Economy of Ghana

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Economy of Ghana

Industries of the Republic of Ghana

Currency Cedi (GHS, GH₵)

Fiscal year Calendar year

Trade organisations AU, AfCFTA, WTO, ECOWAS

Country group Developing/Emerging[1]

Lower-middle income economy[2]

Statistics

Population  32,028,461 (2021)[3]

GDP  $74.26 billion (nominal, 2021 est.)[4]

 $186.682 billion (PPP, 2021 est.)[5]

GDP rank 75th (nominal, 2021)

72nd (PPP, 2021)

GDP growth 6.3% (2018) 6.1% (2019e)

1.5% (2020e) 5.9% (2021e)[5]
GDP per capita  $2,374 (nominal, 2021 est.)[4]

 $5,968 (PPP, 2021 est.)[4]

GDP per capita rank 163rd (nominal, 2021)

165th (PPP, 2021)

GDP by sector agriculture: 18.3%

industry: 24.%

services: 57.2%

(2017 est.)[6]
Inflation (CPI) 9.7% (2020 est.)[5]
Population 23.4% in poverty (2016)[7]
below poverty line
30.5% on less than $3.20/day (2016)[8]
Gini coefficient 43.5 medium (2016)[9]
Human Development  0.611 medium (2019)[10] (138th)
Index
0.440 low IHDI (2019)[11]
Labour force  12,844,477 (2019)[12]

54.6% employment rate (2017)[13]

Labour force by agriculture: 44.7%
occupation
industry: 14.4%

services: 40.9%

(2013 est.)[6]

Unemployment 5.7% (2016)[14]

11.9% (2015 est.)[6]

Main industries mining, lumbering, light manufacturing, aluminum smelting,

food processing, cement, small commercial ship building,

petroleum
Ease-of-doing-business  118th (medium, 2020)[15]
rank

External

Exports  $13.84 billion (2017 est.)[6]

Export goods oil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese

ore, diamonds, horticultural products

Main export partners  India 23.8%

 United Arab Emirates 13.4%

 China 10.8%

 Switzerland 10.1%

 Vietnam 5.2%
  Burkina Faso 4%

(2017)[6]

Imports  $12.65 billion (2017 est.)[6]

Import goods capital equipment, refined petroleum, foodstuffs
Main import partners  China 16.8%

 United States 8%

 United Kingdom 6.2%

 Belgium 5.9%

 India 4.1%

(2017)[6]
FDI stock  $19.85 billion (31 December 2013 est.)[6]

 Abroad: $16.62 billion (31 December 2013 est.)[6]

Current account  −$2.131 billion (2017 est.)[6]
Gross external debt  $22.14 billion (31 December 2017 est.)[6]

Public finances
Public debt  71.8% of GDP (2017 est.)[6]
Budget balance −6% (of GDP) (2017 est.)[6]

Revenues 9.544 billion (2017 est.)[6]

Expenses 12.36 billion (2017 est.)[6]

Foreign reserves  $7.555 billion (31 December 2017 est.)[6]

Main data source: CIA World Fact Book

All values, unless otherwise stated, are in US dollars.

The economy of Ghana has a diverse and rich resource base, including

the manufacturing and exportation of digital technology goods, automotive and ship
construction and exportation, and the exportation of diverse and rich resources such as
hydrocarbons and industrial minerals. These have given Ghana one of the highest GDP
per capita in West Africa.[16][17] Owing to a GDP rebasement, in 2011 Ghana became the
fastest-growing economy in the world.[18]
The Ghanaian domestic economy in 2012 revolved around services, which accounted
for 50% of GDP and employed 28% of the work force. Besides the industrialization
associated with minerals and oil, industrial development in Ghana remains basic, often
associated with plastics (such as for chairs, plastic bags, razors and pens). [19] 53.6% of
Ghana's workforce were employed in agriculture in 2013. [20][21]
Ghana embarked on a currency re-denomination exercise, from Cedi (₵) to the new
currency, the Ghana Cedi (GH₵) in July 2007. The transfer rate is 1 Ghana Cedi for
every 10,000 Cedis.
Ghana is Africa's largest gold producer, after overtaking South Africa in 2019 [22] and
second-largest cocoa producer (after Ivory Coast).[23] It is also rich
 in diamonds, manganese or manganese ore, bauxite, and oil. Most of its debt was
canceled in 2005, but government spending was later allowed to balloon. Coupled with
a plunge in oil prices, this led to an economic crisis that forced the government to
negotiate a $920 million extended credit facility from the International Monetary
Fund (IMF) in April 2015.[24]

Contents

 1Taxation
 2Manufacturing
 3Telecommunications
 4Data
 5Imports and Exports
 6Private banking
o 6.1Stock exchange
 7Energy
o 7.1Oil & Gas
o 7.2Solar energy
o 7.3Wind energy
o 7.4Bio-energy
o 7.5Energy consumption
 8Hydrocarbon and mining
 9Tourism
 10Agriculture
 11Ghana: Vision 2020 and industrialization
 12Economic transparency
o 12.1Health and biotechnology
o 12.2Cybernetics and cyberwarfare
o 12.3Real estate
o 12.4Trade and exports
 13See also
 14References
 15Notes
 16External links

Taxation[edit]
Value-added tax is a consumption tax administered in Ghana. The tax regime which
started in 1998 had a single rate but since September 2007 entered into a multiple rate
regime. In 1998, the rate of tax was 10% and amended in 2000 to 12.5%. The top
income tax and corporate tax rates are 25%. Other taxes included with value-added tax
(VAT), are national health insurance levy, and a capital gains tax. The overall tax
burden was 12.1% of Ghana's total domestic income in 2013. Ghana's national budget
was the equivalent of 39.8% of GDP in 2013. [25] Ghana is implementing the rent tax in
2021.
Manufacturing[edit]
Main articles: Manufacturing in Ghana and Companies of Ghana
Ghana's industrial base is relatively advanced. Import-substitution
industries include electronics manufacturing. Rlg Communications is the first
indigenous African company to assemble laptops, desktops, and mobile phones, and
is West Africa's biggest information and communications technology (ICT) and mobile
phone manufacturing company.[26]
Ghana began its automotive industry with the construction of a prototype robust SUV,
named the SMATI Turtle 1, intended for use in the rough African terrain. It was
designed and manufactured by the Artisans of Suame Magazine Industrial Development
Organization. Urban electric cars have been manufactured in Ghana since 2014. [27][28]
As of 2012 there were four major companies in the textiles sector: Akosombo Textiles
Limited, Tex Style Ghana Limited, Printex Ghana, and Ghana Textile Manufacturing
Company.[29]
Ghana National Petroleum Corporation and Ghana Oil Company deal with crude oil and
gas exploration, exploitation, and refining.[30]

Telecommunications[edit]
Main article: Telecommunications in Ghana
At the end of January 2020, total number of voice subscription in Ghana stood at
41,380,751.This represents a percentage increase of 1.28% over December 2019
figures of 40,857,007. The total penetration rate stands at 136.79%. Competition among
mobile-phone companies in Ghana is an important part of the telecommunications
industry growth, Current market leader MTN with voice subscription of 23,150,485
representing 55.95% of the market is followed by Vodafone with voice subscription of
9,075,795 representing 21.93% market share, AirtelTigo voice subscription stands at
8,428,322 representing 20.69%, Glo's current voice subscription stands at 726,149
which represent a market share of 1.75%. [31][32][33]
The mass media of Ghana is among the most liberal in Africa, with Ghana ranking as
the third-freest in Africa and 30th-most free in the world on the worldwide press freedom
index. Chapter 12 of the Constitution of Ghana guarantees freedom of the
Ghanaian press and the independence of the mass media, and Chapter 2 prohibits
censorship.[34] Ghanaian press freedom was restored in 1992.[34]
Ghana was one of the first countries in Africa to achieve the connection to the World
Wide Web.[35] In 2010, there were 165 licensed internet service providers in Ghana and
they were running 29 of the fiber optic, and authorized networks VSAT operators were
176, of which 57 functioned, and 99 internet operators were authorized to the public,
and private data and packet-switched network operators were 25.[36]

Data[edit]
Change in per capita GDP of Ghana, 1870–2018. Figures are inflation-adjusted to 2011 International dollars

Share of population in extreme poverty over time, 1981 to 2019

The following table shows the main economic indicators in 1980–2017. Inflation below
5% is in green.[37]

Year GDP GDP per capita GDP growth Inflation rate Government debt
(in bil. US$ PPP) (in US$ PPP) (real) (in Percent) (in % of GDP)

1980 9.8 974 0.4% 50.0% n/a

1981 10.3 978 −3.5% 116.5% n/a

1982 10.2 918 −6.9% 22.5% n/a

1983 10.1 862 −4.8% 122.2% n/a

1984 11.4 925 9.0% 40.0% n/a

1985 12.3 978 5.1% 10.3% n/a

1986 13.2 1,023 5.2% 24.5% n/a

1987 14.2 1,071 4.8% 39.8% n/a

1988 15.5 1,142 5.6% 31.4% n/a

1989 17.0 1,217 5.1% 25.2% n/a

1990 18.2 1,272 3.3% 37.2% 28.3%

1991 19.8 1,350 5.3% 18.1% 27.4%

1992 21.0 1,399 3.9% 10.0% 34.1%

1993 22.3 1,448 3.7% 24.9% 51.0%

1994 23.6 1,494 3.6% 24.9% 76.6%

1995 25.2 1,551 4.2% 59.3% 67.8%

1996 26.8 1,611 4.6% 44.5% 60.5%

1997 28.6 1,676 4.8% 24.8% 65.7%

1998 30.3 1,730 4.7% 19.2% 57.2%

1999 32.1 1,787 4.4% 12.5% 78.8%

2000 34.0 1,847 3.7% 25.1% 119.1%

2001 36.2 1,918 4.2% 32.9% 87.2%

2002 38.5 1,986 4.5% 14.8% 81.9%

2003 41.2 2,076 5.2% 26.6% 74.2%

2004 44.7 2,195 5.6% 12.7% 57.6%

2005 48.8 2,337 5.9% 15.1% 47.7%

2006 53.4 2,494 6.3% 11.7% 26.2%

2007 57.2 2,605 4.3% 10.7% 31.0%

2008 63.7 2,827 9.2% 16.5% 33.6%

2009 67.3 2,912 4.8% 13.1% 36.1%

2010 73.5 3,100 7.9% 6.7% 46.3%

2011 85.5 3,519 14.0% 7.7% 42.6%

2012 95.3 3,822 9.3% 7.1% 47.9%

2013 104.0 4,069 7.3% 11.7% 57.2%

2014 110.2 4,204 4.0% 15.5% 70.2%

2015 115.7 4,302 3.8% 17.2% 72.2%

 2016 121.3 4,399 3.7% 17.5% 73.4%

2017 134.0 4,740 8.4% 12.4% 71.8%

Imports and Exports[edit]

Ghana's top export products in 2016 were crude petroleum ($2.66B), gold ($2.39B),
cocoa beans ($2.27B), cocoa paste ($382M) and cocoa butter ($252M). Ghana's top
export destinations in 2016
were Switzerland ($1.73B), China ($1.06B), France ($939M), India ($789M) and
the Netherlands ($778M).[38]
Ghana's top import categories in 2016 were refined petroleum ($2.18B), crude
petroleum ($546M), gold ($428M), rice ($328M) and packaged medicaments ($297M).
The nations with the highest value of imports to Ghana in 2016 were China ($4.1B), the
Netherlands ($1.58B), the United States ($1.1B), Nigeria ($920M) and India ($668M).[38]

Private banking[edit]
See also: Banks in Ghana
The financial services in Ghana have seen a lot of reforms in the past years. The
Banking (Amendment) Act 2007 included the awarding of a general banking license to
qualified banks, which allows only indigenous Ghana offshore banks to operate in
country Ghana. Indigenous Ghana private bank Capital Bank was the first to be
awarded the general banking license in Ghana as well as indigenous Ghana private
banks UniBank, National Investment Bank and Prudential Bank Limited. It has therefore
become possible for Ghanaian non-resident individuals or residents and foreign
companies or indigenous Ghana companies to open indigenous Ghana offshore bank
accounts in Ghana.[25] Indigenous Ghana retail and savings banks include Agricultural
Development Bank of Ghana, CAL Bank, GCB Bank Ltd, Home Finance
Company and UT Bank as well as indigenous Ghana savings and loan institutions ABii
National and Savings and Loans Company.[25]
Stock exchange[edit]
Main article: Ghana Stock Exchange
The Stock Exchange of Ghana is one of the largest in Africa, with a market
capitalization of GH¢57.2 billion or CN¥180.4 billion in 2012. South Africa's JSE
Limited is the largest.[39]

Energy[edit]
Main article: Electricity sector in Ghana
Ghana hydropower and solar energy electricity generation industries, and the oil and gas industry
As of 2018, Ghana consumed some 10 MMtoe of primary energy, made mostly of
biomass (40%), oil and diesel (40%), followed by hydropower (10%) and natural gas
(10%).[40]
Oil & Gas[edit]
Ghana discovered significant reserves of oil and natural gas offshore throughout the
2000s and 2010s. The country officially became an oil & gas producer in 2010 with the
commissioning of the Jubilee field by Tullow Oil and currently produces from three
major offshore hubs: Jubilee, TEN, and OCTP. In 2021, its production stood at some
150,000 barrels of oil per day (bopd). [41] Since production began in 2010 Ghana has rose
to be the 34th largest national producer of oil. [42]
In 2021 Ghana exported more than 71mil barrels of oil. [43] China was the largest importer
of Ghana oil, receiving over 41% of exports with South Africa, the second largest
importer, taking 13.9%.[43]
Solar energy[edit]
Ghana has aggressively begun the construction of solar plants across its sun-rich land
in an aim to become the first country to get 6% of its energy from solar energy
generation. Since construction began in the early 2010's electricity generation from
solar has gone from zero KWh in 2014 to over 60 GWh in 2020, accounting for .46% of
Ghana's electricity consumption.[44]
Wind energy[edit]

Wind turbines on a wind farm

Ghana has Class 4–6 wind resources and high-wind locations, such as Nkwanta, the
Accra Plains, and Kwahu and Gambaga mountains. The maximum energy that could be
tapped from Ghana's available wind resource for electricity is estimated to be about
500–600 GWh/year.[45] To give perspective: in 2011, per the same Energy Commission,
the largest Akosombo hydroelectric dam in Ghana alone produced 6,495 GWh of
electric power and, counting all Ghana's geothermal energy production in addition, the
total energy generated was 11,200 GWh in that year. [45] These assessments do not take
into consideration further limiting factors such as land-use restrictions, the existing grid
(or how far the wind resource may be from the grid) and accessibility. [45]
Bio-energy[edit]
Hybrid sorghum plantation field

Ghana has put in place mechanisms to attract investments into its biomass and bio-

energy sectors to stimulate rural development, create jobs and save foreign exchange.
[46]
 Main investments in the bio-energy subsector existed in the areas of production, are
transportation, storage, distribution, sale, marketing and exportation. [46]
The goal of Ghana regarding bio-energy, as articulated by its energy sector policy, is to
modernize and examine the benefits of bio-energy on a sustainable basis. [46] Biomass is
Ghana's dominant energy resource in terms of endowment and consumption, with the
two primary bio-fuels consumed being ethanol and biodiesel.[46] To that effect, the Ghana
ministry of Energy in 2010 developed its energy sector strategy and development plan.
[46]
 Highlights of the strategy include sustaining the supply and efficient use of wood
fuels while ensuring that their utilization does not lead to deforestation.[46]
The plan would support private sector investments in the cultivation of bio-fuel
feedstock, the extraction of bio-oil, and refining it into secondary products, thereby
creating financial and tax incentives. The Ghana Renewal Energy Act provides the
necessary fiscal incentives for renewable energy development by the private sector,
and also details the control and management of bio-fuel and wood fuel projects in
Ghana.[46] The Ghana National Petroleum Authority (NPA) was tasked by the Renewable
Energy Act 2011 to price Ghana's bio-fuel blend in accordance with the prescribed
petroleum pricing formula.[46]
The combined effects of climate change and global economic turbulence had triggered
a sense of urgency among Ghanaian policymakers, industry and development
practitioners to find sustainable and viable solutions in the area of bio-fuels. [46]
Brazil, which makes ethanol from maize and sugarcane, is currently the world's largest
bio-fuel market.[46]
Energy consumption[edit]
Electricity generation is one of the key factors in achieving the development of the
Ghanaian national economy, with aggressive and rapid industrialization; Ghana's
national electric energy consumption was 265 kilowatts per capita in 2009. [47]
[48]
 Shortages of electricity have led to dumsor (blackouts),[49] increasing the interest in
renewables.[50]
Hydrocarbon and mining[edit]
Main articles: Petroleum industry in Ghana and Mining in Ghana

Ghanaian mineral resources: bauxite, diamond, timber and manganese

Ghana's increasing oil exports as a percentage of all exports.

Ghana has 5 billion barrels (790×106 m3) to 7 billion barrels (1.1×109 m3) of petroleum in

reserves. A large oilfield which contains up to 3 billion barrels (480×10 6 m3) of sweet
crude oil was discovered in 2007.[51] Since these discoveries Ghana increased
production steadily, the nations current peak is 200,000 barrels per day in 2019. Current
production in 2021 stands at 179,900 barrels per day. [42]
Ghana has vast natural gas reserves, which is used by many foreign multinational
companies operating in Ghana.[52] The hydrocarbon industry has had major implications
for regional and urban development in Ghana and these are likely to substantially
increase in the years to come[53]
Mining has gained importance in the Ghanaian economy since the turn of the 21st
century, with a growth of around 30% in 2007.[54] The main mining extractions
are bauxite,[55] gold (Ghana is one of the largest gold producers in the world), [56] and
the phosphates.[57]

Tourism[edit]
Main article: Tourism in Ghana
 Tourism destinations in Ghana[58]

The Ministry of Tourism has placed great emphasis upon further tourism support and
development. Tourism contributed to 4.9% of GDP in 2009, attracting around 500,000
visitors. Tourist destinations include Ghana's many castles and forts, national parks,
beaches, nature reserves, landscapes and World Heritage buildings and sites.[59][60]
In 2011, Forbes magazine ranked Ghana eleventh-friendliest country in the world. The
assertion was based on a survey of a cross-section of travelers in 2010. Of all the
countries on the African continent that were included in the survey, Ghana ranked
highest.[61]
To enter Ghana, it is necessary to have a visa authorized by the Government of Ghana,
except for certain entrepreneurs on business trips. [62]

Agriculture[edit]
Main article: Agriculture in Ghana
In 2013 agriculture employed 53.6% of Ghana's total labor force. [20]
[21]
 Agribusiness accounts for a small fraction of the gross domestic product. [63] The main
harvested crops are corn, plantain, rice, millet, sorghum, cassava and yam.[64] Unlike the
agricultural livestock, forestry and fishing sectors, the crop sector is key to the Ghanaian
agricultural industry.[65]
Ghana produced in 2018:

 20.8 million tons of cassava (4th largest producer in the world, second only to
Nigeria, Thailand and Congo);
 7.8 million tonnes of yam (2nd largest producer in the world, second only to Nigeria);
 4.1 million tons of plantain (2nd largest producer in the world, just behind Congo);
 2.6 million tons of palm oil (8th largest producer in the world);
 2.3 million tons of maize;
 1.4 million tons of taro (4th largest producer in the world, second only to Nigeria,
China and Cameroon);
 947 thousand tons of cocoa (2nd largest producer in the world, second only to Ivory
Coast);
 769 thousand tons of rice;
 753 thousand tons of orange (19th largest producer in the world);
 713 thousand tons of pineapple (11th largest producer in the world);
 521 thousand tons of peanut;
In addition to smaller productions of other agricultural products, like sweet potato (151
thousand tons), natural rubber (23 thousand tons) and tobacco (2.3 thousand tons).[66]

Ghana: Vision 2020 and industrialization[edit]

With the economic program "Ghana: Vision 2020", Ghana intends to achieve its goals of
accelerated economic growth and improved quality of life for all its citizens, by reducing
poverty through private investment, rapid and aggressive industrialization, and direct
and aggressive poverty-alleviation efforts. [67] These plans were released in the 1995
government report, Ghana: Vision 2020.[67] Nationalization of state-owned enterprises
continues, with about two thirds of 300 parastatal enterprises owned by the government
of Ghana.[67] Other reforms adopted under the government's structural
adjustment program include increasing exchange rate controls and
increasing autarky and increasing restrictions on imports.[67]
The Ghana: Vision 2020 forecast assumes political stability; successful economic
stabilization; the implementation of Ghana: Vision 2020 policy agenda on private sector
growth; and aggressive public spending on social services, infrastructure and
industrialization. It projection states that Ghana's goals of reaching high-income
economy status and newly industrialized country status will be easily realized between
2020 and 2039.[67][68]

2013 imports
2013 exports to[69][70]
from[69][70]

Percent Countr Percent

Country
age y age

 Sout 46.89%  C 12.46%

h Africa hina

 Neth  Ni
12.32% 11.76%
erlands geria

 U
 India 5.49% nited 8.86%
States

 Unit
3.57%  Be 5.15%
ed
lgium Sunyani Cocoa House and Theobroma cacao; Ghana is projected to
Kingdom
become the largest producer of cocoa in the world.[68][71][72]
Ghana gold bars; Ghana is the 7th-largest producer of gold in the
 Mala 3.32%  In 4.35%
 ysia dia

 U
 Switze 2.76% nited 3.93%
rland Kingd
om
world.[73]

Others 25.65% Others 53.49%

Economic transparency[edit]
Further information: Corruption in Ghana

The distribution of wealth ownership in Ghanaian society in 2013. A majority of wealth is held by 20% of the
population.

The judicial system of Ghana deals with corruption, economic malpractice and lack of

economic transparency.[25] Despite significant economic progress, obstacles do remain.
Particular institutions need reform, and property rights need improvement. The
overall investment regime lacks market transparency. Tackling these issues will be
necessary if Ghana's rapid economic growth is to be maintained. [25]
According to Transparency International's Corruption Perception 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. [74] John Addo Kufuor, son of former
President John Agyekum Kufuor and Kojo Annan, son of former Secretary-General of
the United Nations Kofi Annan, have been named in association with the Panama
Papers.[75]
Health and biotechnology[edit]
The Centre for Scientific Research into Plant Medicine is an agency of the Ministry of
Health that was set up in the 1970s for research and development and as a practical
resource (product production & distribution/provision) primarily in areas of biotechnology
related to medicinal plants. This includes both herbal medicine and work on more
advanced applications. It also has a secondary role as an educational resource for
foreign students in health, biotechnology and related fields.
Cybernetics and cyberwarfare[edit]
See also: Sakawa
The use of computer technology for teaching and learning began to receive government
of Ghana's attention from the late 1990s. [76] The information and communications
technology in education policy of Ghana requires the use of information and
communications technology for teaching and learning at all levels of education.
[76]
 The Ministry of Education supports institutions in teaching of information and
communications technology literacy.[76] The majority of secondary, and some
basic schools of Ghana have computer laboratories.[76]
Ghana's intention to become the information technology hub of West Africa has led the
government of Ghana to enact cyber crime legislation and enhance cyber security
practices.[77] Acting on that goal, in 2008 Ghana passed the Electronic Communications
Act and the Electronic Transactions Act, which established the legal framework for
governing information technology.[77] In November 2011, the Deputy Minister for
Communications and Technology announced the development of a national cyber
security strategy, aimed at combating cyber crime and securing critical infrastructure. [77]
In June 2012, the National Information Technology Agency announced a
national computer emergency response team "strategy" designed to co-ordinate
government response to cyber-attacks, both internal and external. [77] The agency also
established computer emergency response teams for each municipal, metropolitan, and
district assembly to improve co-ordination and information-sharing on cyberspace
threats.[77] Ghana is ranked 2nd in Africa and 7th globally in cyber warfare, cyber-
terrorism, cyber crime, and internet crime.[78] In 2018, the National Cyber Security Centre
was founded. It is the national agency responsible for cybersecurity. [79] In November
2020, Parliament passed the Cybersecurity Act 2020. The Minister for Communications,
Ursula Owusu-Ekuful, indicated that, "a successful economy is hinged on a secured,
safe and resilient national digital ecosystem. Cyber-security is, therefore, very critical to
the economic development of the country and essential to the protection of the rights of
individuals within the national digital ecosystem". [80]
Real estate[edit]

A villa in East Ridge
The real estate and housing market has become an important and strategic economic
sector, particularly in the urban centres of south Ghana such as Accra, Kumasi,
Sekondi-Takoradi and Tema.[81][82][83] However, many of its citizens particularly those in
Accra cannot afford the housing prices which is a trait of most major cities globally
particularly in the West. Kumasi is growing at a faster rate than Accra, and there is less
competition in its real estate market.[81] The gross rental income tax of Ghana is withheld
at 10%, capital gains are taxed at 15% with a 5% gift tax imposed on the transfer of
properties and Ghana's real estate market is divided into 3 areas: public sector real
estate development, emerging private sector real estate development, and private
individuals.[81][82] The activities of these 3 groups are facilitated by the Ghanaian banks
and the primary mortgage market which has demonstrated enormous growth potential.
[82]
 Recent developments have given birth to a boom in the construction sector, including
the housing and public housing sector generating and injecting billions of dollars
annually into the Ghanaian economy.[81][82] The real estate market investment perspective
and attraction comes from Ghana's tropical location and robust political stability. [81][82] An
increasing number of the Ghanaian populace are investing in properties, and the Ghana
government is empowering the private sector in the real estate direction. [81][82]
Trade and exports[edit]

Ghana Export Treemap by Product (2017) from Harvard Atlas of Economic Complexity [84]

In July 2013, International Enterprise Singapore a global office in Accra to develop trade

and investment on logistics, oil and gas, aviation, transportation and consumer sectors.
[85]
 Singapore and Ghana also signed four bilateral agreements to promote public sector
and private sector collaboration, as Ghana aims to predominantly shift its economic
trade partnership to East Asia and Southeast Asia. [85] The economic centre is IE
Singapore's second office in Africa.[85] Ghana's labour force in 2008 totalled 11.5 million
Ghanaian citizens.[86][87] Tema Harbour is Africa's largest manmade harbour, and Takoradi
Harbour along with Tema harbour handle goods and exports. They are also traffic
junctions where goods are transhipped; the Tema harbour handles the majority of the
nation's export cargo and most of the country's chief exports is shipped from Takoradi
harbour.[88][89] The Takoradi harbour and Tema harbour are operated by the state-
owned Ghana Ports and Harbours Authority.[88][89]

See also[edit]
 Economic history of Ghana
 United Nations Economic Commission for Africa
 List of countries by gold production