COUNTRY BRIEF
The Country |
Republic of Ghana |
Capital City |
Accra |
Commercial Language |
English |
Currency |
The Cedi |
Exchange rate |
US$1-9,000 cedis (July 2005) |
Minimum wage |
Cedi, 11,200/day (April 2004) |
Population |
20M (2006) |
Local Time |
Local time is the same as Greenwich Mean Time [ GMT ] |
Business Hours |
Business Hours are as follows: 08:00 to 12:00 hours 13:00 to 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. John Agyekum Kufuor |
Legislature |
Unicameral Parliament |
Constitution |
Approved, 28 th April 1992 |
Judicial Branch |
Supreme Court |
Legal System |
Based on English common law and customary law |
ECONOMY (2003) |
GDP Per Capital |
US$420 |
Real GDP Growth |
5.2% |
Inflation (end of September 2006) |
9.2% |
Domestic Primary Balance Surplus |
Equivalent to 2.5% of GDP |
External Debt |
|
Total Revenue (Including grants) |
|
Total Expenditure |
|
Gross Foreign Exchange Reserves |
USD1,425 million i.e. 3.9 month of imports |
Sovereign Credit Rating (Standard and Poors) |
B+ |
Ghana Stock Exchange |
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TRADE |
Exports ( FOB ) |
US$2,297.2 million |
Imports ( FOB ) |
US$2,969.4 million |
Major Exports |
Cocoa, Minerals (gold, diamond, manganes, etc) Timber and wood products, aluminium 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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