Ghana has a promising future. Since transitioning to its new democratic constitution in 1992, it has become one of the most stable and well regarded countries in sub-Saharan Africa, having developed a robust set of democratic institutions. Since that time, its per capita income has tripled.
However, the challenge for Ghana is not just growing its economy, but continuing to grow at its full potential. Despite economic openness improving, the country has not improved at the rate of its peers, meaning it has actually fallen down the rankings since 2009.
Reforms to address this challenge are not straightforward or politically easy. Nonetheless, there is cause for optimism. The Ghanaian Government in recent years has implemented reforms in areas such as insolvency and banking, while also showing commitment to growing regional trade.