Africa’s economy rebounds without jobs
What happens when an economy grows rapidly without generating jobs?
Economic boom? Photo by Christiane Badgley
Yesterday I was talking about Ghana’s economy with a Ghanaian who is doing business in Hong Kong. On paper things are booming:
Ghana’s economic growth accelerated to an annual 23 percent in the first quarter as the West African nation began producing oil for export, the country’s statistics agency said….Expansion was led by a 162 percent jump in mining and quarrying, which includes the oil industry, while agriculture grew 39.2 percent. Ghana began production of oil from its offshore Jubilee field in December. Output is about 70,000 barrels a day and may climb to 120,000 next month, according to the field’s operator, London-based Tullow Oil Plc.
