remains at the forefront of Ghanaian national policies as the key driver behind economic development during the past decade.
In October 2024, President Nana Akufo-Addo reaffirmed that democracy offers more opportunities for stability and economic progress compared to military regimes.
The country’s political stability enables favorable economic reforms together with investments to take place.
The series of economic achievements demonstrate Ghana’s strategic method for progress which involves blending investments in infrastructure and fiscal policy with democratic practices to manage worldwide political and financial challenges.
