Ghana is a country that is renowned for its extensive history as well as its picturesque coastline, verdant forests, and the largest artificial reservoir in the world. Ghana, also known as the Land of Gold, is now ranked as having one of the highest GDPs per capita in West Africa. This is due to the country’s significant use of one of the most valuable metals on the planet in the trades that take place across the Sahara. During the previous decade, at one point, it was also the economy that was growing at the fastest rate globally.
Since Ghana does not have the necessary infrastructure for the growth of its manufacturing sector, the majority of the country’s economic activity is focused on the provision of various types of services. The country’s service industries are responsible for somewhere in the neighborhood of 50 percent of its GDP, and they employ somewhere in the neighborhood of 30 percent of Ghana’s workforce. According to data provided by the United Nations’ Food and Agriculture Organization, more than half of Ghana’s labor force is employed in agriculture in some capacity. Agriculture is not only one of Ghana’s most important economic pillars, but it is also an industry that is consistently undergoing innovation and expansion.
However, despite the encouraging numbers regarding the country’s economic expansion, it is important to note that Ghana has accumulated a sizeable debt. This is something that needs to be taken into consideration. After the Heavily Indebted Poor Countries initiative came to an end in 2006, it reached a total of $780 million, which was equivalent to 25 percent of its GDP. At the moment, it is valued at $54 billion, which accounts for 78% of Ghana’s GDP. This figure represents an increase of over 7,000% over the previous fifteen years. The majority of economists agree that this is a significant reason for concern given that the average level of debt for developing countries is equal to sixty percent of their GDP. As a result, the economy of the nation is in a terrible state, and in the following paragraphs, we will provide a list of some thriving industries that may be able to rescue the economy from its current state of emergency.
Mining
It should come as no surprise that the Land of Gold is the largest gold producer in Africa. However, this was not always the case; in fact, it was only relatively recently that it surpassed South Africa in this category, with an annual output of 4.8 million ounces of gold. Gold is the most commercially exploited metal in the country and is responsible for more than 95 percent of its mineral revenues. Gold is the only metal that can claim this distinction. Bauxite, diamonds, and manganese account for the remaining 5% of the resource. Mineral exports make up 37% of Ghana’s total revenue, even though the mining industry only accounts for 5% of the country’s GDP. At the time this article was written, Ghana was the location of thirty hundred small-scale mining companies and twenty large-scale mining companies. Mining is an industry that brings in more than half of all foreign direct investments and adds $809 million to Ghana’s GDP. It is also one of the most important industries in Ghana.
Agriculture
As was mentioned up top, agriculture is an extremely important sector of the economy in Ghana. As a result of the specific geographical location of the area, it encompasses a variety of climatic zones. Because of these, its topography can range from moist forests in the east-west band to mostly dry savannas in other parts of the country. As a result, a significant portion of Ghana’s land can be utilized for the agricultural production of goods such as cocoa, grains, kola nuts, and yams. Concerning the latter, in the past, it was cultivated in the Central, Western, Eastern, Brong Ahafo, Volta, and Ashanti regions and accounted for more than 66 percent of the country’s foreign exchange. Even though Ghana exports agricultural products with an annual value of more than $3.6 billion, the country still imports agricultural and related products with an annual value of $1.9 billion.
Gambling Done Online
The Ghana Gaming Commission is the sole governing body in the gambling industry, making Ghana one of the few countries in Africa to have a fully regulated gambling market. This market is supervised by the Ghana Gaming Commission. The only type of gambling that is not regulated is that of a lottery nature. The National Lottery Authority is responsible for monitoring and regulating this aspect of the game. Residents of the city that serves as the administrative center of the Ashanti Empire have access to several reputable online casinos. Ghanaians have the option of playing at local sites that have been granted a license by the GGC or at offshore sites. According to the information website OnlineUnitedStatesCasinos.com, the revenue generated by the interactive gaming sector currently sits at $93 billion, but it is projected that this figure will rise by $64 billion over the next six years. Because this industry is flourishing all over the world and Ghana holds an advantageous position in the African market as a result of its more relaxed legal standards, it is clear that this region is extremely appealing to gaming investors from outside the country.
Crude Oil
The term “crude oil” refers to an unrefined form of petroleum that is made up of hydrocarbon deposits as well as organic materials. As of the year 2016, it was documented that Ghana holds somewhere in the neighborhood of 660,000,000 barrels of proven oil reserves. This places it as the 43rd crude oil reserve base on the entire planet. Despite this, these reserves are only sufficient to cover twenty times the country’s annual consumption. It is the 84th largest consumer of oil on the planet. In 2007, the discovery of oil in the Jubilee Field, which was estimated to be worth $2 billion, drew several oil investors to the country in search of other similar hidden fields.
Tourism
In Ghana, this particular industry is governed by the Ministry of Tourism. The majority of tourists who visit the country do so to take advantage of the country’s beaches in its Western, Central, and Greater Accra regions. These tourists typically come from different parts of the world, including Asia, Europe, and Latin America. Ghana is not among the top one hundred most visited countries and territories, indicating that it is not the most desirable location for vacationers. On the other hand, it is a hidden gem due to the affordability of its lodging and the natural beauty that it contains.