GHANA: THE LAND OF THE WARRIOR KING (PART 2)

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.

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.

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.

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.

Tourism

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.

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.

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.

 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.

What are your thoughts to Ghana? Have you visited or will you visit anytime soon?

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