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.

Ghana’s banks have benefited from a booming economy over the past 18 months, but they may have to start adapting to lower interest rates by expanding their capital markets services and offering more sophisticated products – or risk being bought out in a wave of consolidation.

The discovery of oil has turned Ghana into one of the fastest-growing economies in the world. Ghana knows it has plenty to do to ensure the commodity remains a blessing but the early signs are good.

Ghana’s finance minister, Kwabena Duffuor, is focusing on maintaining the economy’s momentum. He is also at the forefront of efforts to ensure the country’s recently discovered oil riches are not squandered.

Ghana is making plenty of effort to diversify its economy. But cocoa, gold and oil will have the biggest impact on the economy in the coming years, so for now the country is reaping the benefits of high global prices for these commodities.

Ghana's finance minister Kwabena Duffuor tells Brian Caplen how he is taking measures to ensure that his country's new oil wealth is spent on securing its long-term economic prosperity.