Business News of Wednesday, 13 February 2013
Government’s efforts to stabilise the country’s economy and control inflation will be given coverage in a forthcoming report to be published by the global publishing, research and consultancy firm Oxford Business Group (OBG).
The Report: Ghana 2013 will provide key analysis of the country’s plans to develop its fledgling oil industry, which include building a US$10m school for petroleum studies. It will chart the major role earmarked for oil in driving economic growth long-term on the back of increased production at the offshore Jubilee Field, which reached 110,000 barrels per day (bpd) in December 2012.
OBG has signed a Memorandum of Understanding (MoU) for the third consecutive year on research facilities with Deloitte & Touche (Ghana) in preparation for the Group’s forthcoming project. Under the MoU, OBG will have access to the firm’s expertise and research resources, which will be used in compilation of the Tax Chapter for The Report: Ghana 2013.
OBG’s Regional Editor Robert Tashima said Ghana is set for yet another year of rapid expansion in growth, thanks in large part to sustained demand for its export-dependent commodities.
“With a new administration in place, the test will be to see how successfully Ghana can channel the current gains it is making from oil, gas, cocoa and gold into prospects for future growth in the industrial and service sectors,” he said. “This will help diversify the economy, buffer it from external volatility and improve job-creation.”
Tashima also said he looked forward to working once again with Deloitte & Touche (Ghana), adding that their in-depth knowledge of the country’s tax framework has proved highly useful to investors weighing up Ghana’s opportunities over the past two years.
Felix Nana Sackey, Senior Partner at Deloitte & Touche (Ghana), agreed that commodity prices have buoyed Ghana’s economy. He added that the country also benefitted from a reputation as one of Africa’s most stable democracies. “Ghana has many advantages when it comes to attracting investors, and has worked to enhance its business environment. Certainly, its efforts to curb inflation – which ended 2012 down at 8.8%, will prove useful in this regard,” he said.
“I am delighted that Deloitte will once again play a part in relaying the key aspects of Ghana’s tax law and its implications to the worldwide business community in Oxford Business Group’s forthcoming report.”
The Report: Ghana 2013 will act as a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments.
It will build on OBG’s 2012 publication, which provides a wide-ranging analysis of Ghana’s economy and is currently available in print or online.