Economy
Ghana possesses industrial minerals, hydrocarbons and precious metals. It is an emerging designated digital economy with mixed economy hybridisation and an emerging market. It has an economic plan target known as the "Ghana Vision 2020". This plan envisions Ghana as the first African country to become a developed country between 2020 and 2029 and a newly industrialised country between 2030 and 2039. This excludes fellow Group of 24 member and Sub-Saharan African country South Africa, which is a newly industrialised country.
Ghana's economy has ties to the Chinese yuan renminbi along with Ghana's gold reserves. In 2013, the Bank of Ghana began circulating the renminbi throughout Ghanaian state-owned banks and to the Ghana public as hard currency along with the national Ghanaian cedi for second national trade currency.
Between 2012 and 2013, 38% of rural dwellers were experiencing poverty whereas 11% of urban dwellers were. Urban areas hold greater opportunity for employment, particularly in informal trade, while 94% of "rural poor households" participate in the agricultural sector.
The Volta River Authority and the Ghana National Petroleum Corporation, both state-owned, are the two major electricity producers. The Akosombo Dam, built on the Volta River in 1965, along with the Bui Dam, the Kpong Dam and other hydroelectric dams, provide hydropower.
The Ghana Stock Exchange is the fifth largest on continental Africa and third largest in sub-Saharan Africa, having a market capitalisation of GH¢ 57.2 billion or CN¥180.4 billion in 2012, with the South Africa JSE Limited ranked first. The Ghana Stock Exchange was the second best performing stock exchange in Sub-Saharan Africa in 2013.
Ghana produces cocoa. It is the second largest producer of cocoa globally and its ICCO membership helps in its international cocoa trade. Ghana is classified as a middle-income country. Services account for 50% of GDP, followed by manufacturing (24.1%), extractive industries (5%), and taxes (20.9%).
Ghana's economy is characterized by a growing manufacturing sector and the export of digital technology products. The country is also engaged in the assembly and export of automobiles and ships. Ghana's economy benefits from a range of resource-rich exports, including industrial minerals and agricultural products, with cocoa being a primary commodity. The nation is a producer and exporter of petroleum and natural gas.
The information and communications technology (ICT) sector plays a role in Ghana's industrial landscape, with companies such as Rlg Communications, a state-affiliated digital technology corporation, leading in the production of tablet computers, smartphones, and consumer electronics.
Urban electric cars have been manufactured in Ghana since 2014.
Ghana announced plans to issue government debt by way of social and green bonds in autumn of 2021, making it the first African country to do so. The country, which was planning to borrow up to $5 billion in international markets, would use the proceeds from these sustainable bonds to refinance debt used for social and environmental projects and pay for educational or health. The country will use the proceeds to forge ahead with a free secondary-school initiative started in 2017 among other programs, while having recorded its lowest economic growth rate in 37 years in 2020.
Ghana produces and exports hydrocarbons such as sweet crude oil and natural gas. The 100%-state-owned filling station company, Ghana Oil Company, is the number one petroleum and gas filling station, and the 100%-state-owned state oil company Ghana National Petroleum Corporation oversees hydrocarbon exploration and production of petroleum and natural gas reserves. Ghana aims to further increase the output of oil to 2.2 million barrels (350,000 m3) per day and gas to 34,000,000 cubic metres (1.2×10^9 cu ft) per day. The Jubilee Oil Field, which contains up to 3 billion barrels (480,000,000 m3) of sweet crude oil, was discovered in 2007. Ghana is believed to have up to 5 billion barrels (790,000,000 m3) to 7 billion barrels (1.1×109 m3) of petroleum in reserves, which is the fifth-largest in Africa and the 21st-to-25th-largest proven reserves in the world. It also has up to 1.7×1011 cubic metres (6×10^12 cu ft) of natural gas in reserves. The government has drawn up plans to nationalise petroleum and natural gas reserves to increase government revenue.
In 2015, Ghana produced 88 metric tonnes of gold as per the Our World in Data report. As of 2019, Ghana was the 7th largest producer of gold in the world, producing ~140 tonnes that year. This record saw Ghana surpass South Africa in output for the first time, making Ghana the largest gold producer in Africa. In addition to gold, Ghana exports silver, timber, diamonds, bauxite, and manganese, and has other mineral deposits. Ghana ranks 9th in the world in diamond export and reserve size. The government has drawn up plans to nationalize mining industry to increase government revenue.
"Shortages" of electricity in 2015 and 2016 led to dumsor ("persistent, irregular and unpredictable" electric power outages), increasing the interest in renewables. As of 2019, there is a surplus of electricity.
The judicial system of Ghana deals with corruption, economic malpractice and lack of economic transparency. According to Transparency International's Corruption Perceptions Index of 2018, out of 180 countries, Ghana was ranked 78th, with a score of 41 on a scale where a 0–9 score means highly corrupt, and a 90–100 score means very clean. This was based on perceived levels of public sector corruption.
