As Ghana prepares to pump oil in the second half of 2010, hopes are rising, both among hard-pressed market traders at home and in the far-flung Diaspora, where Ghanaians are quitting jobs in American banks to head back to an optimistic homeland.
Oil was found off Ghana’s coast in 2007 and, even without further discoveries, is now expected to earn an average of $1.2 billion in annual state revenues for almost two decades.
For a country with 23m people and a GDP of $16 billion, it could be a big boost – or a crippling blight.
Perky economic growth, a decent human-rights record, and changes of government by the ballot box in 2000 and 2008 have made Ghana one of the past decade’s success stories in Africa. Read the rest of this entry »
South Korea’s STX Group said it signed a $10 billion deal Wednesday to build 200,000 homes in Ghana over the next six years.
In a bid to meet the market demand of Apple products, Apple has opened a retail store in Accra, Ghana, making available its world-class products, services, and solutions to local customers and clients.
Globacom announced last weekend that its long-delayed Glo-1 cable has landed in Lagos, Nigeria. Globacom’s Group Executive Director, Paddy Adenuga, said in a statement to mark the landing of the cable that Glo-1 “will stimulate a new era of prosperity in the continent by offering cheap, fast, and reliable international calls, unprecedented fast access to the internet and revolutionary data transfer”.
Ghana’s Minister of Communications Haruna Iddrisu on Wednesday said that the government would not license any new telecommunications operators, pledging to ’safeguard the integrity of the industry’.
