Economy of Ghana

The economy of Ghana has a diverse and rich resource base, including the manufacturing and exportation of digital technology goods, automotive and ship construction and exportation, and the exportation of diverse and rich resources such as hydrocarbons and industrial minerals. These have given Ghana one of the highest GDP per capita in West Africa.[11][12] Owing to a GDP rebasement, in 2011 Ghana became the fastest-growing economy in the world.[13]

The Ghanaian domestic economy in 2012 revolved around services, which accounted for 50% of GDP and employed 28% of the work force. Besides the industrialization associated with minerals and oil, industrial development in Ghana remains basic, often associated with plastics (such as for chairs, plastic bags, razors and pens).[14] 53.6% of Ghana's workforce were employed in agriculture in 2013.[15][16]

Ghana embarked on a currency re-denomination exercise, from Cedi (₵) to the new currency, the Ghana Cedi (GH₵) in July 2007. The transfer rate is 1 Ghana Cedi for every 10,000 Cedis.

Ghana is Africa's second-biggest gold producer (after South Africa) and second-largest cocoa producer. It is also rich in diamonds, manganese ore, bauxite, and oil. Most of its debt was canceled in 2005, but government spending was later allowed to balloon. Coupled with a plunge in oil prices, this led to an economic crisis that forced the government to negotiate a $920 million extended credit facility from the IMF in April 2015.[17]

Economy of Ghana
Industries of the Republic of Ghana
CurrencyCedi (GH₵)
Calendar year 1 January to 31 December
Trade organisations
AU, WTO, ECOWAS
Statistics
GDPIncrease $41.815 billion (nominal, 2018 est.)[1]
Increase $145.768 billion (PPP, 2018 est.)[1]
GDP rank85th (nominal, 2018)
79th (PPP, 2017)
GDP growth
3.7% (2016) 8.5% (2017)
6.5% (2018e) 7.3% (2019f) [2][note 1]
GDP per capita
Increase $1,786 (nominal, 2018 est.)[1]
Increase $5,026 (PPP, 2018 est.)[1]
GDP per capita rank
144th (nominal, 2017)
137th (PPP, 2017)
GDP by sector
Services: 50.6% (2013);[3]
Industry: 28.1% (2013);[3]
Agriculture: 21.3% (2013)[3]
12.4% (2017 est.)[4]
17.5% (2016 est.)[4]
Population below poverty line
24.2% (2013 est.)[4]
43.5 medium (2016, World Bank)[5]
Labour force
12.49 million (2017 est.)[4]
Labour force by occupation
Agriculture: 44.7%
Industry: 14.4%
Services: 40.9% (2013 est.)[4]
Unemployment5.7% (2016)[6]
11.9% (2015 est.)[4]
Main industries
Increase 108th (2017)[7]
External
ExportsIncrease $13.84 billion (2017 est.)[4]
Export goods
Gold Bullion 44% (2013)[8]
Main export partners
ImportsDecrease $12.65 billion (2017 est.)[4]
Import goods
Military technology
Industrialization equipment
Main import partners
FDI stock
Decrease $4.9 billion (2012)[10]

Increase $19.85 billion (31 December 2013 est.)[4]

Increase Abroad: $16.62 billion (31 December 2013 est.)[4]
Increase -$2.131 billion (2017 est.)[4]
Negative increase $22.14 billion (31 December 2017 est.)[4]
Public finances
Positive decrease 71.8% of GDP (2017 est.)[4]
-6% (of GDP) (2017 est.)[4]
Revenues9.544 billion (2017 est.)[4]
Expenses12.36 billion (2017 est.)[4]
Foreign reserves
Increase $7.555 billion (31 December 2017 est.)[4]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

Taxation

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%. The top income tax and corporate tax rates are 25%. Other taxes included with value-added tax (VAT), are national health insurance levy, and a capital gains tax. The overall tax burden was 12.1% of Ghana's total domestic income in 2013. Ghana's national budget was the equivalent of 39.8% of GDP in 2013.[18]

Manufacturing

Ghana's industrial base is relatively advanced. Import-substitution industries include electronics manufacturing. Rlg Communications is the first indigenous African company to assemble laptops, desktops, and mobile phones, and is West Africa's biggest information and communications technology (ICT) and mobile phone manufacturing company.[19]

Ghana began its automotive industry with the construction of a prototype robust SUV, named the SMATI Turtle 1, intended for use in the rough African terrain. It was designed and manufactured by the Artisans of Suame Magazine Industrial Development Organization. Urban electric cars have been manufactured in Ghana since 2014.[20][21]

As of 2012 there were four major companies in the textiles sector: Akosombo Textiles Limited, Tex Style Ghana Limited, Printex Ghana, and Ghana Textile Manufacturing Company.[22]

Ghana National Petroleum Corporation and Ghana Oil Company deal with crude oil and gas exploration, exploitation, and refining.[23]

Telecommunications

Ghana's telecommunications statistics indicated that as of 2013 there are 26,336,000 cell-phone lines in operation.[24] Competition among mobile-phone companies in Ghana is an important part of the telecommunications industry growth of Ghana, with companies obtaining more than 80 per 100 persons as mobile and fixed-line phone users.[25]

The mass media of Ghana is among the most liberal in Africa, with Ghana ranking as the third-freest in Africa and 30th-most free in the world on the worldwide press freedom index. Chapter 12 of the Constitution of Ghana guarantees freedom of the Ghanaian press and the independence of the mass media, and Chapter 2 prohibits censorship.[26] Ghanaian press freedom was restored in 1992.[26]

Ghana was one of the first countries in Africa to achieve the connection to the World Wide Web.[27] In 2010, there were 165 licensed internet service providers in Ghana and they were running 29 of the fiber optic, and authorized networks VSAT operators were 176, of which 57 functioned, and 99 internet operators were authorized to the public, and private data and packet-switched network operators were 25.[28]

Data

The following table shows the main economic indicators in 1980–2017. Inflation below 5% is in green.[29]

Year GDP
(in bil. US$ PPP)
GDP per capita
(in US$ PPP)
GDP growth
(real)
Inflation rate
(in Percent)
Government debt
(in % of GDP)
1980 9.8 974 Increase0.4 % Negative increase50.0 % n/a
1981 Increase10.3 Increase978 Decrease−3.5 % Negative increase116.5 % n/a
1982 Decrease10.2 Decrease918 Decrease−6.9 % Negative increase22.5 % n/a
1983 Decrease10.1 Decrease862 Decrease−4.8 % Negative increase122.2 % n/a
1984 Increase11.4 Increase925 Increase9.0 % Negative increase40.0 % n/a
1985 Increase12.3 Increase978 Increase5.1 % Negative increase10.3 % n/a
1986 Increase13.2 Increase1,023 Increase5.2 % Negative increase24.5 % n/a
1987 Increase14.2 Increase1,071 Increase4.8 % Negative increase39.8 % n/a
1988 Increase15.5 Increase1,142 Increase5.6 % Negative increase31.4 % n/a
1989 Increase17.0 Increase1,217 Increase5.1 % Negative increase25.2 % n/a
1990 Increase18.2 Increase1,272 Increase3.3 % Negative increase37.2 % 28.3 %
1991 Increase19.8 Increase1,350 Increase5.3 % Negative increase18.1 % Positive decrease27.4 %
1992 Increase21.0 Increase1,399 Increase3.9 % Negative increase10.0 % Negative increase34.1 %
1993 Increase22.3 Increase1,448 Increase3.7 % Negative increase24.9 % Negative increase51.0 %
1994 Increase23.6 Increase1,494 Increase3.6 % Negative increase24.9 % Negative increase76.6 %
1995 Increase25.2 Increase1,551 Increase4.2 % Negative increase59.3 % Positive decrease67.8 %
1996 Increase26.8 Increase1,611 Increase4.6 % Negative increase44.5 % Positive decrease60.5 %
1997 Increase28.6 Increase1,676 Increase4.8 % Negative increase24.8 % Negative increase65.7 %
1998 Increase30.3 Increase1,730 Increase4.7 % Negative increase19.2 % Positive decrease57.2 %
1999 Increase32.1 Increase1,787 Increase4.4 % Negative increase12.5 % Negative increase78.8 %
2000 Increase34.0 Increase1,847 Increase3.7 % Negative increase25.1 % Negative increase119.1 %
2001 Increase36.2 Increase1,918 Increase4.2 % Negative increase32.9 % Positive decrease87.2 %
2002 Increase38.5 Increase1,986 Increase4.5 % Negative increase14.8 % Positive decrease81.9 %
2003 Increase41.2 Increase2,076 Increase5.2 % Negative increase26.6 % Positive decrease74.2 %
2004 Increase44.7 Increase2,195 Increase5.6 % Negative increase12.7 % Positive decrease57.6 %
2005 Increase48.8 Increase2,337 Increase5.9 % Negative increase15.1 % Positive decrease47.7 %
2006 Increase53.4 Increase2,494 Increase6.3 % Negative increase11.7 % Positive decrease26.2 %
2007 Increase57.2 Increase2,605 Increase4.3 % Negative increase10.7 % Positive decrease31.0 %
2008 Increase63.7 Increase2,827 Increase9.2 % Negative increase16.5 % Negative increase33.6 %
2009 Increase67.3 Increase2,912 Increase4.8 % Negative increase13.1 % Negative increase36.1 %
2010 Increase73.5 Increase3,100 Increase7.9 % Negative increase6.7 % Negative increase46.3 %
2011 Increase85.5 Increase3,519 Increase14.0 % Negative increase7.7 % Positive decrease42.6 %
2012 Increase95.3 Increase3,822 Increase9.3 % Negative increase7.1 % Negative increase47.9 %
2013 Increase104.0 Increase4,069 Increase7.3 % Negative increase11.7 % Negative increase57.2 %
2014 Increase110.2 Increase4,204 Increase4.0 % Negative increase15.5 % Negative increase70.2 %
2015 Increase115.7 Increase4,302 Increase3.8 % Negative increase17.2 % Negative increase72.2 %
2016 Increase121.3 Increase4,399 Increase3.7 % Negative increase17.5 % Negative increase73.4 %
2017 Increase134.0 Increase4,740 Increase8.4 % Negative increase12.4 % Positive decrease71.8 %

Imports and Exports

Ghana's top export products in 2016 were crude petroleum ($2.66B), gold ($2.39B), cocoa beans ($2.27B), cocoa paste ($382M) and cocoa butter ($252M). Ghana's top export destinations in 2016 were Switzerland ($1.73B), China ($1.06B), France ($939M), India ($789M) and the Netherlands ($778M).[30]

Ghana's top import categories in 2016 were refined petroleum ($2.18B), crude petroleum ($546M), gold ($428M), rice ($328M) and packaged medicaments ($297M). The nations with the highest value of imports to Ghana in 2016 were China ($4.1B), the Netherlands ($1.58B), the United States ($1.1B), Nigeria ($920M) and India ($668M).[30]

Private banking

The financial services in Ghana have seen a lot of reforms in the past years. The Banking (Amendment) Act 2007 included the awarding of a general banking license to qualified banks, which allows only indigenous Ghana offshore banks to operate in country Ghana. Indigenous Ghana private bank Capital Bank was the first to be awarded the general banking license in Ghana as well as indigenous Ghana private banks UniBank, National Investment Bank and Prudential Bank Limited. It has therefore become possible for Ghanaian non-resident individuals or residents and foreign companies or indigenous Ghana companies to open indigenous Ghana offshore bank accounts in Ghana.[18] Indigenous Ghana retail and savings banks include Agricultural Development Bank of Ghana, CAL Bank, GCB Bank Ltd, Home Finance Company and UT Bank as well as indigenous Ghana savings and loan institutions ABii National and Savings and Loans Company.[18]

Stock exchange

The Stock Exchange of Ghana is one of the largest in Africa, with a market capitalization of GH¢57.2 billion or CN¥180.4 billion in 2012. South Africa's JSE Limited is the largest.[31]

Energy

As of December 2012, Ghana gets 49.1% of its energy from renewable energy and exports some of this to neighboring countries.

Solar energy

Ghana has aggressively begun the construction of solar plants across its sun-rich land in an aim to become the first country to get 6% of its energy from solar energy generation by 2016. The biggest photovoltaic (PV) and largest solar energy plant in Africa, the Nzema project will be able to provide electricity to more than 100,000 homes.[32] This 155-megawatt plant will increase Ghana's electricity generating capacity by 6%.

Construction work on the GH¢740 million (GB£248 million) and the fourth-largest solar power plant in the world is being developed by Blue Energy, a renewable energy investment company, majority-owned and funded by members of the Stadium Group, a large private asset and development company with GB£2.5 billion under management. The project director is Douglas Coleman, from Mere Power Nzema Ltd, Ghana.[32]

Unlike many other solar projects in Africa that use concentrated solar power, solar plants will use PV technology to convert sunlight directly into electricity.[32] Installation of more than 630,000 solar PV modules began by the end of 2013, with electricity being generated early in 2014.[32] It is due to reach full capacity at the end of 2015.[32]

Wind energy

Ghana has Class 4–6 wind resources and high-wind locations, such as Nkwanta, the Accra Plains, and Kwahu and Gambaga mountains. The maximum energy that could be tapped from Ghana's available wind resource for electricity is estimated to be about 500–600 GWh/year.[33] To give perspective: in 2011, per the same Energy Commission, the largest Akosombo hydroelectric dam in Ghana alone produced 6,495 GWh of electric power and, counting all Ghana's geothermal energy production in addition, the total energy generated was 11,200 GWh in that year.[33] These assessments do not take into consideration further limiting factors such as land-use restrictions, the existing grid (or how far the wind resource may be from the grid) and accessibility.[33] Wind energy has potential to contribute significantly to the country's energy industry. Ten percent can certainly be attained in terms of installed capacity, and about 5% of total electric generation potential from wind alone.[33]

Bio-energy

Sorghum field
Hybrid sorghum plantation field

Ghana has put in place mechanisms to attract investments into its biomass and bio-energy sectors to stimulate rural development, create jobs and save foreign exchange.[34]

The vast arable and degraded land mass of Ghana has the potential for the cultivation of crops and plants that could be converted into a wide range of solid and liquid bio-fuels, as the development of alternative transportation fuels could help Ghana to diversify and secure its future energy supplies.[34] Main investments in the bio-energy subsector existed in the areas of production, are transportation, storage, distribution, sale, marketing and exportation.[34]

The goal of Ghana regarding bio-energy, as articulated by its energy sector policy, is to modernize and examine the benefits of bio-energy on a sustainable basis.[34] Biomass is Ghana's dominant energy resource in terms of endowment and consumption, with the two primary bio-fuels consumed being ethanol and biodiesel.[34] To that effect, the Ghana ministry of Energy in 2010 developed its energy sector strategy and development plan.[34] Highlights of the strategy include sustaining the supply and efficient use of wood fuels while ensuring that their utilization does not lead to deforestation.[34]

The plan would support private sector investments in the cultivation of bio-fuel feedstock, the extraction of bio-oil, and refining it into secondary products, thereby creating financial and tax incentives. The Ghana Renewal Energy Act provides the necessary fiscal incentives for renewable energy development by the private sector, and also details the control and management of bio-fuel and wood fuel projects in Ghana.[34] The Ghana National Petroleum Authority (NPA) was tasked by the Renewable Energy Act 2011 to price Ghana's bio-fuel blend in accordance with the prescribed petroleum pricing formula.[34]

The combined effects of climate change and global economic turbulence had triggered a sense of urgency among Ghanaian policymakers, industry and development practitioners to find sustainable and viable solutions in the area of bio-fuels.[34]

Brazil, which makes ethanol from maize and sugarcane, is currently the world's largest bio-fuel market.[34]

Energy consumption

Electricity generation is one of the key factors in achieving the development of the Ghanaian national economy, with aggressive and rapid industrialization; Ghana's national electric energy consumption was 265 kilowatts per capita in 2009.[35][36] Shortages of electricity have led to dumsor (blackouts),[37] increasing the interest in renewables.[38]

Hydrocarbon and mining

Ghana Mineral Resources (collage)
Ghanaian mineral resources: bauxite, diamond, timber and manganese
Ghana Export Trends
Ghana's increasing oil exports as a percentage of all exports.

Ghana has 5 billion barrels (790×106 m3) to 7 billion barrels (1.1×109 m3) of petroleum in reserves. A large oilfield which contains up to 3 billion barrels (480×106 m3) of sweet crude oil was discovered in 2007.[39] Oil exploration is ongoing and the amount of oil continues to increase.[40] Ghana produces crude oil, as of 15 December 2010, and until June 2011, Ghana exploited around 120,000 barrels per day and is expected to increase production up to 2.5 million barrels per day in 2014.[41][42]

Ghana has vast natural gas reserves, which is used by many foreign multinational companies operating in Ghana.[43] The hydrocarbon industry has had major implications for regional and urban development in Ghana and these are likely to substantially increase in the years to come [44]

Mining has gained importance in the Ghanaian economy since the turn of the 21st century, with a growth of around 30% in 2007.[45] The main mining extractions are bauxite,[46] gold (Ghana is one of the largest gold producers in the world),[47] and the phosphates.[48]

Tourism

Ghana Tourism sites (collage)
Tourism destinations in Ghana[49]

The Ministry of Tourism has placed great emphasis upon further tourism support and development. Tourism contributed to 4.9% of GDP in 2009, attracting around 500,000 visitors. Tourist destinations include Ghana's many castles and forts, national parks, beaches, nature reserves, landscapes and World Heritage buildings and sites.[50][51]

In 2011, Forbes magazine ranked Ghana eleventh-friendliest country in the world. The assertion was based on a survey of a cross-section of travelers in 2010. Of all the countries on the African continent that were included in the survey, Ghana ranked highest.[52]

To enter Ghana, it is necessary to have a visa authorized by the Government of Ghana, except for certain entrepreneurs on business trips.[53]

Agriculture

In 2013 agriculture employed 53.6% of Ghana's total labor force.[15][16] Agribusiness accounts for a small fraction of the gross domestic product.[54] The main harvested crops are corn, plantain, rice, millet, sorghum, cassava and yam.[55] Unlike the agricultural livestock, forestry and fishing sectors, the crop sector is key to the Ghanaian agricultural industry.[56]

Ghana: Vision 2020 and industrialization

With the economic program "Ghana: Vision 2020", Ghana intends to achieve its goals of accelerated economic growth and improved quality of life for all its citizens, by reducing poverty through private investment, rapid and aggressive industrialization, and direct and aggressive poverty-alleviation efforts.[57] These plans were released in the 1995 government report, Ghana: Vision 2020.[57] Nationalization of state-owned enterprises continues, with about two thirds of 300 parastatal enterprises owned by the government of Ghana.[57] Other reforms adopted under the government's structural adjustment program include increasing exchange rate controls and increasing autarky and increasing restrictions on imports.[57]

The Ghana: Vision 2020 forecast assumes political stability; successful economic stabilization; the implementation of Ghana: Vision 2020 policy agenda on private sector growth; and aggressive public spending on social services, infrastructure and industrialization. It projection states that Ghana's goals of reaching high-income economy status and newly industrialized country status will be easily realized between 2020 and 2039.[57][58]

Ghana Cocoa & Gold (collage)
Sunyani Cocoa House and Theobroma cacao; Ghana is projected to become the largest producer of cocoa in the world.[58][59][60]
Ghana gold bars; Ghana is the 7th-largest producer of gold in the world.[61]

Economic transparency

Ghana Percent Wealth Owned
The distribution of wealth ownership in Ghanaian society in 2013. A majority of wealth is held by 20% of the population.

The judicial system of Ghana deals with corruption, economic malpractice and lack of economic transparency.[18] Despite significant economic progress, obstacles do remain. Particular institutions need reform, and property rights need improvement. The overall investment regime in Ghana lacks market transparency. Tackling these issues will be necessary if Ghana's rapid economic growth is to be maintained.[18]

References

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Notes

  1. ^ Growth rates reflect GDP data prior to recent rebasing.

External links

African Company of Merchants

The African Company of Merchants or Company of Merchants Trading to Africa was a British Chartered Company operating from 1752 to 1821 in the Gold Coast area of modern Ghana. This coastal area was dominated by the indigenous Fante people. It was established by the African Company Act 1750, and in 1752 replaced the Royal African Company. The latter had been established in 1660.The assets of the Royal African Company were transferred to the new company and consisted primarily of nine trading posts or factories: Fort William, Fort James, Fort Sekondi, Fort Winneba, Fort Apollonia, Fort Tantumquery, Fort Metal Cross, Fort Komenda, and Cape Coast Castle, the last of which was the administrative centre.

Agriculture in Ghana

Agriculture in Ghana consists of a variety of agricultural products and is an established economic sector, and provides employment on a formal and informal basis. Ghana produces a variety of crops in various climatic zones which range from dry savanna to wet forest and which run in east–west bands across Ghana. Agricultural crops, including yams, grains, cocoa, oil palms, kola nuts, and timber, form the base of agriculture in Ghana's economy. In 2013 agriculture employed 53.6% of the total labor force in Ghana.

Cocoa production in Ghana

Cocoa is the chief agricultural export of Ghana and Ghana's main cash crop. Behind Ivory Coast, Ghana is the second largest cocoa exporter in the world. Cocoa cultivation is not native to the country; Ghana's cocoa cultivation, however, is noted within the developing world to be one of the most modeled commodities.Cocoa production occurs in the country's forested areas: Ashanti Region, Brong-Ahafo Region, Central Region, Eastern Region, Western Region, and Volta Region, where rainfall is 1,000-1,500 millimeters per year. The crop year begins in October, when purchases of the main crop begin, with a smaller mid-crop cycle beginning in July.All cocoa, except that which is smuggled out of the country, is sold at fixed prices to the Cocoa Marketing Board. Although most cocoa production is carried out by peasant farmers on plots of less than three hectares, a small number of farmers appear to dominate the trade. Some studies show that about one-fourth of all cocoa farmers receive just over half of total cocoa income.With some two million children involved in the farming of cocoa in West Africa, primarily Ghana and Ivory Coast, child slavery and trafficking were major concerns in 2018. However, international attempts to improve conditions for children were failing because of persistent poverty, absence of schools, increasing world cocoa demand, more intensive farming of cocoa, and continued exploitation of child labor.

Company registration in Ghana

Ghana has several business registration systems. Company registration is done by the Registrar General's Department.

Corruption in Ghana

Corruption in Ghana has been common since independence. Since 2006, Ghana's score and ranking on the Transparency International Corruption Perceptions Index has improved slightly, ranked higher than Italy and Brazil. However, there is a growing perception in Ghana that government-related corruption is on the rise., ranked 64th in 2012, tied with Lesotho. Even though corruption in Ghana is relatively low when compared to other countries in Africa, businesses frequently quote corruption as an obstacle for doing business in the country. Corruption occurs often in locally funded contracts, companies are subject to bribes when operating in rural areas.In a 1975 book, Victor T. Le Vine wrote that bribery, theft and embezzlement arose from reversion to a traditional winner-takes-all attitude in which power and family relationships prevailed over the rule of law. Corruption in Ghana is comparatively less prevalent than in other countries in the region.Ghana is not a signatory to the OECD Convention on Combating Bribery. It has, however, taken steps to amend laws on public financial administration and public procurement. The public procurement law, passed in January 2004, seeks to harmonize the many public procurement guidelines used in the country and also to bring public procurement into conformity with World Trade Organization standards. The new law aims to improve accountability, value for money, transparency and efficiency in the use of public resources.However, some in civil society have criticized the law as inadequate. The government, in conjunction with civil society representatives, is drafting a Freedom of Information bill, which will allow greater access to public information. Notwithstanding the new procurement law, companies cannot expect complete transparency in locally funded contracts. There continue to be allegations of corruption in the tender process and the government has in the past set aside international tender awards in the name of national interest.Businesses report being asked for "favors" from contacts in Ghana, in return for facilitating business transactions. The Government of Ghana has publicly committed to ensuring that government officials do not use their positions to enrich themselves. Official salaries, however, are modest, especially for low-level government employees, and such employees have been known to ask for a "dash" (tip) in return for assisting with license and permit applications.

Forestry in Ghana

Forests cover about one-third of Ghana's total area, with commercial forestry concentrated in the southern parts of Ghana.

GSE Composite Index

The principal stock index of the Ghana Stock Exchange or GSE is the GSE Composite Index. This index is calculated from the values of each of the market's listings.

Ghana Stock Exchange

The Ghana Stock Exchange (GSE) is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently lists 42 equities (from 37 companies) and 2 corporate bonds. All types of securities can be listed. Criteria for listing include capital adequacy, profitability, spread of shares, years of existence and management efficiency. The GSE is located within the Cedi House in Accra.

Kotokoraba Market, Cape Coast, Ghana

The Central region of Ghana is known as the tourism hub of Ghana. The capital of the region - Cape Coast, is known for many reasons including its UN World Heritage Site - Cape Coast Castle and its Senior High Schools. One other reason why Cape Coast is also popular is because of its market. The Kotokoraba market is the economic hub of the region, with all major trading stores located around it. Part of the market has a big transport yard from where various buses and cars transport traders and their wares as well as individuals to different parts of the country.

The market is bordered to the north-west by Mfantsipim School and the Ghana Broadcasting Corporation hill. On the east is Tantri, a busy transport yard and the major departure point for travellers moving out of the city.

List of Ghanaian regions by Human Development Index

This is a list of Regions of Ghana by Human Development Index as of 2018 with data for the year 2017.

Markets in Ghana

Markets are very important in the economy of every country. Ghana, an African country with a population of more than 25 million, like all countries in the world has many markets. Some being major and others being minor. Unlike markets in other countries across the planet, Ghanaian markets are unique. Their uniqueness lies in the fact one would hardly find a market that trades in one particular group of wares. In a typical Ghanaian market one can find everything from apples to zoot suits.

Revenue stamps of the Gold Coast

Revenue stamps of the Gold Coast were issued by the British Colony of the Gold Coast (modern Ghana) between 1899 and the early 20th century. Dual-purpose postage and revenue stamps were used for most fiscal transactions, so few revenue stamps were issued.The only revenue-only stamps of the Gold Coast were special printings of postage and revenue stamps in new colours, overprinted JUDICIAL to pay for court fees. The first set, depicting Queen Victoria, was issued in 1899. Another set depicting the new monarch Edward VII was issued in 1903. In 1907, some of the stamps from both the Victoria and Edward VII sets which were originally on yellow paper were reprinted on white paper.Some of the high value postage and revenue stamps, such as the £2 stamp issued in 1921, were primarily intended for fiscal use.

Savings and Loans Company

Savings and Loans Company is a statutory term used for non-bank financial institutions in Ghana. There are 37 Savings and Loans Companies released by the Bank of Ghana as at January 2017. Such institutions are licensed by the Bank of Ghana under the Financial Institutions non-Banking Law 1993 (PNDC Law 328).

Social Security and National Insurance Trust

The SSNIT, or the Social Security and National Insurance Trust, is an important agency of the government of Ghana. The "job description" of the SSNIT, according to its website, is to administrate the National Pension Scheme. In so doing, the SSNIT owns major amounts of stock in Ghana's principal companies, and is an important part of Ghana's economy.The SSNIT TOP management has changed since 7th January 2017 so the information there is wrong.

Societe Generale Ghana

Societe Generale Ghana Limited (SG) is a bank that is based in Ghana, previously known as Société Générale - Social Security Bank (SG-SSB). The bank is part of the Société Générale banking group. The bank is based in Accra and its stock is listed on the Ghana Stock Exchange. It is a component of the GSE All-Share Index. According to its website it is the 7th largest bank in Ghana and has 45 networked branches in Ghana.

Susu (informal loan club)

A susu or sou-sou (also known as a merry-go-round) is a form of rotating savings and credit association, a type of informal savings club arrangement between a small group of people who take turns by "throwing hand" as the partners call it. The name is used in Africa (especially West Africa) and the Caribbean. The basic principle is that each member of the group makes a standard contribution to a common fund once per time period. Then each period the total contributions are disbursed to a single member of the group. The recipient changes each period in a rotating fashion such that all the members of the group are eventually recipients.

Takoradi Market Circle

The Takoradi Market Circle is a market in Takoradi, the third largest city of Ghana. Takoradi Market Circle is the commercial and economic hub of Ghana's Western Region. The market got its name due to the large circle in which it is situated; the stores of the market were built to form the shape.

The Institute of Economic Affairs, Ghana

The Institute of Economic Affairs (IEA), Ghana, is a public policy think tank based in Accra, Ghana. It was founded by a Ghanaian economist, Dr. Charles Mensa in 1989 at a time when the country was governed by a military regime (Ghana was governed by the Provisional National Defence Council). The IEA was set up as an independent, non-government institution dedicated to the establishment and strengthening of a market economy and a democratic, free and open society. The IEA supports research and promotes and publishes studies on economic, socio-political and legal issues in order to enhance understanding of public policy.

The current Executive Director of the IEA is Mrs. Jean Mensa.

Water privatisation in Ghana

Water privatization in Ghana has been discussed since the early 1990s as a reaction to poor service quality and low efficiency of the existing urban water utility. The World Bank supported the process of private sector participation in the urban water sector from the beginning. After many tribulations a 5-year management contract was awarded in 2006. When the contract expired in 2011, the government decided not to extend it, saying that the private operator had not lived up to expectations.

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