Quick facts

Economy

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 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. Ghana embarked upon an aggressive media campaign to educate the public about what re-denomination entails. Value added tax is a consumption tax administered in Ghana. The tax regime which started in 1998 had a single rate but since September 2007 entered into a multiple rate regime. In 1998, the rate of tax was 10% and amended in 2000 to 12.5%. The top income tax and corporate tax rates are 25%. Other taxes included with value-added tax (VAT), are national health insurance levy, and a capital gains tax. The overall tax burden amounts to 12.1% of Ghana's total domestic income, and the budget of Ghana has fallen to the equivalent of 39.8% of GDP.

 I.       Key sectors

Ghana is an average natural resource enriched country possessing industrial minerals, hydrocarbons and precious metals. It is an emerging designated digital economy with mixed economy hybridisation and an emerging market with 8.7% GDP growth in 2012. It has an economic plan target known as the "Ghana Vision 2020". This plan envisions Ghana as the first African country to become a developed country between 2020 and 2029 and a newly industrialised country between 2030 and 2039. This excludes fellow Group of 24 member and Sub-Saharan African country South Africa, which is a newly industrialised country. The economy of Ghana also has ties to the Chinese yuan renminbi along with Ghana's vast gold reserves. In 2013, the Bank of Ghana began circulating the renminbi throughout Ghanaian state-owned banks and to the Ghana public as hard currency along with the national Ghana cedi for second national trade currency.

The state-owned Volta River Authority and Ghana National Petroleum Corporation are the two major electricity producers. The Akosombo Dam, built on the Volta River in 1965, along with Bui Dam, Kpong Dam, and several other hydroelectric dams provide hydropower. In addition, the Government of Ghana has sought to build the second nuclear power plant in Africa.

The Stock exchange of Ghana (Ghana Stock Exchange) is the 5th largest on continental Africa and 3rd largest in sub-saharan Africa with a market capitalisation of GH¢ 57.2 billion or CN¥ 180.4 billion in 2012 with the South Africa JSE Limited as first.[101] The Ghana Stock Exchange (GSE) was the 2nd best performing stock exchange in sub-saharan Africa in 2013.

Ghana also produces high quality cocoa, is the 2nd largest producer of cocoa globally, and is projected to become the largest producer of cocoa in the world in 2015.

Ghana is classified as a middle income country. Services account for 50% of GDP, followed by manufacturing (24.1%), extractive industries (5%), and taxes (20.9%).

II.     Manufacturing

The Ghana economy is an emerging digital-based mixed economy hybrid similarly to that of Taiwan with an increasing primary manufacturing and exportation of digital technology goods along with assembling and exporting automobiles and ships, diverse resource rich exportation of industrial minerals, agricultural products primarily cocoa, petroleum and natural gas, and industries such as information and communications technology primarily via Ghana's state digital technology corporation Rlg Communications which manufactures tablet computers with smart phones and various consumer electronics.

III.   Petroleum and natural gas production

Ghana produces and exports an abundance of hydrocarbons such as sweet crude oil and natural gas. The 100% state-owned filling station company of Ghana, Ghana Oil Company (GOIL) is the number 1 petroleum and gas filling station of Ghana and the 100% state-owned state oil company Ghana National Petroleum Corporation (GNPC) administrates hydrocarbon exploration and production of Ghana's entire petroleum and natural gas reserves and Ghana aims to further increase output of oil to 2.2 million barrels (350,000 m3) per day and gas to 34,000,000 cubic metres (1.2×109 cu ft) per day.

Ghana's Jubilee Oilfield which contains up to 3 billion barrels (480,000,000 m3) of sweet crude oil was discovered in 2007, among the many other offshore and inland oilfields in Ghana. Ghana is believed to have up to 5 billion barrels (790,000,000 m3) to 7 billion barrels (1.1×109 m3) of petroleum in reserves, which is the fifth largest in Africa and the 21st to 25th largest proven reserves in the world. It also has up to 1.7×1011 cubic metres (6×1012 cu ft) of natural gas in reserves, which is the sixth largest in Africa and the 49th largest natural gas proven reserves in the world. Oil and gas exploration off Ghana's eastern coast on the Gulf of Guinea is ongoing, and the amount of both crude oil and natural gas continues to increase. The Government of Ghana has drawn up plans to nationalise Ghana's entire petroleum and natural gas reserves to increase government revenue.

IV.   Industrial minerals mining

Known for its industrial minerals, Ghana is the world's 7th largest producer of gold; producing over 102 metric tons of gold and the 10th largest producer of gold in the world in 2012; producing 89 metric tons of gold and Ghana is the designated 2nd largest producer of gold on the Africa continent behind the designated first South Africa. Ghana has the 9th largest reserves of diamonds in the world and Ghana is the 9th largest producer of diamonds in the world with Brazil having the 10th largest reserves of diamonds in the world and being the 10th largest producer of diamonds in the world. Industrial minerals and exports from South Ghana are gold, silver, timber, diamonds, bauxite, and manganese; South Ghana also has a great deposit of barites; basalts; clays; dolomites; feldspars; granites; gravels; gypsums; iron ores; kaolins; laterites; limestones; magnesites; marbles; micas; phosphates; phosphorus; rocks; salts; sands; sandstones; silver; slates; talcs; and uranium that are yet to be fully exploited. The Government of Ghana has drawn up plans to nationalise Ghana's entire mining industry to increase government revenues.

V.     Trade and exports

In July 2013, International Enterprise Singapore opened its 38th global office in Accra, Ghana to develop trade and investment on logistics, oil and gas, aviation, transportation and consumer sectors. Singapore and Ghana also signed four bilateral agreements to promote public sector and private sector collaboration, as Ghana aims to predominantly shift its economic trade partnership to East Asia and Southeast Asia. The economic centre is IE Singapore's second office in Africa, coming six months after opening in Johannesburg, South Africa in January 2013. Ghana's labour force in 2008 totalled 11.5 million Ghanaian citizens. Tema Harbour is Africa's largest manmade harbour and Takoradi Harbour along with Tema harbour in Ghana handles goods and exports for Ghana, they are also a traffic junctions, where goods are transhipped, the Tema harbour handles the majority of the nation's export cargo and most of the country's chief exports is shipped from Takoradi harbour. The Takoradi harbour and Tema harbour are operated by the state-owned Ghana Ports and Harbours Authority.

Politics

Ghana is a unitary presidential constitutional democracy with a parliamentary multi-party system and former alternating military occupation. Following alternating military and civilian governments in January 1993, the Ghana military government gave way to the Fourth Republic of Ghana after presidential elections and parliamentary elections in late 1992. The 1992 constitution of Ghana divides powers among a Commander-in-Chief of the Ghana Armed Forces (President of Ghana), parliament (Parliament of Ghana), cabinet (Ministers of the Ghanaian Government), council of state (Ghanaian Council of State), and an independent judiciary (Judiciary of Ghana). The Government of Ghana is elected by universal suffrage.

The Electoral Commission of Ghana announced that former Vice President of Ghana, John Dramani Mahama won the Ghana presidential election, 2012 on 7 December 2012 and John Dramani Mahama was sworn in, amidst announcement of electoral fraud, as the reigning President of Ghana on 7 January 2013 to serve a four-year term that expires on Saturday, 7 January 2017.

The 2012 Fragile States Index indicated that Ghana is ranked the 67th least fragile state in the world and the 5th least fragile state in Africa after Mauritius, 2nd Seychelles, 3rd Botswana, and 4th South Africa. Ghana ranked 112th out of 177 countries on the index. Ghana ranked as the 64th least corrupt and politically corrupt country in the world out of all 174 countries ranked and Ghana ranked as the 5th least corrupt and politically corrupt country in Africa out of 53 countries in the 2012 Transparency International Corruption Perception Index. Ghana was ranked 7th in Africa out of 53 countries in the 2012 Ibrahim Index of African Governance. The Ibrahim Index is a comprehensive measure of African government, based on a number of different variables which reflect the success with which governments deliver essential political goods to its citizens.

I.       Foreign relations

Since independence, Ghana has been devoted to ideals of nonalignment and is a founding member of the Non-Aligned Movement. Ghana favours international and regional political and economic co-operation, and is an active member of the United Nations and the African Union.

Ghana has a great relationship with the United States, all of the last three U.S presidents- Bill Clinton, George W Bush, and Barack Obama- have made diplomatic trips to Ghana. Many Ghanaian diplomats and politicians hold positions in international organisations. These include Ghanaian diplomat and former Secretary-General of the United Nations Kofi Annan, International Criminal Court Judge Akua Kuenyehia, former President Jerry John Rawlings and former President John Agyekum Kuffour who have both served as diplomats of the United Nations.

In September 2010, Ghana's former President John Atta Mills visited China on an official visit. Mills and China's former President Hu Jintao, marked the 50th anniversary of diplomatic ties between the two nations, at the Great Hall of the People on 20 September 2010. China reciprocated with an official visit in November 2011, by the Vice-Chairman of the Standing Committee of the National People's Congress of China, Zhou Tienong who visited Ghana and met with Ghana's President John Dramani Mahama.

The Islamic Republic of Iran and the 6th President of Iran, Mahmoud Ahmadinejad met with the 12th President of Ghana, John Dramani Mahama on 16 April 2013 to hold discussions with President John Dramani Mahama on strengthening the Non-Aligned Movement and also co–chair a bilateral meeting between the two countries Ghana and Iran at the Ghanaian presidential palace Flagstaff House. Government of Ghana reciprocated with an official state visit on 5 August 2013, by the Vice-President of Ghana, Kwesi Amissah-Arthur whom met with the Vice-President of Iran, Eshaq Jahangiri on the basis of autarky and possible bilateral trade at the Islamic Republic of Iran's presidential palace, Sa'dabad Palace.

II.     Ghanaian Drug War and The Narcotic Control Board

Ghana is used as a key narcotics industry transshipment point by traffickers, usually from South America as well as some from other African nations. There is not a wide or popular knowledge about the narcotics industry and intercepted narcotics within Ghana itself, due to the industry's operations and involvement in the underground economy. The social context within which narcotic trafficking, storage, transportation, and repacking systems exist in Ghana and the state's location along the Gulf of Guinea within the Atlantic Ocean – only a few degrees north of the Equator – makes Ghana an attractive country for the narcotics business.

The Narcotic Control Board (NACOB), in collaboration with an internal counterpart, has impounded container ships at the Sekondi Naval Base within the Takoradi Harbour. These ships were carrying thousands of kilograms of cocaine, with a street value running into billions of Ghana cedis. However, drug seizures saw a decline in 2011.

Drug cartels are using new methods in narcotics production and narcotics exportation, to avoid Ghanaian security agencies. Underdeveloped institutions, porous open borders, and the existence of established smuggling organisations contribute to Ghana's position in the narcotics industry. John Atta Mills, president between 2009 and 2012, initiated ongoing efforts to reduce the role of airports in Ghana's drug trade.

Society

The vast majority of Ghana's population — 98% percent — are Black Africans Ghana is a multiethnic country. The largest ethnic group is the Ashanti people. Ghana's territorial area within West Africa was unoccupied and uninhabited by humans until the 10th century BC. By the 10th century AD. The Guans were the first settlers in Ghana long before the other tribes came. (Akans) had established Bonoman (Brong Ahafo region) and were joined by the current settlers and inhabitants in the 16th century.

In 2010 the inhabiting population of Ghana was 71.2% Christian; (28.3% are Pentecostal, 18.4% Protestant and 13.1% Catholic). In 2010, around 17.6% of the inhabiting population of Ghana were Muslims, (51% Sunni, 16% Ahmadiyya, and 8% Shia). Out of Ghana's 2013 population of 20 million, Ghana's Muslims account for 18 percent.

As of the year 2014, there are 375,000 registered legal skilled workers (permanent residents) or foreign workers/students (i.e. Ghana Card holders) inhabitants with an annually 1.5 million transited airport layovers. In its first post-colonial census in 1960, Ghana had a population of 6.7 million. The median age of Ghanaian citizens is 30 years old and the average household size is 3.6 persons. The Government of Ghana states that the official language of Ghana is English, and is spoken by 67.1% of the inhabiting population of Ghana.

I.       Fertility and reproductive health

Fertility rate of Ghana declined from 3.99 (2000) to 3.28 (2010) with 2.78 in urban region and 3.94 in rural region.

As of 2010, the maternal mortality rate was 350 deaths/100,000 live births, and the infant mortality rate was 38.52 deaths/1,000 live births.

According to a 2013 UNICEF report, 4% of women in Ghana have undergone female genital mutilation (FGM). The practice has been made illegal in the country. Ghana is also the birth country of anti-FGM campaigner Efua Dorkenoo.

II.     Universal health care and health care provision

Ghana has a universal health care system strictly designated for Ghanaian nationals, National Health Insurance Scheme (NHIS). Health care is very variable throughout Ghana and in 2012, over 12 million Ghanaian nationals were covered by the National Health Insurance Scheme (Ghana) (NHIS). Urban centres are well served, and contain most of the hospitals, clinics, and pharmacies in Ghana. There are over 200 hospitals in Ghana and Ghana is a destination for medical tourism.

In 2013, life expectancy at birth had increased to an average of 66 years with males at 66 years and females at 67 years, and in 2013 infant mortality decreased to 39 per 1,000 live births. There was an estimation of 15 physicians and 93 nurses per 100,000 persons in 2010. 5.2% of Ghana's GDP was spent on health in 2010, and all Ghanaian citizens have the right to access primary health care.

As of 2012, the HIV/AIDS prevalence was estimated at 1.40% among adults aged 15–49.