| Ghana with its abundant natural resources, including gold and cocoa still remains one of the world's top gold producers.
General Character: At independence, economy based on cocoa and gold; country relatively prosperous. After mid-1960s, economy stagnated, characterized by weak commodity demand, outmoded equipment, overvalued currency, smuggling, and foreign debt. Since 1983 Economic Recovery Program has resulted in new investment and rising exports of cocoa, gold, and timber.
Agriculture, Forestry, and Fishing: Agriculture is the most important sector of economy, constituting just under half of GDP Production of exports and food crops fell steadily after mid-1960s; major recovery began in 1980s. Ghana is one of the world's largest cocoa producer.
Industry: Largest manufacturing industries include aluminium, saw mills and timber processing, cocoa processing, breweries, cement, oil refining, textiles, and vehicle assembly.
Mining: Major minerals are gold, bauxite, manganese, and diamonds.
Foreign Trade: Major exports--cocoa, gold, timber, and industrial diamonds--mainly to Germany, Britain, United States, and Japan. Major imports-capital goods, oil, consumer goods, and intermediate goods--mostly from Britain, Nigeria, United States, and Germany. |
