Economy of Ghana
| Economy of Ghana | |
|---|---|
  |
|
| Currency | Cedi (GHS) |
| Fiscal year | Calendar year 1 January to 31 December |
| Statistics | |
| GDP |
 $82.571 billion (2012)[1] |
| GDP growth | 8.7% (Q1 – 2012)[2] 14.337 % (2011 est.)[3] |
| GDP per capita | $3,256.848 (2012 est.)[4] |
| GDP by sector | services: 50%; industry: 27.3%; agriculture: 22.7% (2012) |
| Inflation (CPI) | 10.4% (2013 March) |
| Population below poverty line |
27% (2011 est.) |
| Gini coefficient | 39.4 (2005-06) |
| Labor force | 10.33 million (2009 est.) |
| Labor force by occupation |
services: 28%; industry: 20%; agriculture: 52% (2011 est.) |
| Unemployment | 3% (Q1 – 2012)[5] |
| Average gross salary | ¢14,071.62 / $7,183.2 (per year) |
| Average net salary | ¢1,172.66 / $598.60 (per month) |
| Main industries | Crude Oil Production and Refining, Offshore banking, entrepot trade, financial services, Higher education, electronics, mining, lumbering, tourism, light manufacturing, aluminum smelting, cement, small commercial ship building, Electricity generation, food processing |
| Ease of Doing Business Rank | 64th[6] |
| External | |
| Exports | $13.13 billion (2011 est.) |
| Export goods | gold, cocoa, Petroleum Products, Liquefied Natural Gas, Electric energy, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticulture |
| Main export partners | South Africa 50%, UAE 7.8%, Switzerland 4.1%, Japan 2.9%, Turkey 2.5% (2013) |
| Imports | $14.03 billion (2010 est.) |
| Import goods | Military technology Industrialization equipment |
| Main import partners | China 24%, Ivory Coast 13%, Nigeria 11%, Brazil 6%, South Africa 5.6% (2013) |
| FDI stock |  $4.9 billion (2012)[7] |
| Gross external debt | $5.84 billion (31 December 2009 est.) |
| Public finances | |
| Public debt | 67.5% of GDP (2009 est.) |
| Revenues | $4.547 billion (2009 est.) |
| Expenses | $6.124 billion (2009 est.) |
| Credit rating |
|
|
All values, unless otherwise stated, are in US dollars |
|
The economy of Ghana, Africa, has a diverse and rich resource base, and as such, has one of the highest GDP per capita in Africa. Ghana is one of the top–ten fastest growing economies in the world, and the fastest growing economy in Africa. Gold, timber, cocoa, diamond, bauxite, manganese, and many other exports are major sources of foreign exchange.[11]
An oilfield which is reported to contain up to 3 billion barrels (480×106 m3) of light oil was discovered in 2007.[12] Oil exploration is ongoing and, the amount of oil continues to increase.[13]
The domestic economy revolves around services, which accounts for 50% of GDP and employs 28% of the work force. On the negative side, stalled public sector wage, government wage increases and lack of moves towards economic industrialization have led to continued inflationary deficit financing, depreciation of the Cedi, and rising public discontent with Ghana's austerity measures. Furthermore, according to the World Bank, Ghana's per capita income has barely doubled over the past 45 years.[14] Even so, Ghana remains one of the more economically sound countries in all of Africa.
The country 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. The new Ghana Cedi now exchanges at a rate of ¥1 CNY= Gh¢ 0.31.[Exchange Rates.org][15]
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.[16] Persistently high inflation has created pressure for the Ghana Cedi to be pegged to both Ghana's gold reserves and the China Renminbi.
Despite significant economic progress, obstacles do remain, and particular institutions need development and reform. Property rights are poorly protected, and high levels of corruption persist due to overall weakness in the rule of law. The overall investment regime in Ghana lacks efficiency and transparency.[16] Tackling these issues will be necessary if Ghana's rapid economic growth is to be maintained.[16]
Contents |
Industries [edit]
Agriculture [edit]
Half of the country's workers are engaged in farming. Ghana National Agricultural Export is the government arm that operates, maintains, overlooks the planting of cocoa, cashew etc. and other major crops for export. This agricultural arm of the government also harvests gold for export sales. Since its inception, it has drastically assisted the government in stabilizing the economy and boosting it as illegal sales of the major crops/nuts have been meaningfully and instantly curbed and also rendering employment to thousands of Ghanaian citizens.
Ghana posseses a rich Agribusiness, which has grown more than 39% in the first quarter of 2011 with respect to the same period of the previous year in 2010, so it has become one of the most important sectors of the Ghanaian economy since the beginning of 2010.[17] Main harvested crops are corn, the plantain, rice, millet, sorghum, cassava and yam.[18] Unlike Ghanaian agricultural livestock, forestry and fishing sectors, the crop sector is key to the Ghanaian Agriculture industry.[19]
Mining and petroleum [edit]
Mining has gained importance in the Ghanaian economy since the turn of the 21st century, with a growth of around 30% in 2007;[20] main mining extractions are bauxite, [21] gold (Ghana is one of the largest gold producers in the world),[22] and the phosphates.[23]
Ghana produces crude oil, as of 15 December 2010, and until June 2011, Ghana exploited around 120,000 barrels per day and is expected to increase production up to 1 million barrels per day.[24][25] Ghana produces gas and has vast natural gas reserves, which is used by many foreign multinational companies operating in Ghana.[26]
Manufacturing [edit]
Ghana's industrial base is relatively advanced compared to many other African countries. Import-substitution industries include textiles; steel (using scrap); tires; photovoltaics (pv) and solar panels; crude oil and gas refining; flour milling; beverages; tobacco; simple consumer goods; and electric car, truck, and bus assembly.
From the 1970s along with an ineffective education program, almost all of Ghana's basic industrial manufacturing industries such as toiletries; finished goods; food production; electronics manufacturing; and car manufacturing have collapsed, leaving a quarter of the Ghana population unemployed and giving rise to a high youth unemployment rate of 27% of the Ghanaian population in 2011. No action to revive those industries have been made by consecutive Ghanaian governments of the 4th Republic of Ghana since 1992, which if revived, will create millions of jobs and lift millions of the Ghana population into the middle class and the middle income wage.
Services [edit]
Tourism [edit]
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Tourism has become one of Ghana's largest foreign income earners (ranking third in 1997), and the Ghanaian Government has placed great emphasis upon further tourism support and development.
Tourism contributed to 4.9% of GDP in 2009, attracting around 500,000 tourists.[28][29] Tourist destinations include Ghana's many castles and forts, beaches and World Heritage bulidings and sites.[30][31] To enter Ghana, it is necessary to have a visa authorized by the Government, except for certain entrepreneurs who are on business trip.[32]
Banking [edit]
The financial services in Ghana has seen a lot of reforms in the past years. Ghana through the Banking (Amendment) Act 2007 has include the awarding of General Banking license to qualified Banks and this allows Offshore Banks to operate in the country. Barclays Bank (Ghana) limited has become the first Bank in Ghana to be awarded the General Banking license in the Country. It has therefore become possible for non–resident individuals and foreign companies to open offshore Bank Accounts in Ghana.
The financial sector has undergone privatizations, but the banking sector is undercapitalized, and access to financing remains limited.[16]
Stock exchange [edit]
The Ghana Stock Exchange is the 3rd largest and best in Africa with a market cap of GH¢ 57.2 billion or CN¥ 180.4 billion in 2012 after the 1st South Africa JSE Limited and the 2nd Nigeria Stock Exchange.[33]
Communications [edit]
Information Communications Technology [edit]
The information and communications technology (ICT) of Ghana has progressed above the average of 1.1% in sub-Saharan Africa to 60%. Policies to reduce the digital divide contain initiatives highlighted as fiber optics national (VOLTACOM) network.[34]
Different internet service providers and telecommunications companies such as Telecom Ghana, Western Telesystems Ltd (Westel), Kasapa Telecom Ltd, Scancom, and Millicom has invested in the Ghanaian ICT infrastructure. In addition, Ghana is maintaining collaboration with India through the Ghana-India Kofi Annan Centre of Excellence in ICT and in primary and secondary schools which all have ICT implemented into their curriculum.[34]
Telecommunications [edit]
Ghana's telecommunications statistics indicated that as of 2012 there was 284,981 telephone lines in operation,[35] and as of 2013 there are 26,336,000 cell phone lines in operation.[36] The prefix code of Ghana for international calls is +233.[36]
In 2010, Ghana authorized 2 fixed phone companies to operate in Ghana and authorized 6 mobile phone companies to operate in Ghana of which only 1 was not operating in 2010.[37] Mobile phone companies that are currently authorized for operations are: Mobile Telecommunications Networks (MTN), Vodafone Ghana acquired by Telecom Ghana, Tigo, Bharti Airtel acquired Western Telesystems Ltd (Westel), Kasapa Telecom Ltd which is a enterprise of Chinese origin, and Glo Mobile Ghana Limited.[37]
Media [edit]
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The mass media industryof Ghana has a lot of follow-up, with press services and newspapers as other means of mass communications through leading Ghanaian newspapers, such as: Ghana Business and Financial Times, Daily Graphic, Ghana Review International, Ghanaian Times, The Heritage, and The Ghanaian Chronicle.[38] In addition, Ghana has strings of satellite television and radio broadcasting industry, such as: TV Africa, Metro TV, TV3, Broadcasting Corporation, GTV and Viasat 1.[38]
In 2010, Ghana authorized 140 radio stations of which 84 were in operation and 32 television stations with approximately 26 in operation.[37] The Ghana Broadcasting Corporation (GBC) founded by decree in 1968, and is the Ghanaian state agency that provides civilian radio and television services and was created for the development of education sector, entertainment sector and knowledge of the Ghana population.[39]
The mass media of Ghana is among the most liberal in Africa, with Ghana ranking as the 3rd most freest in Africa and 30th most freeest in the world on the world wide press freedom Index. Chapter 12 of the Constitution of Ghana guarantees freedom of the Ghanaian press and the independence of the mass media, and in Chapter 2 prohibits censorship.[40] The Ghanaian press freedom was restored in 1992.[40]
| January | February | March | April | May | June | July | August | |
|---|---|---|---|---|---|---|---|---|
| Mobile Phone / Smart Phone | 16,031,979 | 16,248,650 | 16,333,371 | 16,647,298 | 16,806,389 | 16,963,083 | 16,611,160 | 16,651,168 |
| Fixed Phone | 285,856 | 285,856 | 295,214 | 296,254 | 295,909 | 351,448 | 339,435 | 341,292 |
| Total | 16,317,835 | 16,534,506 | 16,628,585 | 16,943,552 | 17,102,298 | 17,314,531 | 16,950,595 | 16,992,460 |
| Percentage | -- | 1.3% | 0.6% | 1.9% | 0.9% | 1.2% | -2.1% | 0.2%[37] |
Competition among mobil phone companies in Ghana is an important part of the telecommunications industry growth of Ghana, with companies obtaining more than 80 per 100 persons as mobil phone and fixed phone users.[35]
Internet [edit]
The internet code of Ghana is .gh and Ghana was one of the first countries in Africa to achieve the connection to the world wide web.[41] The Republic of Ghana has the 4th fastest Internet connection on the African continent and the 87th fastest internet connection in the world, out of 182 countries.[42] In recent years Ghana has taking into account population growth and the use of the Internet reflects a aggressive and rapid improvement:
| Year |
|
Population | Percentage |
|---|---|---|---|
| 2000 | 30,000 | 18,881,600 | 0.2% |
| 2006 | 401,300 | 21,801,662 | 1.8% |
| 2008 | 880,000 | 23,382,848 | 3.8% |
| 2009 | 997,000 | 23,887,812 | 4.2% |
| 2011 | 2,085,501 | 24,223,431 | 8.4% |
| 2012 | 3,568,757 | 24,658,823 | 14.11%[43] |
In 2011, Ghana's internet subscription was 62,646,[37] and in 2010, there were 165 licensed internet service providers in Ghana and they were running 29 of the fiber optic, and authorized networks VSAT operators were 176, of which 57 functioned, and 99 internet operators were authorized to the public, and private data and packet-switched network operators were 25.[37]
The data above indicates that in 2012, Ghana had 3.5 million users of the internet and in 2011 Ghana was the 72nd country out of 192 countries with the most internet users in the world.[43] The Ghanaian fiber optic underwater SAT-3/WASC fiber optic cable, MainOne cable, and GLO-1 fiber optic cable provides internet connectivity to South Africa, Asia, South America and Europe.[44]
Energy [edit]
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Oil and gas industry in Ghana.
As of December 2012, Ghana gets 97% of its energy from Hydropower and exports some of this to neighboring countries, however Ghana aims to increase its solar energy generation to get 100% of its energy from solar energy by the year 2016.
Solar energy [edit]
Ghana has aggressively began the construction of solar plants across its sun rich land in an aim for the country to become the first country to get 100% of its energy from solar energy generation by 2016. The biggest photovoltaic (PV) and largest solar energy plant in Africa, the Nzema project, based in Ghana, will be able to provide electricity to more than 100,000 homes.[45] The 155 megawatt plant will increase Ghana's electricity generating capacity by 6%.
Construction work on the GH¢ 740 million (GB£ 248 million) and the 4th largest solar power plant in the world, is being developed by, Blue Energy, a UK-based renewable energy investment company, majority owned and funded by members of the, Stadium Group, a large European private asset and development company with GB£ 2.5 billion under management. Project director is Douglas Coleman, from Mere Power Nzema Ltd, Ghana.[45]
Unlike many other solar projects in Africa that use concentrated solar power, solar plants will use photovoltaic (PV) technology to convert sunlight directly into electricity.[45] Installation of more than 630,000 solar PV modules will begin by the end of 2013 with electricity being generated early in 2014.[45] It is due to reach full capacity at the end of 2015.[45]
Wind energy [edit]
In addition to hydropower and solar energy, Ghana also produces a lot of other renewable energy, other forms of energy that produce electricity in Ghana are wind power, geothermal and biomass.[46] It is the official goal of Ghana energy industry to have 10% of Ghana’s energy mix come from renewable sources (not counting large-scale hydropower) by 2015, or at the very least by 2020.[47]
Ghana has Class 4-6 wind resources and locations of the high wind areas – such as Nkwanta, the Accra Plains, and Kwahu and Gambaga mountains. The maximum energy that could be tapped from Ghana’s available wind resource for electricity is estimated to be about 500 – 600 GWh/year.[47] To give perspective – In 2011, per same Energy Commission, the largest Akosombo hydroelectric dam in Ghana alone produced 6,495 GWhrs of electric power and, counting all Ghana's geothermal energy production in addition, total energy generated was 11,200 GWhrs in the same year.[47] These assessments do not take into consideration further limiting factors such as land-use restrictions, the existing grid (or how far the wind resource may be from the grid) and accessibility.[47] To conclude, wind energy has potential to contribute significantly to the country’s energy industry – 10% can certainly be attained in terms of installed capacity, and about 5% of total electric generation potential from wind alone.[47]
Bio energy [edit]
Ghana has put in place mechanisms to attract investments into its biomass and bio-energy sectors to stimulate rural development, create jobs and save foreign exchange.[48]
The vast arable and degraded land mass of Ghana has the potential for the cultivation of crops and plants that could be converted into a wide range of solid and liquid bio-fuels, as the development of alternative transportation fuels could help Ghana to diversify and secure its future energy supplies.[48] Main investments in the bio-energy subsector existed in the areas of production, are transportation, storage, distribution, sale, marketing and exportation.[48]
The goal of Ghana regarding bio-energy, as articulated its energy sector policy, is to modernize and examine the benefits of bio-energy on a sustainable basis.[48] Biomass is Ghana's dominant energy resource in terms of endowment and consumption, with the two primary bio-fuels consumed being ethanol and biodiesel.[48] To that effect, the Ghana ministry of Energy in 2010 developed the energy sector strategy and development plan.[48] Highlights of the key policy objectives strategy for the renewable energy subsector include sustaining the supply and efficient use of wood-fuels while ensuring that their utilization does not lead to deforestation.[48] The plan would support private sector investments in the cultivation of bio-fuel feedstock, extraction of bio-oil and its refining into secondary products, thereby creating appropriate financial and tax incentives. The Ghana Renewal Energy Act provides the necessary fiscal incentives for renewable energy development by the private sector, and also details the control and management of bio-fuel and wood- fuel projects in Ghana.[48] The Ghana National Petroleum Authority (NPA) was tasked by the Renewable Energy Act 2011 to price Ghana's bio-fuel blend in accordance with the prescribed petroleum pricing formula.[48]
The combined effects of climate change and global economic turbulence, had triggered a sense of urgency among Ghanaian policymakers, industry and development practitioners to find sustainable and viable solutions in the area of bio-fuels.[48]
Currently, Brazil, which makes ethanol from maize and sugarcane respectively, is the world's largest bio-fuel market.[48]
Energy consumption [edit]
Electricity generation is one of the key factors in order to achieve the development of the Ghanaian national economy, with aggressive and rapid industrialization; Ghana's national electric energy consumption was 265 kilowatt in 2009.[49][50]
Economic history [edit]
Independence and Nkrumah (1957—1966) [edit]
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At independence, Ghana had a substantial physical and social infrastructure and $481 million in foreign reserves. The Nkrumah government further developed the infrastructure towards industrialization and made important public investments in the industrial sector. The construction of the Akosombo Dam was completed on the Volta River in 1966. The Ghana state-owned company Volta Aluminum Company (Valco), Africa's largest aluminium smelter, was built to use power generated at the dam. Aluminium exports from Valco were a major source of foreign exchange for Ghana.
Many Nkrumah-era investments were monumental public works projects which were assets for the country, industrialisation and agricultural schemes. With cocoa prices falling and the country's foreign-exchange reserves fast disappearing, the government resorted to supplier credits to finance many projects. By the mid-1960s, Ghana's currency reserves were gone, and the country could not meet repayment schedules. To rationalize, the National Liberation Council (1966–1969) abandoned unprofitable projects, and some inefficient state-owned enterprises were sold to private investors.
Acheampong regime (1972—1978) [edit]
To restructure the economy of Ghana, Ignatius Kutu Acheampong (1972–78), undertook an austerity program that emphasized self-reliance, particularly in food production. These plans were not realised, however, primarily because of post-1973 petroleum price increases and a drought in 1975-77 that particularly affected northern Ghana. Acheampong, who had inherited foreign debts of almost $1 billion began to mismanage the economy, abrogated existing rescheduling arrangements for some debts and rejected other repayments. After creditors objected to this unilateral action, a 1974 agreement rescheduled the medium-term debt on liberal terms. Acheampong also imposed the Foreign direct investment Policy Decree of 1975—effective on January 1977—that required 51% Ghanaian equity participation in most foreign firms, but the government took 40% in specified industries. Many shares were sold directly to the public.
Akuffo regime (1978—1979) [edit]
Continued mismanagement of the economy, record inflation (more than 100% in 1977), and increasing political corruption, notably at the highest political levels (president of Ghana), led to growing dissatisfaction. The post-July 1978 military regime led by Fred Akuffo attempted to deal with Ghana's economic problems by making small changes in the overvalued cedi and by restraining government spending and monetary growth. Under a one-year standby agreement with the International Monetary Fund (IMF) in January 1979, the government promised to undertake economic reforms, including a reduction of the budget deficit, in return for a $68 million IMF support program and $27 million in IMF Trust Fund loans. The agreement became inoperative, however, after the 4 June impeachment and coup that took place due to economic mismanagement and public dissatisfaction that brought Flight Lieutenant Jerry Rawlings to power for 3 months.
Limann government (1979) [edit]
In September 1979, the civilian government of Hilla Limann continued mismanagement of the economy and inherited declining per capita income; stagnant industrial and agricultural production due to inadequate imported supplies; shortages of imported and locally produced goods; a sizable budget deficit (almost 40% of expenditures in 1979); high inflation, "moderating" to 54% in 1979; an increasingly overvalued cedi; flourishing smuggling and other black-market activities; unemployment and underemployment, particularly among urban youth; deterioration in the transport network; and continued foreign exchange constraints.
Limann's PNP government announced yet another (2-year) reconstruction program, emphasizing increased food production and productivity, exports, and transport improvements. Import austerity was imposed and external payments arrears cut. However, declining cocoa production combined with falling cocoa prices, while petroleum prices soared. No effective measures were taken to reduce rampant political corruption and black marketing. While it was waiting for realisations from its 2 year plan, the Limann government was impeached due to economic mismanagement and public dissatisfaction with a second coup staged by Flt. Lt. Jerry Rawlings.
Rawlings regime (1979—) [edit]
When Jerry Rawlings' P/NDC again seized power by a coup at the end of 1981, along with continued mismanagement of the economy, cocoa output had fallen to half the 1970-71 level and its world price to one-third the 1975 level. By 1982, petroleum would constitute half of Ghana's imports, while overall trade contracted greatly. Internal transport had slowed to a crawl, and inflation remained high. During Rawlings' first year, the economy was stagnant. Industry ran at about 10% of capacity due to the chronic shortage of foreign exchange to cover the importation of required raw materials and replacement parts to achieve economic industrialization. Economic conditions deteriorated further in early 1983 when Nigeria expelled an estimated 1 million Ghanaians who had to be absorbed by Ghana.
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In April 1983, Rawlings launched an economic recovery program, perhaps the most stringent and consistent of its day in Africa, aimed at reopening infrastructural bottlenecks and reviving moribund productive sectors—agriculture, mining, and timber. The largely distorted exchange rate and prices were realigned to encourage production and exports. Increased fiscal and monetary discipline was imposed to curb inflation and to focus on priorities. Through November 1987, the cedi was devalued by more than 6,300%, and widespread direct price controls were substantially reduced.
These reforms were initially hampered by the absorption of one million returnees from Nigeria, the onset of the worst drought since 1957 independence, which brought on widespread bushfires and forced closure of the Ghana's aluminium smelter and severe electricity power cuts for industry to increase rapid industrialization output. Infrastructure repairs, improved weather, and producer incentives and support revived output in the early 1990s. During 1984-88 the economy experienced solid growth for the first time since 1978. Renewed exports, foreign direct investments and a foreign exchange auction eased hard currency constraints.
Macro-economic trend [edit]
This is a chart of trend of gross domestic product of Ghana at market prices estimated by the International Monetary Fund with figures in millions of Ghanaian Cedis.[53]
| Year | Gross Domestic Product | US Dollar exchange |
|---|---|---|
| 1980 | 43,229 | 2.74 Cedis |
| 1985 | 361,370 | 54.36 Cedis |
| 1990 | 2,158,213 | 326.30 Cedis |
| 1995 | 7,751,700 | 1,200.51 Cedis |
| 2000 | 27,152,500 | 5,455.59 Cedis |
| 2005 | 97,017,315 | 9,072.12 Cedis |
| Exportations to[54] | Importations from[54] | ||
|---|---|---|---|
| Country | Percentage | Country | Percentage |
 South Africa |
50% |  China |
24% |
 UAE |
7,8% |  Ivory Coast |
13% |
 Switzerland |
4,1% |  Nigeria |
11% |
 Japan |
2,9% |  Brazil |
6% |
 Turkey |
2,5% | South Africa |
5,6% |
| Others | 32,7% | Others | 40,4% |
Ghana: Vision 2020 and Industrialization [edit]
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Ghana intends to achieve its goals of accelerated economic growth, improved quality of life for all Ghanaian citizens, by reduced poverty through, higher private investment, rapid and aggressive industrialization, as well as direct and aggressive poverty-alleviation efforts. These plans have been forcefully reiterated in the 1995 Ghana government report, Ghana: Vision 2020. Privatization of state-owned enterprises continues, with about two-thirds of 300 parastatal enterprises sold to private owners. Other reforms adopted under the government's structural adjustment program include the elimination of exchange rate controls and the lifting of virtually all restrictions on imports. The establishment of an interbank foreign exchange market has greatly expanded access to foreign exchange.
The medium-term macroeconomic program of Ghana forecast assumes political stability, successful economic stabilization, and the implementation of a policy agenda for private sector growth, and aggressive public spending on social services, infrastructure, and industrialization. The ninth Consultative Group Meeting for Ghana ended 5 November 1997 after deliberations in Paris and in March 1998. Twenty-four countries: Group of 24 were represented at this meeting called on by the Ghanaian Government. The World Bank announced that, Ghana's goal and target of reaching the high-income economy status and reaching the newly industrialized country status, would be easily realized by 2020 should Ghana rapidly enact its Ghana: Vision 2020 and macroeconomic program.
Economic malpractice and lack of Transparency [edit]
The judicial system of Ghana is subject to political influence and suffers from corruption when dealing with economic malpractice and lack of economic transparency in Ghana, albeit to a somewhat lesser extent than elsewhere in Africa.[16] The courts in Ghana are slow to dispose of political corruption cases and face challenges in enforcing decisions on precedent, largely because of resource constraints and institutional inefficiencies.[16]
Footnotes [edit]
- ^ The New Ghana Cedi is now exchanging at a rate of ¥1 CNY= Gh¢ 0.31, as of 20 April 2013.[15]
- ^ The New Ghana Cedi is now exchanging at a rate of $1 USD= Gh¢ 1.95, as of 20 April 2013.[55]
- For the current Gh¢ versus Worldwide exchange rates: See current Currency Converter Results at Exchange-Rates.org.
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- ^ "The sector of electricity in Ghana". Proexca (in Spanish). Canary Island. 2011. Retrieved 23 April 2013.
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- ^ Dave Brown. "Top 10 Gold Producers". Gold Investing News. Retrieved 19 April 2013.
- ^ IMF
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- ^ "Currency converter results". Exchange Rates.org. Retrieved 22 April 2012.
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