Economy and life in Ghana
Ghana, formerly known as the Gold Coast, is considered as one of the countries in West Africa that has the strongest economic development. Ghana is abundant in natural resources especially in terms of industrial minerals. Ghana was also known as one of the major producers of gold in the world. With these, the thriving economy of Ghana is mainly attributed to their mining industry, manufacturing of digital technology goods, and production of petroleum and natural gas. Ghana’s emerging market had an 8.7% GDP growth in the year 2012. The Ghana Stock Exchange is the fifth largest on continental Africa and third largest in sub-saharan Africa. Ghana is classified as a middle income country. However, Ghana recently had a critical moment in its economy. In 2013, its economy has endured a growing public deficit, high inflation, and a weakening currency, which led Ghana to seek an IMF (International Monetary Fund) bailout. In 2015, the biggest economic issue the country faced was their crisis in electricity. Due to their growing economic crisis, Ghana signed a $920 million extended credit facility with the IMF. Despite its economic downfall, Ghana made an economic plan target known as the “Ghana Vision 2020” which envisions Ghana as the first African country to become a developed country between 2020 and 2029.
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