Formerly known as the Gold Coast, Ghana is an Anglophone country in the Gulf of Guinea and the oldest country in Africa. The countries contribution to the world has not been limited to natural resources but also in great African Leaders. The ones to be remembered are former President and Revolutionist Kwame Nkrumah who led Ghana into independence from Britain in 1957 and went on to form the Organisation of African Unity (OAU) in 1962. Kofi Annan, the Nobel Peace Prize winner in 2001 is a proud Ghanaian whom promotes peace in the world and served as the secretary General of the United Nations from 1997 to 2006.
Ghana with an increase of 12% in gold output has recently taken over as Africa’s largest gold producer knocking SA off after decades on top of the throne. With an estimated population close to 30 Million people and a GDP of $50 Billion the country according to the IMF will become the fastest growing Economy at an expected growth rate of 8.8%. The country boasts a rich range of resources which include gold, diamonds, abundant gas, and oil of which have been the major drivers of the economy.
Agriculture exports like Cocoa makes up the contributes of 20% to the GDP and employs half of the labour force. Positive economic movements in Ghana have been driven by commodities like oil and gold, making Ghana a commodity dependant country. The country has suffered huge dips in its GDP due to negative changes in the world prices of oil and gold, for instance GDP in 2013 reached an all-time high of $47.81 Billion and plunged to $37.34 Billion in 2015 due to the decline in the world prices of their major export commodities. Years of growth based on the extractive industry have not addressed widening inequality and the creation of decent jobs.
The country has made a success out of private sector development with huge investments made in its industrial sector – mainly Machinery – which has quadrupled between 2000 and 2017 with total investment of up to $670 Million. The government has also introduced “One district, One factory” (1D1F) initiative in 2017, which is expected to establish 275+ factories nationwide. Ghana has put in motion the private sector participation in industrialisation to diversify their economy and benefit from its government’s private sector–led agenda for economic transformation.
Ghana is a fashionable country one should visit and experience the incredibly influential Kingdom of Ashanti’s legacy which has shaped the culture of modern era of Ghana. Kente cloth, the fabric worn by Ashanti royalty, is still a point of national pride. The Ashanti region’s capital Kumasi has the largest market – Kejetia market – in West Africa where one can find a variant of tradeable goods. On the Neil Economic scale, the current price of a litre of Petrol is GH₵4.45 (R12) and the price of a 300ml coke is GHȻ 2.50 (R 6,73), which to date makes this our most economic country on the scale to purchase these items.
It is clear that Ghana has turned out, from the past six articles on Africa ,the cheapest on the Neil Economic Table, thus the cheapest per litre petrol and the cheapest per 300ml Coca Cola. There can be no doubt that the President of Ghana H.E. Akufo – Addo, is a true Africanist and believes in a United Independent Africa. With the growth in tourism, oil and gas, agriculture and mining, it would seem that this country is showing huge “ LEADERSHIP IN ACTION “.