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Economy of Ghana

The economy of Ghana has a diverse and rich resource base, including the manufacturing and exportation of digital technology goods, automotive and ship construction and exportation, and the exportation of diverse and rich resources such as hydrocarbons and industrial minerals. These have given Ghana one of the highest GDPs per capita in Africa. Owing to a GDP rebasement, in 2011 Ghana became the fastest growing economy in the world; differences with neighboring economies are likely to be overstated due to underfunded statistical agencies in surrounding countries.

The Ghanaian domestic economy in 2012 revolved around services, which accounted for 50% of GDP and employed 28% of the work force. Besides the industrialization associated with minerals and oil, industrial development in Ghana remains basic, often associated with plastics (such as for chairs, plastic bags, razors and pens).

Ghana is Africa's second-biggest gold producer (after South Africa) and second-largest cocoa producer. It is also rich in diamonds, manganese ore, bauxite, and oil. Most of its debt was canceled in 2005, but government spending was later allowed to balloon. Coupled with a plunge in oil prices, this led to an economic crisis that forced the government to negotiate a $920 million extended credit facility from the IMF in April 2015.

Sectors

Manufacturing

Ghana's industrial base is relatively advanced. Import-substitution industries include electronics manufacturing. Rlg Communications is the first indigenous African company to assemble laptops, desktops, and mobile phones, and is West Africa's biggest information and communications technology (ICT) and mobile phone manufacturing company.

Ghana began its automotive industry with the construction of a prototype robust SUV, named the SMATI Turtle 1, intended for use in the rough African terrain. It was designed and manufactured by the Artisans of Suame MagazineIndustrial Development Organization. Urban electric cars have been manufactured in Ghana since 2014.

Telecommunication

Ghana's telecommunications statistics indicated that as of 2013 there are 26,336,000 cell-phone lines in operation. The mass media of Ghana is among the most liberal in Africa, with Ghana ranking as the 3rd freest in Africa and 30th most free in the world on the worldwide press freedom Index. Chapter 12 of the Constitution of Ghana guarantees freedom of the Ghanaian press and the independence of the mass media, and Chapter 2 prohibits censorship.

Import and Export

Ghana has the 92nd largest export economy in the world. The top exports of Ghana are Crude Petroleum ($2.66B), Gold ($2.39B), Cocoa Beans ($2.27B), Cocoa Paste ($382M) and Cocoa Butter ($252M). Its top imports are Refined Petroleum ($2.18B), Crude Petroleum ($546M), Gold ($428M), Rice ($328M) and Packaged Medicaments ($297M).

Energy

As of December 2012, Ghana gets 97% of its energy from hydropower and exports some of this to neighbouring countries.

Solar energy

Ghana has aggressively begun the construction of solar plants across its sun-rich land in an aim to become the first country to get 6% of its energy from solar energy generation by 2016.

Wind energy

Ghana has Class 4-6 wind resources and high-wind locations, such as Nkwanta, the Accra Plains, and Kwahu and Gambaga mountains.

Bio-energy

Ghana has put in place mechanisms to attract investments into its biomass and bio-energy sectors to stimulate rural development, create jobs and save foreign exchange.

Hydrocarbon and mining

The hydrocarbon industry has had major implications for regional and urban development in Ghana and these are likely to substantially increase in the years to come.

Mining has gained importance in the Ghanaian economy since the turn of the 21st century, with a growth of around 30% in 2007. The main mining extractions are bauxite, gold (Ghana is one of the largest gold producers in the world), and the phosphates.

Tourism

The Ministry of Tourism has placed great emphasis upon further tourism support and development. Tourism contributed to 4.9% of GDP in 2009, attracting around 500,000 visitors. Tourist destinations include Ghana's many castles and forts, national parks, beaches, nature reserves, landscapes and World Heritage buildings and sites.

In 2011, Forbes magazine ranked Ghana eleventh friendliest country in the world. The assertion was based on a survey of a cross-section of travelers in 2010.

Agriculture

Ghana National Agricultural Export is the government arm that operates, maintains, and oversees the planting of cocoa, cashews, and other crops for export. The main harvested crops are corn, plantain, rice, millet, sorghum, cassava and yam. Unlike the agricultural livestock, forestry, and fishing sectors, the crop sector is key to the Ghanaian agricultural industry.

Ghana: Vision 2020 and industrialization

With the economic program "Ghana: Vision 2020", Ghana intends to achieve its goals of accelerated economic growth and improved quality of life for all its citizens, by reducing poverty through private investment, rapid and aggressive industrialization, and direct and aggressive poverty-alleviation efforts.

The Ghana: Vision 2020 forecast assumes political stability; successful economic stabilization; the implementation of Ghana: Vision 2020 policy agenda on private sector growth; and aggressive public spending on social services, infrastructure, and industrialization. It projection states that Ghana's goals of reaching high-income economy status and newly industrialized country status will be easily realized between 2020 and 2039.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Ghana"

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