Ghana's economy is healthy.

masterroshi (57)in #africa • 7 years ago

Growth On The Gold Coast!

Ever since the Jubilee oil field has begun producing and the Tema refinery is in service, it seems that the Ghanaian economy had become one of the strongest in Africa. Oil has beenone of the driving forces behing this steady trend of growth in recent years. Ghana's other main exports Gold and Cocoa are also having good years which translates into positive returns for the nations economy. Since president Akifo Addo has come into office things in Ghanas economy have really began to look up (aside from the bank failures). According to the Bank of Ghana there is currently a US $769 million trade surplus in Ghana, meaning we currently export more value than we import.

Does It Effect The Masses?

Although some sectors of the economy are doing extrodinarily well, it seems that there are a few sectors such as serices whic are experiencing a decline in revenue. This is likely due to the fact that fluctuating oil prices have driven up the prices of consumer goods, which are mostly imported from abroad. There also has not been an equal growth in infrastructure to correlate with this influx of capital growth. There are still some pertinent economic issues that need to be addressed such as costly regulatory issues as well as high unemployment and housing deficits. As of yet if you ask the average Ghanaian thy will tell you that the economy is bad becaues their personal economic situation isnt favorable. This means that the current economic growth is falling short of making it past the upper class, and is a good example of how Trickle Down Economics doesn't work.

Making It Work For Everyone

In order for this economic growth to work for everyone we need to begin focusing on the infrastructural and social aspects of Ghana. By focusing the proceeds of this growth towards the improvement of inrfastructure, we can eliminate the deadly unpaved roads and close those open drains. Such projcts will create thousands of jobs across the country and inject funds into the various private entities that are capable of completing the tasks. Of course for this to happe accountability has to occur so we avoid scandals like Saglemi where 1,500 housing units sit empty due to lack of government coherence and accountability of contractors. In order for the nation to truly grow the Big Men and Women have to understand the more Developed Ghana is the richer you can become.