Ghana Is Fastest Growing Economy In The World

Ghana has a bright future ahead.

According to a report by the IMF, World Bank and the African Development Bank Ghana has the fastest growing economy in the world. Furthermore, this is due to the various natural resources that have been discovered.

Also, according to the report, our peaceful country is another reason behind the growing economy.

The New York Times published the report

As recently as the 1980s, the West African nation of Ghana was in crisis. A nation crippled by hunger after a series of military coups. But it has held peaceful elections since 1992, and its economic outlook turned considerably brighter about a decade ago, with the discovery of major offshore oil deposits.

Now, as oil prices rise again and the country’s oil production rapidly expands, Ghana is on track to make a remarkable claim for a country mired in poverty not long ago. It is likely to have one of the world’s fastest-growing economies this year.

Its projected growth in 2018, between 8.3 and 8.9 percent, might outpace even India, with its booming tech sector. Also, Ethiopia, which over the last decade has been one of Africa’s fastest-growing economies thanks to expanding agricultural production and coffee exports.

In January, Ghana’s benchmark stock index achieved the world’s highest rate of growth, 19 percent, according to Bloomberg.

And oil is not the only resource helping to drive Ghana’s economy. Cocoa is Ghana’s other natural bounty, and producers are piggybacking on the oil boom.

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