The economy of Ghana has a diverse and rich resource base, including the manufacturing and export of digital technology goods, automotive and ship construction and export, and the export of resources such as hydrocarbons and industrial minerals. Exports in Ghana are a central part of the Ghanaian economy, whether in goods or services. Precious stones, minerals and mineral fuels, and agricultural products often form the core of the export categories.
Ghana's top export products in 2016 were crude petroleum ($2.66B), gold ($2.39B), cocoa beans ($2.27B), cocoa paste ($382M) and cocoa butter ($252M). Gold, crude petroleum oils, and cocoa beans are the key products exported from Ghana. The nation continues to expand its capacity in gold, oil, and cocoa bean production, partly given its export trade.
Nevertheless, the country has a lot to explore in its merchandise exports. Exporting services from Ghana also yields the country considerable benefits. dollars often dominated by business and personal travel, transportation, and construction services.
Ghana became the largest gold-producing country in Africa after overtaking South Africa in 2019. The country is also the second-largest cocoa producer (after Ivory Coast). Ghana is rich in diamonds, manganese or manganese ore, bauxite, and oil. Ghana has 5 billion barrels (790×106 m3) to 7 billion barrels (1.1×109 m3) of petroleum in reserves. A large oilfield which contains up to 3 billion barrels (480×106 m3) of sweet crude oil was discovered in 2007. Since these discoveries Ghana increased production steadily, the nations current peak is 200,000 barrels per day in 2019.
Here's a look at some of Ghana's main export products:
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- Petroleum oils, etc. (excl. crude): $4,572,987.44
- Automobiles with reciprocating piston engine: $380,017.25
- Cement clinkers: $373,542.07
- Other worked grains of other cereals, nes: $257,291.31
- Frozen cuts and offal of chicken (excl.
Ghana's top import categories in 2016 were refined petroleum ($2.18B), crude petroleum ($546M), gold ($428M), rice ($328M) and packaged medicaments ($297M).
The following table summarizes Ghana's main export data:
| Product Code | Product Name | Value (USD) |
|---|---|---|
| 271000 | Petroleum oils, etc, (excl. crude); preparation | 4,572,987.44 |
| 870323 | Automobiles with reciprocating piston engine | 380,017.25 |
| 252310 | Cement clinkers | 373,542.07 |
| 110429 | Other worked grains of other cereals, nes | 257,291.31 |
| 020741 | Frozen cuts and offal of chicken (excl. | Data not available |
The Ghanaian domestic economy in 2012 revolved around services, which accounted for 50% of GDP and employed 28% of the work force. The Stock Exchange of Ghana is one of the largest in Africa, with a market capitalization of GH¢57.2 billion or CN¥180.4 billion in 2012. Ghana embarked on a currency re-denomination exercise from the Cedi (₵) to the new currency, Ghana Cedi (GH₵) in July 2007. The transfer rate is 1 Ghana Cedi for every 10,000 Cedis.
Ghana began its automotive industry with the construction of a prototype robust SUV, named the SMATI Turtle 1, intended for use in the rough African terrain. It was designed and manufactured by the Artisans of Suame Magazine Industrial Development Organization.
The Ministry of Tourism has placed great emphasis upon further tourism support and development. Tourism contributed to 4.9% of GDP in 2009, attracting around 500,000 visitors. In 2011, Forbes magazine ranked Ghana eleventh-friendliest country in the world. The assertion was based on a survey of a cross-section of travelers in 2010.
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The Ghana: Vision 2020 forecast assumes political stability; successful economic stabilization; the implementation of Ghana: Vision 2020 policy agenda on private sector growth; and aggressive public spending on social services, infrastructure and industrialization.
Despite significant economic progress, obstacles do remain. Particular institutions need reform, and property rights need improvement. The overall investment regime lacks market transparency. According to Transparency International's 2022 Corruption Perception Index, Ghana was ranked 72nd out of 180 countries, with a score of 43 on a scale where a 0-9 score means highly corrupt, and a 90-100 score means very clean.
At the end of January 2022, total number of voice subscription in Ghana stood at 41,380,751. This represents a percentage increase of 1.28% over December 2019 figures of 40,857,007.
The mass media of Ghana is among the most liberal in Africa, with Ghana ranking as the third-freest in Africa and 30th-most free in the world on the worldwide press freedom index.
Value-added tax is a consumption tax administered in Ghana. The tax regime that 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 the national health insurance levy, and a capital gains tax. The overall tax burden was 12.1% of Ghana's total domestic income in 2013.
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Ghana's industrial base is relatively advanced. Import-substitution industries include electronics manufacturing.
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The Centre for Scientific Research into Plant Medicine is an agency of the Ministry of Health that was set up in the 1970s for research and development and as a practical resource (product production & distribution/provision) primarily in areas of biotechnology related to medicinal plants. This includes both herbal medicine and work on more advanced applications.
In June 2012, the National Information Technology Agency announced a national computer emergency response team "strategy" designed to co-ordinate government response to cyber-attacks, both internal and external. The agency also established computer emergency response teams for each municipal, metropolitan, and district assembly to improve co-ordination and information-sharing on cyberspace threats. Ghana is ranked 2nd in Africa and 7th globally in cyber warfare, cyber-terrorism, cyber crime, and internet crime. In 2018, the National Cyber Security Centre was founded. It is the national agency responsible for cybersecurity. In November 2020, Parliament passed the Cybersecurity Act 2020. The Minister for Communications, Ursula Owusu-Ekuful, indicated that, "a successful economy is hinged on a secured, safe and resilient national digital ecosystem.
The real estate and housing market has become an important and strategic economic sector, particularly in the urban centres of south Ghana such as Accra, Kumasi, Sekondi-Takoradi and Tema. However, many of its citizens particularly those in Accra cannot afford the housing prices which is a trait of most major cities globally particularly in the West. In July 2013, International Enterprise Singapore a global office in Accra to develop trade and investment on logistics, oil and gas, aviation, transportation and consumer sectors. Singapore and Ghana also signed four bilateral agreements to promote public sector and private sector collaboration, as Ghana aims to predominantly shift its economic trade partnership to East Asia and Southeast Asia. The economic centre is IE Singapore's second office in Africa.
Ghana's labour force in 2008 totalled 11.5 million Ghanaian citizens. Tema Harbour is Africa's largest manmade harbour, and Takoradi Harbour along with Tema harbour handle goods and exports. Over the years, the country has encountered various economic challenges especially in its bid to become financially sustainable. The 2010 United States Department of Labor estimated over 2.7 million child laborers in Ghana, or about 43% of all children aged 5-14. 78.7% of these children work in agriculture, 17.6% in fishing and transportation services, and 3.7% in industry, which includes manufacturing work and mining. In Ghana 64% of children seek work for financial reasons, making it the leading driver for child labor in the region. Most children working in rural areas are working on family farms and often combine schooling with their work.
The UAE, Switzerland, and China are some of Ghana’s main export trade partners. On the contrary, in recent years, exporting goods and services to other African countries has not occupied the frontline of the country’s international trade. In fact, the EU and India were the major export destinations for nations in Africa as of 2021. However, intra-African trade has been at the center of discussions among African countries, with considerable efforts to enhance trade across countries on the continent. An example is the intra-African Continental Free Trade Area (AfCFTA) agreement of May 2019, which officially entered into force after 22 African countries ratified it. By this agreement, the World Bank projects that export trade within Africa will experience growth in the manufacturing, agriculture, services, and natural resources sectors by 2035.
Regions of Ghana
By increasing trade and building economic resilience, Ghana can secure its future as a major player in the African and global markets.
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