COUNTRY BRIEF
The Country |
Republic of Ghana |
Capital City |
Accra |
Commercial Language |
English |
Currency |
Cedis & Pesewas |
Exchange rate |
http://www.bog.gov.gh/index1.php?linkid=139 |
Minimum wage |
GH¢2.655 (April 2009) |
Population |
23.46 (2007 est.) |
Life expectancy at birth, (years) |
60 (2007) |
Fertility rate, total (births per woman) |
3.8 |
Adolescent fertility rate (births per 1,000 women ages 15-19) |
55 |
Mortality rate, under-5 (per 1,000 |
115 |
Local Time |
It is the same as Greenwich Mean Time (GMT) |
Business Hours |
08:00 -12:00 hours & 13:00 – 17:00 hours |
Coastline |
540km |
Climate |
Tropical, Generally 21-32C Rainy Seasons, March-July, Sept-Oct |
GOVERNMENT |
Type |
Constitutional Democracy |
Executive |
President, Cabinet |
President |
H.E. Prof. John Evans Atta Mills |
Legislature |
Unicameral Parliament |
Constitution |
Approved, 28th April 1992 |
Judicial Branch |
Supreme Court |
Legal System |
Based on English common law and customary law |
ECONOMY (2008) |
GDP Per Capita |
US$420 |
Real GDP Growth |
7.3% |
GNI per capita, PPP |
1,320 |
Inflation |
20.7% (June 2009) |
Domestic Primary Balance Surplus |
Equivalent to 2.5% of GDP |
Domestic Revenue (tax & non-tax) |
GH¢4,802.4 million |
Total Payments |
GH¢9,538.2 million |
Overall Budget Deficit |
GH¢1,982.9 million |
Imports |
|
Gross Foreign Exchange Reserves |
1.8 month of imports |
Sovereign Credit Rating (Standard and Poors) |
B+ |
Ghana Stock Exchange |
|
TRADE |
Exports |
US$5,275.33 million (est) |
Imports |
US$10,260.97 million |
Percentage Growth in Industry |
8.3 |
Percentage Growth in Agriculture |
4.9 |
Percentage Growth in Services |
6.9 |
Major Exports |
Cocoa, Minerals (gold, diamond, manganese, etc) Timber and wood products, aluminum products, pineapples, tuna prepared or preserved fish |
Major Imports |
Plant, machinery and spare parts petroleum products, raw materials and other intermediate goods |
Major Exports Destinations |
United Kingdom, Switzerland, Italy, Togo, Netherlands, USA, Germany, Japan and Nigeria |
Major Import Origins |
Nigeria, United Kingdom, Cote D'Ivoire, USA, Germany, Netherlands, Japan, South Africa and Italy |
FACTS ON GHANA
• Second largest producer of gold in Africa
• Second largest producer of cocoa in the world
• Second largest exporter of wood and wood products & third largest producer of timber in Africa
• Home of some 33 historic forts, castles and monuments
• First black African colony to achieve political independence from British rule
• Well managed forests, with 252 permanent reserves in the rain forest zone alone
• Home of the 8,480 km2 Volta Lake, arguably the largest artificial lake in the world
WHY INVEST IN GHANA
• A stable multi-party political environment
• Economic stability
• A fully liberalized economy
• Ongoing divestiture of state enterprises programme which underscores Ghana's commitment to private sector initiatives
• An abundant and rich natural and minieral resource base
• Gateway to Economic Community of West African States' [ECOWAS] market of some 240 million people
• Strategic location in terms of subregional, regional and international trade and commerce with excellent sea and air connections, with daily flights to Europe & USA
• Existence of one of the best-trained, trainable and stable workforce in Africa
• Competitive labour cost
• Operational Capital Market
• Rated among the top six countries in Africa in terms of progress in improving the business environment in 2000-2003 by UNCTAD/ICC
• Rated among the top six countries in
Africa in terms of attractiveness for FDI in 2000-2003 by UNCTAD/ICC
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