Ghana, the west African nation known as one of the world's largest cocoa producers, is on course for skyrocketing economic growth this year thanks to an entirely different commodity.
Ghana is "about to have an oil boom," Imad Mesdoua, senior consultant for Africa at Control Risks, told CNBC via telephone.
"This will primarily be driven by rising oil prices, expanding production and new deals which are likely to come online in the coming six months," Mesdoua explained.
The U.K.'s Tullow Oil and Italy's Eni have both expanded their operations in the former British colony in recent years. Tullow started a multiyear drilling program on TEN, its second field in Ghana, in February of this year, having pumped its first oil from the site in 2016. Eni, meanwhile, began production on its Sankofa field in mid-2017.
Earlier in March, Ghana's President Nana Akufo-Addo announced that the country's economy was set to grow by 8.3 percent in 2018, above the 6.8 percent initially estimated in its annual budget. The figure is demonstrative of a significant economic uptick, given that the annual growth figure for two years earlier was just 3.6 percent according to Akufo-Addo, as reported by Reuters.