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2012-2016 - Ghana - Country Strategy Paper - Draft Version
Ghana, a country with a population of about 25 million people, and a land area of 239,000 km2, is West Africa’s second largest economy after Nigeria, and Africa’s twelve largest. The country has continued to consolidate good governance, and also recently discovered petroleum in commercial quantities, and started producing oil and gas towards the end of 2010. As a result, GDP growth for 2011 is estimated to have increased sharply to 13.7% (7.5% excluding oil) aided by oil revenues and strong export performance of cocoa and Gold. Growth is projected to slow down to 8.3% in 2012 on account of reduced world demand for commodities. On current trends, Ghana’s eligibility to graduate to blend or ADB-only country may need to be reviewed during the CSP period.