Ghana signed a memorandum with China as part of its US$2 billion Sinohydro deal The year 2019 has come with its own ups and downs especially owing to the financial slope the country has experienced over the past few months.
Nonetheless, economic prosperity has been the main agenda and it is aimed at lessening the burdens on Ghanaians in the phase of financial hardships.
To this effect, the Akufo-Addo-government has reiterated its promise to take the country through a path of monetary successes by unearthing some enticing business deals which will in one way or the other save the country from wallowing in poverty.
On the other hand, there has been some substantial investment opportunities across key sectors to put Ghana on the global front economically.
GhanaWeb takes a review of some of the substantial investments across these sectors;
The Banking Sector
Recently, President Akufo-Addo granted an executive approval for the expenditure of GHS15.6 billion to save the funds of depositors who had their monies locked up in the collapsed of some financial institutions two years ago.
In a press release signed by Presidency, it pointed out that the money released is expected to improve the liquidity of the financial sector. Earlier, the banking sector reforms carried out by the Securities and Exchange Commission (SEC), spearheaded by the Bank of Ghana cleaned up affected a total of 420 institutions. Though some banks, including, Construction Bank, Beige Bank, Royal Bank, uniBank and Sovereign Bank had their license revoked, some were fortunate to be merged to operate as the Consolidated Bank with Government of Ghana having 100% shares in it.
Oil and Gas Sector
One of the latest prospects in the oil and gas sector is the newfound Springfield Exploration and Production Limited.
The Exploration and Production company is the first indigenous oil and gas firm to make a historic deep-water discovery offshore in the country, as well as discovering commercially viable quantities of gas. Springfield’s Stena Forth “We are the first African company to drill in deep water and to find oil,” Kevin Okyere, Chief Executive Officer of Springfield earlier emphasised.He continued that Springfield Group expects to boost the country’s production by an additional 250,000 barrels a day by 2020. When fully operational, it will make Ghana the fourth-largest producer of oil in sub-Saharan Africa.Since the discovery of the Jubilee oilfield by Kosmos Energy in 2007, Ghana has managed to bring three offshore projects on stream, […]