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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