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Formed from the merger of the British colony of the Gold Coast and the Togoland trust territory, Ghana in 1957 became the first sub-Saharan country in colonial Africa to gain its independence. Ghana endured a series of coups before Lt. Jerry RAWLINGS took power in 1981 and banned political parties. After approving a new constitution and restoring multiparty politics in 1992, RAWLINGS won presidential elections in 1992 and 1996 but was constitutionally prevented from running for a third term in 2000. John KUFUOR of the opposition New Patriotic Party (NPP) succeeded him and was reelected in 2004. John Atta MILLS of the National Democratic Congress won the 2008 presidential election and took over as head of state, but he died in July 2012 and was constitutionally succeeded by his vice president, John Dramani MAHAMA, who subsequently won the December 2012 presidential election. In 2016, however, Nana Addo Dankwa AKUFO-ADDO of the NPP defeated MAHAMA, marking the third time that the Ghana’s presidency has changed parties since the return to democracy.

Location

Western Africa, bordering the Gulf of Guinea, between Cote d'Ivoire and Togo

Natural Resources

gold, timber, industrial diamonds, bauxite, manganese, fish, rubber, hydropower, petroleum, silver, salt, limestone

Population - distribution

population is concentrated in the southern half of the country, with the highest concentrations being on or near the Atlantic coast

24339838
Asante 16%, Ewe 14%, Fante 11.6%, Boron (Brong) 4.9%, Dagomba 4.4%, Dangme 4.2%, Dagarte (Dagaba) 3.9%, Kokomba 3.5%, Akyem 3.2%, Ga 3.1%, other 31.2%
Kumasi 2.599 million; ACCRA (capital) 2.277 million (2015)
Conventional long form
Republic of Ghana
Conventional short form
Ghana
Local long form
Local short form
presidential republic
Name
Accra
Geographic coordinates
5 33 N, 0 13 W
Time difference
UTC 0 (5 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region, and Ghana is well-endowed with natural resources. Ghana's economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency.
Inflation
17.474%
External debt stocks
US$ 20,676,785,000
Total tax rate (% of commercial profits)
32.7%
Real Interest Rate
-5.862%
Manufacturing, value added (% of GDP)
5.631%
Current Account Balance
US$ -2,809,291,858
Labor Force, Total
13,335,128
Employment in Agriculture
44.70%
Employment in Industry
14.40%
Employment in Services
40.90%
Unemployment Rate
5.77%
Imports of goods and services
US$ 20,432,494,131
Exports of goods and services
US$ 17,391,706,552
Total Merchandise Trade
57.71%
FDI, net inflows
US$ 3,192,320,531
Commercial Service Exports
US$ 6,013,912,424
cocoa, rice, cassava (manioc, tapioca), peanuts, corn, shea nuts, bananas; timber
mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building, petroleum
Commodities
oil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products
Partners
India 27.4%, Switzerland 11.8%, China 10.2%, France 5.5% (2015)
Commodities
capital equipment, refined petroleum, foodstuffs
Partners
China 32.6%, Nigeria 14.1%, Netherlands 5.5%, US 5.5% (2015)
Country Risk Rating
B
Political and economic uncertainties and an occasionally difficult business environment can affect corporate payment behavior. Corporate default probability is appreciable.
Business Climate Rating
B
The business environment is mediocre. The availability and the reliability of corporate financial information vary widely. Debt collection can sometimes be difficult. The institutional framework has a few troublesome weaknesses. Intercompany transactions run appreciable risks in the unstable, largely inefficient environments rated B.
  • Significant mining (gold), agricultural (coca) and now oil resources
  • Democracy installed, political and social stability
  • Attractive business climate, favorable to foreign direct investment
  • Support from multilateral (IMF, World Bank, EU) and bilateral (United States, United Kingdom and China) donors
  • Rapid increase in the deficit and public debt
  • Infrastructure shortcomings (energy, transport)
  • Dependence on raw material prices (gold, oil, cocoa)
  • Weak public banks, which affect the entire banking sector

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