Ghana flag.
Ghana flag.

The New York Times is reporting Ghana is a contender for having one of the world’s fastest growing economies. Ghana’s status change from struggling economy to robust economy is due to the rapid expansion of the nation’s oil production and cocoa.

NYT’s Tim McDonnell reports:

“…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, according to the World Bank, the African Development Bank, the International Monetary Fund and the Brookings Institution.

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

According to the I.M.F.’s projections, only Bhutan, with a minuscule economy, and Libya, whose war-ravaged economy plunged in recent years, may have a higher rate of growth this year.

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

Read more at The New York Times.

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