Ghana: Facts & Stats

ECONOMY

Industry:

The country is mainly agricultural, with a majority of its workers engaged in farming. Ghana National Agricultural Export is the government arm that operates, maintains, overlooks the planting of cocoa, cashew etc and other major crops for export. This agricultural arm of the government also harvests gold for export sales.

Since its inception, it has drastically assisted the government in stabilizing the economy and boosting it as illegal sales of the major crops/nuts have been meaningfully and instantly curbed and also rendering employment to thousands of Ghanaians.

Agriculture:

Industry in Ghana accounts for about 25.3% of total GDP. However, Ghana's industrial production is rising at a 7.8% rate, giving it the 38th fastest growing industrial production in the world due to government industrialization policies.

Ghana's most important manufacturing industries include light manufacturing, aluminum smelting, food processing, cement, and small commercial ship building. A relatively small glass-making industry has also developed due to the high-quality sand available from the Tarkwa mining area. The lack of capital has slowed growth in Ghana, but foreign capital has increased in recent years. Most products are for local consumption, and most of Ghana's exports are raw materials.

Other industries include the production of food and beverages, textiles, chemicals and pharmaceuticals, and the processing of metals and wood products.

Services:

Tourism has become one of Ghana's largest foreign income earners (ranking third in 1997), and the Ghanaian Government has placed great emphasis upon further tourism support and development.

The financial services in Ghana has seen a lot of reforms in the past years. Ghana through the Banking (Amendment) Act 2007 has include the awarding of General Banking license to qualified Banks and this allows Offshore Banks to operate in the country. Barclays Bank (Ghana) limited has become the first Bank in Ghana to be awarded the General Banking license in the Country. It has therefore become possible for non-resident individuals and foreign companies to open offshore Bank Accounts in Ghana.

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