ECONOMY

The economy of Ghana has a diverse and rich resource base, including the manufacturing and exportation of digital technology goods, automotive and ship construction and the exportation of diverse and rich resources such as hydrocarbons and industrial minerals. These have given Ghana one of the highest GDP per capita in Africa. Owing to a GDP debasement in 2011 Ghana became the fastest growing economy in the world, differences with neighboring economies are likely to be overstated due to underfunded statistical agencies in surrounding countries.

The Ghanaian domestic economy in 2012 revolved around services which accounted for 50% of GDP and employed 28% of the work force. Besides the industrialisation associated with minerals and oil, industrial development in Ghana remains basic, often associated with plastics.

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. The economy is also expected to pick up pace in the medium term, expanding above 5% again in 2016, thanks to rising oil and gas revenues as new fields come on-stream, industrial growth, and increasing public and private investment, including in infrastructure. A $918m deal with the IMF signed in April 2015 should also bolster confidence, both by underpinning public finances and by increasing pressure for fiscal consolidation and reform.