Benefiting from oil sector upswing
Standard Bank expect the economy to continue benefiting from expansion in oil production and a more favourable credit environment, which should lead it to grow by at least 7.0% y/y in 2018 and 2019. In their view, the Ghanaian economy may be settling into a more sustainable growth path after the boost it received from the oil sector last year. They believe that structural tailwinds should encourage growth, especially given the anticipated improvements in the power sector. Associated gas expected from the Sankofa fields should provide a more lasting solution to power generation, and thus underpin growth in the medium term.