Tuesday, 23 August 2011 14:24
Ghana’s economy has been enjoying a high rate of economic growth for the past decade. In 2006 the rate of growth exceeded 6%, and is forecast to increase during 2007. The spur for this growth can be attributed to rising commodity prices, fuelled by the expanding demand of a healthy global economy. Some are comparing today’s economic climate with the ‘golden years’ of the post war boom. It seems only fair that this time around the world’s poorest economies share in the spoils.
The result of over a decade of continual expansion for Ghana is that its economy is today 50% larger than it was in the mid 1990s. In order to continue to grow Ghana is looking to provide more electricity, more roads, an expansion of sanitation facilities and telecommunication networks, and much more besides. Ghana is seeking large scale investment to expand its infrastructure. This scale of investment cannot be funded from tax revenues and is unlikely to come from private funding. But without it the Ghanaian economy will suffer.