Ghana is well endowed with natural resources. Gold, timber, and cocoa production are major sources of foreign exchange. The domestic economy continues to revolve around subsistence agriculture, which accounts for 34% of the gross domestic product (GDP) and employs 60% of the work force. Receipts from the gold sector helped sustain GDP growth in 2004. Inflation should ease, but remains still an internal problem.

 »Source: The World Factbook

The main export partners (data from 2003) are: Netherlands 11.2%, UK 10.7%, France 7.7%, Germany 6.2%, Japan 5.2%, Italy 4.6%, Turkey 4.4%, US 4.3%.

The main import partners (for commodities such as capital equipment, petroleum, foodstuffs) are: Nigeria 13.2%, China 9.3%, UK 7.2%, US 6.1%, Germany 4.8%, France 4.5%, South Africa 4%.

 »Source: www.geographyiq.com

The financial environment of Ghana today looks quite encouraging and investment friendly. Ghana has a fairly elaborate financial industry, which has now undergone re-structuring to encourage greater financial intermediation. The Central Bank, the Bank of Ghana, has the autonomy and responsibility of managing the country's monetary policy. It also advises the government on the implementation of monetary policies. It also regulates and supervises the banking and financial sector with a view to enhancing the enforcement of prudential rules.

Macro Developments of the Economy

• GDP Growth has grown from 3.7% (2000) to 5.8% in 2005.
• Growth of mining sector: 4.5 % in 2002, 4.7 % in 2003 and 4.1 % in 2004.
• Negative effects caused by rising energy prices, positive effects due to the high gold prices.
• Inflation is currently down to 14.9% as at September 2005 (2004: 11.8 %, problems in 2005 caused by high energy prices)
• The cedi in 2005 depreciated by 0.4% against the US dollar, appreciated by 8.2% and 11.6% respectively against the pound sterling and euro.
• Domestic revenue is expected to be ¢24,116.2 billion (24.5% of GDP).
• Total tax revenue is expected to be ¢21,027.8 billion by 2.3 per cent to reach ¢21,517 billion in 2005.
• The Bank of Ghana Prime Rate was lowered on two occasions to stand at 15.5 per cent at end of September 2005.

 »Source: www.ghana.gov.gh/investing/economy

In terms of Gross Domestic Product (GDP) per capita ranking of countries and economic regions according to www.worldfactsandfigures.com/ (source: The CIA World Factbook), Ghana is on # 162 of 233 (as of 2003) with US $ 2200 and thus ahead of Sudan, Cameroon, Senegal, Togo and Cote d`Ivoire, Benin, Burkina Faso, Kenya, Liberia, Mali and Nigeria ($ 1900 to $ 1000).

Ghana is a member of the Economic Community Of West African States ECOWAS www.ecowas.int. The Eco is the proposed name for the common currency the West African Monetary Zone (WAMZ) plans to introduce on 1 December 2009. The WAMZ includes the anglophone countries of Gambia, Ghana, Nigeria, and Sierra Leone, and the francophone nation of Guinea.

For more information, see

 »www.bog.gov.gh/economicstability.htm