59777
Ghana Facing Mixed Economic Prospects
Ghana Facing Mixed Economic Prospects

Ghana Facing Mixed Economic Prospects

Ghana Facing Mixed Economic Prospects

Emerging oil and gas producer Ghana could see its economy improve, though certain sectors are expected to face challenges, Moody’s Investors Service found.
Moody’s said it expected the Ghanaian economy to grow by 6.5% in gross domestic product this year, compared with an average annual growth rate of around 4% during the two-year period ending last year, UPI reported.
The International Monetary Fund concluded a regular report on Ghana last week, saying the country’s fiscal deficit was higher than expected when measured against GDP. The deviation was attributed to “poor oil and non-oil revenue performance and large expenditure overruns.”
Moody’s last year said the country’s expanding oil and gas prospects were expected to spur economic growth. British energy company Tullow Oil is working to develop the Jubilee field off the Ghanaian cost. Considered one of the larger fields in the region, the company expects to produce about 80,300 barrels of oil per day on average once in full swing.
In early February, Dutch energy and trading company Vitol started gas production using a floating facility offshore Ghana.
Despite gaining ground as an energy producer, the IMF in its report said there were large financial imbalances found in state-owned enterprises in the energy sector that need to be addressed.
From the perspective of Moody’s, the country faces headwinds because its banks are faced with high asset risks. “We expect asset risk for banks in Ghana to remain high over the coming quarters,” Akintunde Majekodunmi, a senior analyst at Moody’s, said in a statement.

Short URL : https://goo.gl/JgGpoy
  1. https://goo.gl/GuB0II
  • https://goo.gl/gDXRVI
  • https://goo.gl/VYJwyn
  • https://goo.gl/ee4xYc
  • https://goo.gl/OkMCEj

You can also read ...

China is likely to develop a major overcapacity in production of industrial robots. This will tend to result in building too many factories, and that in turn means price-dumping on global markets.
The Chinese government has adopted a 'Made in China 2025'...
The Trump administration has expressed interest in combating America’s trade deficit with individual countries like China and Mexico.
As the nation was reeling from the racially charged violence...
China mainland stocks enjoyed some of  the steepest gains.
Emerging stocks and some currencies ended the week on a sour...
Brazil Showing Signs of Recovery
Economic activity in Brazil expanded at a faster pace than...
Consumer confidence in Singapore has picked up.
Singapore residents were significantly more optimistic about...
Fitch Upgrades Greece Debt
Credit rating agency Fitch on Friday upgraded Greece’s debt by...
Russia Continues With Privatizations
Russia’s Economy Ministry is continuing with the sale of state...
Academia and business leaders have expressed confidence in the bloc to drive world economic growth.
Academics and business leaders from developing countries...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus