Ghana’ s economy is expected to grow more than 13% in 2011 versus 5.4% in 2010 mainly because the country just started exporting oil that is estimated to be 3 billion barrels worth USD 264.06 billion according to NYMEX West Texas Intermediate Crude Oil futures for January delivery of USD 88.02/barrel. The economy of Ghana is valued at around USD 30 billion.
With one of the strongest economies in Africa, Ghana is positioning itself to earn USD 1 Billion in revenues and hopefully improve the living standards of her people.
Ghana also earns foreign exchange by exporting Gold, timber, cocoa, diamond, bauxite, and manganese
With these fundamental, the West African nation attracted USD 1.68 billion net flows in terms of Foreign Direct Investments with half going into the oil sector. I guess this is why Barack Obama chose to visit this country as his first African visit.
Please do comment.
Ghana has now joined the elite club of Petroleum Exporting Countries. Its a remarkable achievement when you look at the current cost of oil in the international market. It can only get better.
ReplyDeleteBut am afraid, very afraid. Afraid because it seems that oil seems to be a curse to many sub-saharan countries in Africa. It brings more misery and misfortune to countries rich in it. Look at Nigeria. But am willing to give this gem in W-Africa the benefit of doubt, that since its politics seems stable, it will utilise the oil proceeds in an accountable and progressive manner. If that happens, the sky is the limit.