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The country has played a leading role in African affairs for decades, having been one of the first states to gain independence on the continent and serving as one of the key centers of pan-Africanism in the post-independence era. That role has continued in recent years, with Ghana playing a central part in regional organizations like ECOWAS and the African Union.

Reliance on raw material exports, combined with an income-sensitive population and stubborn poverty levels in the northern regions of the country, have created complications, but Ghana has made significant progress in recent years and has begun to build the necessary foundations for long-term growth.

The Ghanaian economy is strongly correlated to global commodities such as cocoa, gold and oil, which are the three main sources of income and foreign currency. Price swings for these three resources, increased spending on domestic public sector wages; an electricity shortage and other external factors have combined to slow the pace of development in recent years, leading to a depreciating currency and a budget shortfall. According to provisional statistics, GDP for 2014 was estimated at $33.4bn, indicating year-on-year growth of 4%, while non-oil GDP totaled $31.12bn. New offshore oil and gas fields are expected to accelerate economic growth starting in 2016, with energy set to contribute 2% to GDP in 2016 and 4.1% by 2017.

 

Source: Oxford Business Group

Get the whole report at http://www.oxfordbusinessgroup.com/ghana-2016/economy

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