The national GDP in Ghana grew on average 6.5% pa between 2006 and 2010. In 2010, net flows of foreign direct investment (FDI) accounted for 8% of GDP. Ghana is ranked 73rd out of 142 countries in terms of the degree to which FDI brings in new technology, according to the World Economic Forum’s ‘Global Competitiveness Report 2011-2012’. Its score of 4.6 is equal to the world’s average which means FDI is a relatively good source of new technology. Ghana is ranked 46th out of 142 countries in terms of the manner in which government rules encourage FDI. The country’s score is above the world mean, reflecting the nature of rules in Ghana that more strongly encourage FDI than discourage.
The long term development strategy for Ghana’s economic development is laid out in the 2020 vision report produced in 1996. Its aim is to increase Ghana’s socio-economic standard to a middle-income country level by 2020. The discovery of offshore oil in 2007 and stable political environment have become important foundations for this vision. However, the IMF has said that Ghana must attract more private investment if it is to successfully develop and transform its economy.
Prominent investment and economic development agencies include the Ghana Investment Promotion Centre (GIPC), a government agency that facilitates local and foreign investment in the manufacturing and services sectors. It was re-established under the Ghana Investment Promotion Centre Act, 1994 (Act 478) and is a one-stop agency that facilitates and supports local and foreign investors as they seek more value-creating operations, higher sustainable returns and new business opportunities.
The Ghana Investment Corporation (GIC) also encourages the private sector to participate in the financing of energy, roads, railways and water sectors. The Ghanaian-German Economic Association is another organisation which helps promote bilateral trade between Ghana and Germany. Germany is an important trading partner, behind France, the UK and the US.
Exports from the country are encouraged by the Ghana Export Promotion Council, which has the sole responsibility for developing and promoting exports of non-traditional products. Its mandate includes the provision of technical assistant in production, marketing and training, as well as advisory and practical services aimed at fostering an enabling environment for export expansion. Other governmental agencies handle the promotion of specific exports, notably the Ghana Cocoa Board and the Timber Export Development Board.
The Agricultural Development Bank of Ghana, or ADB, is a government-owned development and commercial bank in Ghana. It aims to provide profitable financial intermediation and other services to enable sustained and diversified agricultural and rural development.
