Title: The 10 Worst Economies --Dated: 6/09/2010
9. Ghana
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."
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."
Paulina says: the above painful words were written about
our sweet motherland Ghana’s economy in 2010 by industry giants Forbes but ……..and
I’m sure many will agree ----that nothing much has changed. I’m exhausted by
our economy right now, so I’m going to think about nice things like Ghana’s
growing fashion industry and chocolates. You can read the full article via: http://www.forbes.com/2010/06/08/zimbabwe-ghana-congo-nicaragua-business-worst-economies_slide.html
Whilst Ghana has its issues, this article was a puff piece written the same time as this one:
ReplyDeletehttp://online.wsj.com/article/SB10001424052748704804204575069511746613890.html#articleTabs%3Darticle
At the time Ghanaian government was in dispute with Kosmos Energy (in relation to oil drilling rights or something of similar nature). Kosmos hired Lobbyists KRL to lean on the govt using various instruments.
What stood out about these articles was at the time the economy was seeing tremendous growth and was.
Irritated officials at the IMF and World Bank, which at the time lent Ghana over US$2 billion on the strength of its macro-economic reforms, say the article used selective quotation, and conveys a distorted impression of the country
If interested i can send you a more info this case