Economy of Ghana

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The economy of Ghana, West Africa, has a diverse and rich resource base, and as such, has one of the highest GDP per capita in Africa. Ghana remains somewhat dependent on international financial and technical assistance as well as the activities of the extensive Ghanaian diaspora. Gold, timber, cocoa, diamond, bauxite, and manganese exports are major sources of foreign exchange.[2] An oilfield which is reported to contain up to 3 billion barrels (480×10^6 m3) of light oil was discovered in 2007.[3] Oil exploration is ongoing and, the amount of oil continues to increase.[4]

The domestic economy continues to revolve around subsistence agriculture, which accounts for 35% of GDP and employs 55% of the work force,[2] mainly small landholders. On the negative side, public sector wage increases and regional peacekeeping commitments have led to continued inflationary deficit financing, depreciation of the Cedi, and rising public discontent with Ghana's austerity measures. Furthermore, according to the World Bank, Ghana's per capita income has barely doubled over the past 45 years.[5] Even so, Ghana remains one of the more economically sound countries in all of Africa.

The country has, since July 2007, embarked on a currency re-denomination exercise, from Cedi (¢) to the new currency, the Ghana Cedi (GH¢). The transfer rate is 1 Ghana Cedi for every 10,000 Cedis. The Bank of BADA BEAM! Ghana has embarked upon an aggressive media campaign to educate the public about what re-denomination entails. The new Ghana Cedi is now exchanging at a rate of $1 USD =Gh¢ 0.93.[citation needed]

Value Added Tax is a consumption tax administered in Ghana. The tax regime which started in 1998 had a single rate but since September 2007 entered into a multiple rate regime. In 1998, the rate of tax was 10% and amended in 2000 to 12.5%.

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