"Despite the recent IMF warning that Ghana's growth may slow to 5.5% in 2014, well below its rates for 2011 and 2012, the country still is an attractive option for South African companies expanding into West Africa," comments Michelle du Toit, operations director of Beyond Africa Logistics Consultants.
"Ecobank, in its January 2014 review, indicated that Ghana continued to show resilience in 2013 despite strong headwinds from the US and China and domestic challenges. The country grew by an estimated 7.0% during the year driven by robust activity in the oil and gold-mining sectors and continued high oil prices, which sustained strong oil revenue that was injected into the economy via government spending. Moreover, Stanbic feels the growth rate could be as high as 7% in 2014.
"South African retailers are already exploring the rise in the country's lower middle-income and this, coupled with infrastructural plans for the country, could open a new market for maritime trade between South Africa and Ghana."
