Oil Boom Will Help Ghana To Be One Of The Fastest Growing¨Economies By 2018!

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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%, 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. While the long-term goal is to diversify the economy, the main reason behind all the current optimism in Ghana is still oil. In the last 18 months, two major oil fields off Ghana’s coast have started production. In 2017, production jumped to nearly 60 million barrels, resulting in oil export revenues 124% above the previous year, according to central bank statistics. In September, Ghana won an offshore boundary dispute with neighboring Ivory Coast, which is expected to clear the way for further oil exploration. Exxon Mobil signed an exploration deal with the government in January.
 

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Where Exxon is, money's there too

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Ghana is an example what other West African countries could do, including Senegal, which recently announced discoveries of oil and gas off shore, and Mauritania, which has signed an exploration deal with Total, the French oil company.

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Gold was Ghana’s top export product  according to the Observatory of Economic Complexity, accounting for 42 percent of the total. This was followed by cocoa, at 18 percent and then crude oil, at 9.1 percent.
 

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Last few years Senegal, Ghana, Gabon and Angola are making tremendous progress in oil production and exploration and have also become key investment destinations. Nigeria is still the leader, but these countries are close to her.

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First of all, Italian and British oil company have expanded into this ex-British colony. And, helped them. Now, Exxon's coming and Ghana will be successful story in this year.

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