Ghana’s prospects have been given a major boost with the recent surge in crude oil prices on the international market.
Prices hit an 11-year high, reaching $96 per barrel, driven by fears of supply disruptions due to the Russia-Ukraine conflict.
This bodes well for Ghana, a significant oil producer in West Africa, as it is expected to boost government revenues and provide more funds for critical sectors such as infrastructure, health, and education.
The country had already projected a budget deficit of 7.4% of GDP for 2023, but the increase in oil prices could help narrow this gap.
More
updates
How Industrial Parks Are Powering Economic Growth in Africa
Blog∙30th April, 2025
Addressing The Infrastructure Gaps in Sub-Saharan Africa
Blog∙11th March, 2025
Regional vs. National Approaches to Trade Facilitation: Which is More Effective for Africa?
Blog∙11th December, 2024
Earn Big with Dawa Refer & Earn: Unlock Lucrative Rewards for Every Business You Refer!
Blog∙13th November, 2024
Leapfrogging the Growth Trap: Policy Initiatives for Developing Economies in a Globalized World
Blog∙4th October, 2024
