Ghana

Ghana, officially the Republic of Ghana, in West Africa, has a land mass of 238,533km2. It abuts the Gulf of Guinea and the Atlantic Ocean to the south and shares borders with Côte d’Ivoire in the west, Burkina Faso in the north, and Togo in the east.

Ghana has a population of 35.5 million and a GDP of US$88.3bn which is expected to grow by 4.3% in 2025. Its rapid GDP growth of 7% per annum from 2017 to 2019 was halted by the pandemic, with a sharp decline in commodity exports. After slowing to 0.5% in 2020, growth rebounded to 5.4% in 2021 on the back of agriculture and services sector growth. Recovery was relatively inclusive and labour intensive, with the extractive sector making only small contributions.

Its currency is the Ghanaian Cedi.

Ghana is a multi-ethnic country with diverse linguistic and religious groups. There six major ethnic groups are the Akan, Ewe, Ga-Adangbe, Mole-Dagbani, Guan and Gurma. It is a constitutional democracy led by a president who is both head of state and head of government. There are 16 regions, further divided into 216 local districts for administrative purposes. The country has experienced one of the freest and most stable governments on the continent and performed in healthcare, economic growth and human development relative to its peers in sub-Saharan Africa. The capital and largest city is Accra and other major cities are Kumasi, Tamale, and Sekondi-Takoradi. The official language of business is English, which is the primary medium of instruction in schools.

The country’s mineral wealth includes gold, manganese, industrial diamonds and bauxite and unexploited deposits of columbite-tantalite, ilmenite, iron ore, limestone, lithium and rutile, while aggregates, bauxite, clay, diamonds, gemstones, gold, manganese, silica sand and silver are also produced. Gold is the most important mineral produced, and accounts for more than 90% of mineral revenues. There has also been a discovery of commercial quantities of oil and gas at the Jubilee Field off Cape Three Points, which has fast-tracked infrastructural development at the Port of Takoradi.

Other important industries are shipbuilding, light manufacturing, cement manufacturing, aluminium smelting, lumbering, cocoa and other food processing. It is the world’s second largest producer of cocoa beans after Côte d’lvoire.

The economy is largely dependent on the export of commodities such as gold, cocoa, oil, and gas, which makes it vulnerable to global economic slowdowns and declines in commodity prices. The services sector constitutes 49% of GDP, the industrial sector 30% and agriculture 21%. Agriculture employs about 45% of Ghana’s workforce, mainly consisting of small sacle farmers.

Ghana plays an important role as a maritime traffic junction in West Africa. The Port of Tema, 30km from Accra, can handle commodities such as crude oil, cement, machinery, fish and consumer goods. Improved infrastructure and a port modernisation project have allowed for the handling of larger cargo volumes, and its commercial fishing harbour handles local and international fishing vessels. The port is a vital trade conduit for Ghana’s landlocked neighbours.

Ghana’s infrastructure is advanced compared to other low-income African countries. The road network is 67,291km, of which 12,785km are main roads, 42,394km are feeder roads and 12,112km are urban roads, all considered either in good or fair condition. The road network, of which 17% is either paved or tarred, is estimated to grow at an average rate of 8% per annum. Energy installed capacity in existing plants is 5,134MW, with dependable capacity of 4,710MW. Peak demand averages 3,100MW per month, and excess is exported to Togo, Benin, and Burkina Faso. The government is heavily involved in the energy sector, with state companies controlling the entire energy value chain. The telecommunications infrastructure is considered relatively well developed and the sector is predicted to be one of the most promising in sub-Saharan Africa.




Sources: Who Owns Whom sector reports, CIA Factbook, African Development Bank, World Bank, Trading Economics, African Statistical Yearbook and IMF. ?>