Economist africa's new number one
You're referring to the article "Africa's new number one" by The Economist!
The article highlights the rapid economic growth and transformation of Ghana, which has surpassed South Africa to become the largest economy in sub-Saharan Africa. Here are some key points from the article:
- Ghana's economic growth: Ghana's economy has grown at an average rate of 7.3% per year over the past decade, driven by a combination of factors such as oil production, gold mining, and a growing services sector.
- South Africa's decline: South Africa's economy has struggled in recent years, with growth rates averaging around 1.5% per year. The country faces challenges such as corruption, infrastructure bottlenecks, and a struggling mining sector.
- Ghana's economic reforms: Ghana has implemented various economic reforms, including a reduction in corporate tax rates, an increase in public investment, and a focus on improving the business environment.
- Investment and trade: Ghana has attracted significant foreign investment, particularly in the oil and gas sector. The country has also increased its trade with other African countries and has become a major player in regional trade agreements.
- Challenges ahead: Despite its economic growth, Ghana still faces challenges such as high inflation, a large budget deficit, and a reliance on a few key industries.
Overall, the article suggests that Ghana's economic growth and transformation make it the new number one economy in sub-Saharan Africa, surpassing South Africa's long-held position.