Ghana is one of the most stable states in West Africa, and (according to some sources) the world’s fastest growing economy, boasting the highest GDP per capita in the region. Ghana is the world’s seventh-largest producer of gold and second-largest producer of cocoa.
Ghanaian economic strategy is defined by ‘The Coordinated Programme of Economic and Social Development Policies 2017 to 20124’, the four key goals of which are to build a prosperous country, create opportunities for all Ghanaians, safeguarding the natural environment and maintaining a stable, united and safe country.
Ghana owes its economic success to political stability and good governance and is also blessed with ample natural resources as well. In addition to gold, the country has large deposits of diamonds, manganese and bauxite. The country is a major producer of natural gas, and the country is believed to have around 5 to 7 billion barrels of oil in reserve.
In recent years, Ghana has sought to diversify its energy sector. The government is especially keen to invest in bio-energy, and the Ghana Renewal Energy Act provides incentives for renewable energy development.
Services account for around half of Ghana’s GDP, employing around 28% of the workforce. However, around 54% of Ghana’s workforce are still engaged in agriculture.
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