Ghanaian economy is known to be one of the largest in West Africa and ranked amongst the top 20 of the whole of Africa. The pace, at which it is growing, is expected to take Ghana further high up in the ranking. Most of the Ghanaian population depends on agriculture which accounts for 37.3% of the country’s Goss Domestic Product (GDP). It provides 56% of the work force that mainly comprise of small landholders. Small scale manufacturing is also done in the country and accounts for only 7.9% of the GDP. The country has a stable currency whose value has grown from 2007 to 2009.
Since ancient times, the country has been producing gold and is still believed to be one of the largest producers of it. Fortunately, the country is blessed with a number of natural resources which include; cocoa, timber, electricity, diamond, bauxite and manganese. Export of these natural resources well accounts for the foreign exchange of Ghana. In 1965, Akosombo Dam was built on Volta River which provides electricity, sufficient not only for Ghana but also its neighboring countries. Very luckily, in 2007, an oilfield was discovered in the country which is expected to contain 3 billion barrels of oil. This encouraged the government of Ghana to start searches and excavations for more oilfields in the country. The amount of production of oil is expected to increase and hence the flow of capital into the economy. Tourism in the country is a growing industry. Ghana’s beautiful sights and sounds are expected to bring in millions of tourists annually as the sites are developed. Searches for flights to Accra are already increasing by leaps and bounds. In a nutshell, it can be said, that Ghana’s economy has innumerable reasons for growth and development.
The economy of Ghana has undergone a major revival. From a falling economy, it has lifted to a continually growing one. Especially the years 2002 to 2005 saw the economy drastically and positively changing. It was during this time that the poverty rate of the country fell from 38.5% to 28%. World Bank Country Representative, Dr. Ishac Diwan, advised those who think negative about Ghana’s economy, to review their knowledge about the country and the facts and figures that they have. He went on to say that it is one of the few West African countries to have launched a Eurobond. He said this during an interview with Reuters.
As opposed to the earlier estimate, Ghana’s economy is worth $22-30 billion rather than $16 billion. The figure has, somehow, been revealed by Business Guide as the Ghana Statistical Service (GSS) is not prepared to talk about this at the moment. They rather plan to uncover the actual size of the economy when the Review of National Economic Output is released. According to Magnus Ebo Duncan, Director of Economics Statistics, the review is pretty much ready, but some experts are reviewing the tactics, thus, the final report will be released some time later.
This review is expected to the show the results of case studies of the economy of Ghana from the year 2006 to 2009. Growth in banking and telecommunication sectors, vehicles on the road, increase in tarred roads and funeral rituals’ costs are highlighted in this report.
As the country’s economy prospers, travelers are expected to be more interested in grabbing cheap flights to Accra. Hence the country will be able to showcase its hidden beauty and splendor.
