A few years ago, Ghana’s economy was one of the fastest growing in the world, with GDP growth rates stretching above 14%. Recent oil discoveries, combined with sustained prices for cocoa and gold, led to an influx of capital and boosted activity in a range of sectors, from telecoms to construction. Although Ghana’s economy is still growing apace – GDP was up 6.7% in the...
Although Ghana’s economic fundamentals have improved immensely in recent years, benefitting from the discovery of oil as well as reforms in everything from revenue collection to subsidy structures, the public sector balance sheet has for decades been a stubbornly challenging issue. In the first half of 2014, the budget shortfall totalled 4.2% of GDP, above the official...
Economic development in Ghana has been uneven. The areas in the north – the Northern Region, the Upper West Region and the Upper East Region – have historically been less well off and have tended to benefit less from growth than the rest of the country. It is a persistent disparity that is now beginning to get considerable attention: new government measures target...
Under the 1992 constitution, which created the fourth republic, Ghana has a unitary presidential system. The president, who is also the head of state, is elected every four years and the balance of power is ensured by a system of checks and balances. The current constitution of the Fourth Republic outlines the foundations of a republican version of democratic government...
Ghana’s national currency, the cedi, is derived from the Akan word for the cowry shells used as currency during the days when Ghana was referred to as the Gold Coast. The current version of the cedi is the third printing of the currency since independence. Yet, if ECOWAS succeeds in its plan for a unified currency bloc, the latest version of the cedi, introduced in 2007...
The most prominent example of Ghana’s efforts to strengthen south-south cooperation and diversify both its trade and investment links can be seen in the evolution of its relationship with China. Ghana’s links with China date back to the 1960s, and Accra has long supported the country in a number of its international imbroglios, including the campaign for re-entry into...
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