Ghana saw a GDP increase of 6.9% during the second quarter of 2024, a five-year high. This growth is mainly due to the performance of the mining sector, with an increase of almost 23% in gold extraction. Additionally, quarrying also contributed, recording an overall increase of 15% year-on-year.
These figures appear to indicate an economic rebound, but this growth is largely based on specific and volatile sectors, such as natural resources.
Furthermore, over the past year, the pace of exchange rate depreciation slowed from 60% in 2022 to 17% in 2023, in response to macroeconomic policy adjustments.
And the budget deficit has narrowed, falling from 11.8% of GDP in 2022 to 4.5% in 2023, thanks to fiscal consolidation and improved revenues.
Multidimensional poverty worsened slightly between 2017 and 2022 (46.7%), due to the effects of the COVID-19 pandemic.
Youth unemployment remains high at 7.16%, particularly among those aged 15 to 24.
Cooperation Morocco Ghana
Economic and financial cooperation between Ghana and Morocco is based on strong bilateral relations and initiatives aimed at strengthening trade, investments and strategic partnership.
Trade between Morocco and Ghana has intensified in recent years, with a focus on key sectors such as:
• Agriculture: Morocco, through the OCP Group, plays a central role in the supply of fertilizers to support Ghanaian agriculture, a pillar of the country’s economy.
• Manufactured products: Morocco exports industrial products, construction materials and consumer goods to Ghana.
• Ghanaian products: Cocoa, gold and other agricultural products dominate Ghana’s exports to Morocco.
Direct investments
Morocco is a major investor in Africa and has strengthened its presence in Ghana, particularly in:
• Infrastructure: Moroccan companies participate in projects in the transport and housing sectors.
• Finance: Moroccan banks like Attijariwafa Bank and BMCE have expanded their activities in Ghana, facilitating financial transactions and supporting the private sector.
• Energy: Ghana benefits from Moroccan expertise in the field of renewable energies, particularly solar.
Role in African integration
Morocco and Ghana share a common vision for the development of the continent, in particular through:
• The African Continental Free Trade Area (AfCFTA): Both countries play an active role in the implementation of this project aimed at promoting intra-African trade.
• Regional initiatives: Morocco, although not a member of ECOWAS, has strengthened its relations with this organization where Ghana is a key player.
Challenges and perspectives
Although the cooperation is promising, challenges remain, including:
• Logistical obstacles in bilateral trade.
• The need for harmonization of regulatory frameworks for investments.
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