Nation at a Glance - Ghana

History

Formed from the merger of the British colony of the Gold Coast and the Togoland trust territory, Ghana in 1957 became the first sub-Saharan country in colonial Africa to gain its independence. Ghana endured a long series of coups before Lt. Jerry RAWLINGS took power in 1981 and banned political parties. After approving a new constitution and restoring multiparty politics in 1992, RAWLINGS won presidential elections in 1992 and 1996 but was constitutionally prevented from running for a third term in 2000. John KUFUOR succeeded him and was reelected in 2004. John Atta MILLS won the 2008 presidential election and took over as head of state, but he died in July 2012 and was constitutionally succeeded by his vice president, John Dramani MAHAMA, who subsequently won the December 2012 presidential election.

Location: Western Africa, bordering the Gulf of Guinea, between Cote d'Ivoire and Togo

Border Countries: Burkina Faso 602 km, Cote d'Ivoire 720 km, Togo 1,098 km

Total Area: 238,533 sq km Land: 227,533 sq km Water: 11,000 sq km

Climate: Tropical; warm and comparatively dry along southeast coast; hot and humid in southwest; hot and dry in north

Terrain: Mostly low plains with dissected plateau in south-central area

Natural resources: Gold, timber, industrial diamonds, bauxite, manganese, fish, rubber, hydropower, petroleum, silver, salt, limestone

Land use: Agricultural land: 69.1% arable land 20.7%; permanent crops 11.9%; permanent pasture 36.5% Forest: 21.2% Other: 9.7% (2011 est.)

Ethnic groups: Akan 47.5%, Mole-Dagbon 16.6%, Ewe 13.9%, Ga-Dangme 7.4%, Gurma 5.7%, Guan 3.7%, Grusi 2.5%, Mande 1.1%, Other 1.4% (2010 est.)

Languages: Asante 16%, Ewe 14%, Fante 11.6%, Boron (Brong) 4.9%, Dagomba 4.4%, Dangme 4.2%, Dagarte (Dagaba) 3.9%, Kokomba 3.5%, Akyem 3.2%, Ga 3.1%, Other 31.2%

Religions: Christian 71.2% (Pentecostal/Charismatic 28.3%, Protestant 18.4%, Catholic 13.1%, Other 11.4%), Muslim 17.6%, Traditional 5.2%, Other 0.8%, None 5.2% (2010 est.)

Population: 26,908,262

Literacy: 76.6%; Male: 82%; Female: 71.4% (2015 est.)

Administrative divisions: 10 regions; Ashanti, Brong-Ahafo, Central, Eastern, Greater Accra, Northern, Upper East, Upper West, Volta, Western

Economy: Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region, and Ghana is well-endowed with natural resources. Ghana's economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency. Agriculture accounts for about 20% of GDP and employs more than half of the workforce, mainly small landholders. Gold, oil, and cocoa exports, and individual remittances, are major sources of foreign exchange. Expansion of Ghana’s nascent oil industry has boosted economic growth, but the fall in oil prices since 2015 reduced by half Ghana’s oil revenue. Production at Jubilee, Ghana's first commercial offshore oilfield, began in mid-December 2010. Production from two more fields, TEN and Sankofa, started in 2016 and 2017 respectively. The country’s first gas processing plant at Atuabo is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants. As of 2018, key economic concerns facing the government include the lack of affordable electricity, lack of a solid domestic revenue base, and the high debt burden. The AKUFO-ADDO administration has made some progress by committing to fiscal consolidation, but much work is still to be done. Ghana signed a $920 million extended credit facility with the IMF in April 2015 to help it address its growing economic crisis. The IMF fiscal targets require Ghana to reduce the deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, boosting tax revenues, and improving the health of Ghana’s banking sector. Priorities for the new administration include rescheduling some of Ghana’s $31 billion debt, stimulating economic growth, reducing inflation, and stabilizing the currency. Prospects for new oil and gas production and follow through on tighter fiscal management are likely to help Ghana’s economy in 2018.

Agriculture - products: Cocoa, rice, cassava (manioc, tapioca), peanuts, corn, shea nuts, bananas; timber

Industries: Mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building, petroleum