Ghana 

Ghana country policy

Policy established 20 December 2011

• ILC, bank guarantee or central public guarantee (unconditional)
• The country ceiling is 1000 mln euro
• Early warning signal 400 mln euro
• - of which was used as at 2011-11-30 305 mln euro
• Public buyers: ORIO facility

Country class: 5

Restrictions

• Extended DAL (Date of Ascertainment of Loss): 6 months

Van het signalerings plafond van 400 mln EURO is 50 mln EURO gereserveerd voor projecten met een schenkingselement zoals ORIO.

From the early warning signal of 400 mln EURO 50 mln is reserved for concessionality projects.

Ghana country facts

Atradius Dutch State Business Economic Research 
Country Report last updated :  13 October 2011   

Country :  GHANA 

Political Situation
Stable

Head of state
John Atta Mills (National Democratic Congress), since December 2008.

Form of government
NDC government.

Internal Economic Situation
Oil Sector Will Boost Economy

General situation
Economic growth is expected to accelerate to 12.2% this year due to the start of oil production. Support also comes from a good performance of its main export products (cacao and gold), strong activity in the construction and services sector. Inflation is expected to decline to 8.8% this year from 10.7% last year. This allows the central bank to lower interest rate. Uncertainties in the global economy can temper the economic growth as falling oil prices and lower confidence will affect investments in Ghana and will also have an impact on trade. China is becoming a major investor (infrastructure). 

External Economic Situation
Debt Is Increasing Rapidly

Main sources of foreign exchange
Cocoa (38% of goods exports), gold (30%), timber (8%), remittances.

Main foreign markets
Netherlands 13%, UK 8%, US 7%, France 6%

Main expenses of foreign exchange
Oil (18% of goods imports), capital equipment, food.
 
Balance of payments 
Current account deficit increases this year as import bill, relating to investments in oil sector increase. Exports are supported by good performance of main export products. Deficits are being financed through FDI and portfolio flows.