Official Name: Republic of Ghana
Surface: 238.537 Km2
Currency: Cedi (GHS)
Population: 26.79 millions of inhabitants ( 2014)
GDP: $ 38.61 billion (World Bank, 2014)
GDP Growth (annual): 3.4% (World Bank, 2015)
GNI per capita: 1.590 $ (World Bank, 2014)
Income level: Lower middle income country (World Bank)
National Day: 6th March (Independence’s day - 1957)
Surrounded by Burkina Faso to the north, Ivory Coast to the west, Togo to the east and the Atlantic Ocean to the south, the Republic of Ghana counts, geographically speaking, with lowland plains areas, small hills, rivers, lakes (including lake Volta, the world’s largest artificial lake), small mountains ranges and tropical rainforests.
The country is divided into 10 administrative regions which are further divided into a total of 216 districts and gathers more than 100 ethnic groups. The main cities of the country, in terms of population and economic activity, are Accra, Kumasi and Takoradi. Besides, the industrial activity is concentrated in the two harbours, in Tema and Takoradi. Ghana also counts with an international airport, Kotoka airport, in the centre of Accra.
Ghana is one of the most peaceful and stable democracies in Western Africa, has an independent judicial system, an efficient and modern bank sector and is the second largest economy of the sub region. As a result, investment levels continue to rise as companies, both foreign and domestic, are eager to capitalize on the country’s wealth of natural resources and growing middle class.
The largest sectors of Ghanaian economy continue to be the service, industry and agriculture sectors. Their contribution to the GDP places the service sector in first place (48,4%) followed by the industry sector (28,6%) and the agriculture sector (23%).
Gold, oil and cocoa dominate the exports. As for the imports, unused postage, automobile and automobile related-items were the top three imported commodities for the same period. The top three destinations for merchandise exports were the EU (France, Netherlands or United Kingdom), South Africa and Togo and the top three partners for merchandise imports were the EU (Belgium, Netherlands or United Kingdom), China and India.
Ghana has experienced decades of economic progress. The economic growth has been extremely robust following the oil’s discovery in Ghana’s offshore Jubilee field in 2007. Nevertheless the country’s economy slowed down in 2015 and is currently facing some economic challenges.
In 2016, growth is expected to pick up to 5.4%, assuming that the energy crisis will be solved as planned. Inflationary pressures are likely to remain strong due to the recent utility hikes and the increase of prices for petroleum products. To contain inflation and stabilize the currency, the Bank of Ghana has significantly increased its policy rate from 16% to 26% over the past 2 years
Despite that, the country continues to be a model for Western Africa and Ghana’s growth prospects are positive since the economy’s fundamentals are encouraging.