The Glowing Black Star: A Review of Ghana’s Economy
Ghana’s commercial vibrancy follows economic reforms initiated to revamp the country’s economy. With ongoing reforms designed to revitalize the economy and create an enabling environment for investors, Ghana’s economy could be the fastest growing in sub-Saharan Africa. This projection hinges on the fact that Ghana is in a position to register strong economic growth with the oil sector, even as their economy is benefitting from a strong rebound in the volume and prices of gold and cocoa.
In a recent publication by Doing Business 2011, a co-publication of the World Bank and the International Finance Corporation, Ghana’s economy was ranked the most improved economy in the world in terms of getting access to credit. Ghana enhanced access to credit by establishing a centralized collateral registry. The country also granted an operating license to a private credit bureau that began operations in 2010. Ghana now ranks 67th out of 183 countries when it comes to ease of doing business.