Positive Outlook For Ghana’s Economy — Economist

Alhassan-AndaniAn economist, Dr. Settor Amediku, has predicted good economic prospects and improved growth rate for the country next year.

“The volatility we have seen in 2013 will be better next year. I urge investors to take advantage of the opportunities that exist in the country to boost their investment portfolios,” he said.

Speaking at the Stanbic Bank Ghana Limited Insights and Perspectives forum in Accra on Tuesday, Dr Amediku said the economy would record strong stability and the cost of credit would plummet down.

Dr. Amediku explained that growing investor confidence in the Ghanaian economy was an indication of a good economic outlook for 2014.

According to him, the country would witness significant inflows into the economy next year from the cocoa and oil sectors.
“Inflows from the oil and cocoa sectors will bring additional revenues into the economy to enable government balance the budget next year,’’ Dr. Amediku stated.

The event which was on the theme ‘’Ghana’s Economy and You: Yesterday, Today and Tomorrow,’’ is the first in a series of quarterly programmes to be hosted by Stanbic Banana Ghana Limited.

The programme was also used to introduce the bank’s new product dubbed ‘’Stanbic Private Banking’’ designed for top business executives and CEOs as well as expatriate workers.

He said after every election year, the country suffered economic instability due to the budget overrun the previous year.
The economist said the global economic shock and fall of commodity prices on the international market were impacting negatively on Ghana due to the country’s reliance on primary commodity exports for her foreign exchange earnings.

He said the power problems experienced in the middle of the year would have serious ramifications on the manufacturing sector and also affect government tax revenue from the manufacturing sector.

Responding to the Fitch’s downgrading of the economy, Dr Amediku responded that ‘’Ghanaians know the economy has challenges.’’
The Managing Director of Stanbic Bank Ghana Limited, Mr Alhassan Andani said the forum had been instituted to discuss thought provoking national issues.

He said the forum was also to discuss the numerous investment opportunities that exist in the country. Mr Andani said there was growing investor interest in the infrastructure, agriculture and agro-processing sectors.

He urged investors to consider investing in the country saying ‘’Ghana can be a gateway for investors to penetrate to the 250-million West African markets.’’   By Kingsley Asare

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