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Overview
Ghana is widely regarded as a model of successful economic and political reform in Africa. The Foreign Exchange Act has liberalised Ghana’s securities and debt markets and in a time of global economic crisis, 2008 saw Ghana become the world’s best performing stock market, soaring by a staggering 59%. However, the country’s major event of recent times, took place in January 2009, when opposition leader John Atta Mills became Ghana’s newly-elected President, the peaceful but closely-fought ballot highlighting Ghana as an example of democracy on a usually-volatile continent.
Ghana has managed to reap impressive rewards from the international capital markets, flagging up the huge leap of confidence by international investors in the country’s stable growth and its economic reforms. In particular, the Government’s 10 year £366m bond issue of 2007 (that listed on the London Stock Exchange) has stimulated the development of local capital markets and encouraged leading Ghanaian corporations to adopt international standards. To mark these developments, we have this year added a separate capital markets section to the Ghana chapter.
The telecommunications industry is also booming, the deal of the year being Vodafone’s $900m acquisition of a majority stake in Ghana Telecommunications Company from the Government of Ghana. Also of immense interest is Ghana’s emerging oil industry. By 2010, huge amounts of crude oil are expected to be pumped from an offshore field operated by the UK’s Tullow Oil and Russian oil company Lukoil Overseas intends to support a $100 million investment to develop onshore oil exploration. And although poor road connections and power supplies represent ongoing barriers to the country’s progress, project finance in Ghana is beginning to tickle the interest of international investors. Chinese investors in Ghana have been associated with road constructions and the building of national stadiums, such as the Essipong sports venue, which was utilised as a football stadium during the 2008 African Cup of Nations. It should also be noted that Ghana’s independent judiciary and low corruption levels add to its increasing attractiveness for foreign investors.
The major international firms have not yet established branches in Ghana but many foreign practices are active and have forged strong links with local firms. Baker & McKenzie LLP works on AT&T and Google’s behalf, Norton Rose LLP acts for Vodafone and Allen & Overy LLP recently advised Barclays Bank on a $185 million revolving-credit facility to Ashanti Goldfields Company. International law firm Denton Wilde Sapte LLP is closely linked to local outfit Bentsi-Enchill, Letsa & Ankomah, Berwin Leighton Paisner LLP, Clifford Chance and Wragge & Co LLP are names frequently cited in relation to Ghana-related transactions. Meanwhile, the intellectual property firm Spoor & Fisher opened up an office in Ghana’s capital city, Accra, in July 2007 that is managed by local lawyer George Thompson, an IP lawyer with over 30 years experience in the field. Nigerian firm AELEX is also present in Ghana.