Having overseen rapid economic growth in the past three years, Ghana’s finance minister insists his government will maintain fiscal discipline before December’s elections. However, he believes fuel subsidies should remain in place, at least for now.
Ghanaian banks are worried that rising interest rates and a depreciating currency could lead to a lot of volatility in the next few months. Nonetheless, they remain in good health and are likely to benefit in the coming years from the country’s rapid economic growth.
Ghana has been hurt by the weakness of its currency since late last year. Yet its economy, one of the fastest-growing in the world, is still in rude health, and investors are said to be increasingly bullish about the country, even if they are hindered by shallow capital markets.
Ghana has been a bastion of stability in a volatile west Africa for the past 20 years. It will have a chance to reassert its credentials in elections later this year and most analysts think it will succeed, despite political rhetoric becoming more heated in recent months.