Ghana: The challenges of growth faced with increasing imbalances

Ghana, West Africa’s second largest economy, has been particularly adept over the last decade at consolidating its democracy and bolstering its growth regime. Despite the financial crisis, the country has seen average annual growth rates of over 7 per cent since 2005. Furthermore, Ghana has recently become an oil producer and the developing oil sector has quickened the pace of growth, which reached almost 15 per cent in 2011. This enhanced growth has resulted in a rise of per capita income levels and enabled Ghana to attain the status of a low-middle-income country according to World Bank rankings.