Ghana is among emerging economies - Economist

Ghana is one of the fastest growing and most politically stable African countries, Robert Ward, Country Director of the Economist Intelligence, said on Tuesday.

He said over the last decade, the continent had become the most exciting global economic story with Ghana ranking 14th among the top 20 fastest emerging economies in the world. “Africa’s recent economic surge is fueling optimism about the continent’s prospects and positioning it in the minds of investors and businesses are a significant opportunity”.

Blessed with a wealth of natural resources and a large, young and growing population, many economies in Africa were enjoying rates of growth and development that are the envy of the emerging world, he said.

Speaking at the Ghana Summit in Accra, Mr. Ward noted that Ghana was a true success story, with a stable government and continued economic and human development, presenting genuine opportunities in varieties of sectors.

The Ghana Summit is a calendar event of The Economist Events, the conference arm of The Economist newspaper.

It organises thought-provoking events, translating the best qualities of unique editorial coverage into lively and relevant debates for senior executives seeking new insights into strategic issues.

Mr. Ward, however, said Ghana faced serious challenges too, because its economy remained vulnerable to external factors, in particular the risk of a slowdown in China, the global commodity cycle and high inflation. He expressed the view that Ghana would need to improve governance and tackle corruption and inflation as well as strengthen institutions to accelerate development.

Mr. Ward said while sections of the continent still faced steep challenges, Ghana was well placed to benefit from the forces of beneficial change in the region. Ghana, he said, had one of the most developed telecommunications sectors in Africa coupled with a strong and sustained growth in recent years and benefiting from high global commodity prices, continued political stability and a youthful and better educated workforce.

A concerted effort by government to attract foreign investment and improve ease of doing business would be in the right direction, he said. The Ghana Summit will explore the risks and opportunities, tensions and compromises that are facing the thriving global African economy.

It will bring together over 150 leaders from government, business and finance who are investors or otherwise interested in Ghana's future.