January - March 2016 •
The Lion King
• 25
include Ghana’s many castles and
forts, national parks, beaches, nature
reserves, landscapes and World
Heritage buildings and sites.
In 2011, Forbes magazine ranked
Ghana eleventh friendliest country in
the world based on a survey of a
cross-section of travelers in 2010. Of
all the countries on the African conti-
nent that were included in the survey,
Ghana ranked highest.
Banking:
Ghana has 30 banks currently operat-
ing in the country regulated by Bank
of Ghana, (BoG), which is the coun-
try’s central bank. UBA pioneered
the entry of Nigerian banks into the
Ghanaian economy. Currently, there
are seven Nigerian banks supporting
the Ghanaian Economy in different
aspects.
Agriculture:
Agribusiness accounts for a small frac-
tion of the gross domestic product.
The main harvested crops are corn,
plantain, rice, millet, sorghum, cas-
sava and yam. Unlike the agricultural
livestock, forestry, and fishing sectors,
the crop sector is key to the Ghanaian
agricultural industry.
Ada Foa Resort
Aerial view of Nzulezu
Karela Resort, Nzulezu
Mahama became interim head of
state. In December 2012, he was
elected president.
ECONOMY
Ghana is Africa’s second-biggest gold
producer (after South Africa) and sec-
ond-largest cocoa producer. It is also
rich in diamonds, manganese ore,
bauxite and oil. Most of its debt was
canceled in 2005.
With a diverse and rich resource base,
including the manufacturing and
export of digital technology goods,
auto products, ship construction,
hydrocarbons and industrial minerals,
Ghana has one of the highest GDPs
per capita in Africa. Owing to a GDP
rebasement, in 2011 Ghana became
the fastest growing economy in the
world.
The Ghanaian domestic econo-
my revolves around services, which
accounts for 50% of GDP and employs
28% of the work force. Besides the
industrialization associated with miner-
als and oil, industrial development in
Ghana remains basic, often associ-
ated with plastics.
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.
The redenomination was followed with
an aggressive media campaign to
educate the public about what re-
denomination entails.
Tourism:
Tourism contributes about 4.9% of
GDP, attracting around 500,000 visi-
tors to Ghana. Tourist destinations
GHANA |
COUNTRY FOCUS
