GHANA: 2013 REPORT TO PUT OIL AND COMMODITY GROWTH IN SPOTLIGHT

Ghana, 4 February 2013: The Ghanaian government’s efforts to stabilise the country’s economy and control inflation will be given wide-ranging 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 $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 the compilation of the Tax Chapter for The Report: Ghana 2013.

OBG’s Regional Editor Robert Tashima said Ghana was 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 would 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 had 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 had 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 wide-ranging analysis of Ghana’s economy and is currently available in print or online.

About Oxford Business Group Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of Africa, The Middle East, Asia and Latin America Through its range of print and online products, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments, including banking, capital markets, insurance, energy, transport, industry and telecoms. The Report Ghana 2013 is produced with research assistance from Ghana Investment Promotion Centre (GIPC).

The critically acclaimed economic and business reports have become the leading source of business intelligence on developing countries in the regions they cover. OBG's online economic briefings provide up-to-date in-depth analysis on the issues that matter for tens of thousands of subscribers worldwide. OBG's consultancy arm offers tailor-made market intelligence and advice to firms currently operating in these markets and those looking to enter them.