Celebrating all the yummy goodness of Ghana: its people, its culture and its [far reaching] influences
Friday, 6 September 2013
The state of the Nation: Spending Binges…………………………
Title: The 10 Worst Economies --Dated: 6/09/2010
GDP per capita: $671
Inflation rate: 16%
"Bauxite, the world’s largest manmade lake, a 1-gigawatt hydroelectric plant and now offshore oil. Ghana’s got it all, except a functioning economy. Persistent electricity shortages have sidelined the massive Valco aluminum smelter and the government of Ghana must privatize several money-losing state-owned enterprises to reduce its budget deficits, which run close to 10% of GDP. Oil revenues are expected to flow next year from offshore fields, being developed by Anadarko Petroleum and others. Perhaps the government will use the money to stabilize its finances instead of launching another spending binge."