Ghana is the world’s second largest cocoa producer behind Ivory Coast, and Africa’s biggest gold miner after South Africa. It is one of the continent’s fastest growing economies, and newest oil producer.
Ghana’s economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. In late 2010, Ghana was recategorized as a lower middle-income country. Ghana is well-endowed with natural resources and agriculture accounts for roughly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for 50% of GDP. Gold and cocoa production and individual remittances are major sources of foreign exchange. Oil production at Ghana’s offshore Jubilee field began in mid-December 2010,and is producing close to target levels. Additional oil projects are being developed and are expected to come on line in a few years. Estimated oil reserves have jumped to almost 700 million barrels and Ghana’s growing oil industry is expected to boost economic growth as the country faces the consequences of two years of loose fiscal policy, high budget and current account deficits, and a depreciating currency.
GDP – composition, by sector of origin:
Agriculture: 21.5% | Industry: 28.7% | Services: 49.8% (est. 2013)
Mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building, petroleum.
Cocoa, rice, cassava (manioc, tapioca), peanuts, corn, shea nuts, bananas; timber.
Current Head of State: John Dramani Mahama
Legal System: mixed system of English common law and customary law.
- Full name: Republic of Ghana
- Population: 25.5 million (UN, 2012)
- Capital: Accra
- Area: 238,533 sq km (92,098 sq miles)
- Major languages: English, African languages including Akan, Ewe
- Major religions: Christianity, indigenous beliefs, Islam
- Life expectancy: 64 years (men), 66 years (women) (UN)
- Monetary unit: Cedi
- Main exports: Gold, cocoa, timber, tuna, bauxite, aluminium, manganese ore, diamonds
- GNI per capita: US $1,410 (World Bank, 2011)
- Internet domain: .gh
- International dialling code: +233