The oil boost is timely for Ghana

 By Daniel Maalo | Published: 06 July, 2010

 

Fuelling prosperity: the Tema oil refinery near Ghana's capital, Accra

Ghana's entry into the club of African oil producers has placed its economy in the spotlight, with revenues from its up-and-coming oil industry expected to address the country's fiscal deficit. Writer Daniel Maalo

With production expected to start later this year, Ghana's oil fields are expected to provide a much needed boon to an economy that has shown signs of a slowdown in recent times. Ghana's economic growth slowed to 4.7% last year, its lowest rate since 2002, after reaching a high of 7.3% in 2008. This development was compounded by the fact that the country's economy had averaged a 6% growth rate over the previous five years.

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