Economy
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.
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.
With a diverse and
rich resource base, including the manufacturing and export of digital
technology goods, auto products, ship construction, hydrocarbons and industrial minerals, Ghana has 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.
rich resource base, including the manufacturing and export of digital
technology goods, auto products, ship construction, hydrocarbons and industrial minerals, Ghana has 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.
The Ghanaian
domestic economy revolves around services, which accounts for 50% of GDP and
employs 28% of the work force. Besides the industrialization associated with
minerals and oil, industrial development in Ghana remains basic, often
associated with plastics.
domestic economy revolves around services, which accounts for 50% of GDP and
employs 28% of the work force. Besides the industrialization associated with
minerals and oil, industrial development in Ghana remains basic, often
associated with plastics.
Ghana embarked on a
currency re-denomination exercise, from Cedi (¢) to the new currency, the Ghana Cedi (GH¢) in July 2007. The
transfer rate is 1 Ghana Cedi for every 10,000 Cedis. The redenomination was
followed with an aggressive media campaign to educate the public about what
re-denomination entails.
currency re-denomination exercise, from Cedi (¢) to the new currency, the Ghana Cedi (GH¢) in July 2007. The
transfer rate is 1 Ghana Cedi for every 10,000 Cedis. The redenomination was
followed with an aggressive media campaign to educate the public about what
re-denomination entails.
Tourism
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| Source: Expert Travel |
Tourism contributes
about 4.9% of GDP, attracting around 500,000 visitors to Ghana. Tourist
destinations include Ghana’s many castles and forts, national parks, beaches, nature
reserves, landscapes and World
Heritage buildings and sites.
about 4.9% of GDP, attracting around 500,000 visitors to Ghana. 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 based on a survey of a cross-section of travelers in 2010.
Of all the countries on the African continent that were included in the survey,
Ghana ranked highest.
country in the world based on a survey of a cross-section of travelers in 2010.
Of all the countries on the African continent that were included in the survey,
Ghana ranked highest.
Banking
Ghana has 30 banks
currently operating in the country regulated by Bank of Ghana, (BoG), which is
the country’s central bank. UBA pioneered the entry of Nigerian banks into the
Ghanaian economy. Currently, there are seven Nigerian banks supporting the
Ghanaian Economy in different aspects.
currently operating in the country regulated by Bank of Ghana, (BoG), which is
the country’s central bank. UBA pioneered the entry of Nigerian banks into the
Ghanaian economy. Currently, there are seven Nigerian banks supporting the
Ghanaian Economy in different aspects.
Agriculture
Agribusiness accounts for a small fraction of the gross domestic product. 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.
the Ghanaian agricultural industry.
What
are your thoughts to Ghana? Have you visited or will you visit anytime soon?
are your thoughts to Ghana? Have you visited or will you visit anytime soon?
Let
us know!
us know!
