The Economic Activity of Ghana
Most African countries may be facing economic problems up to the present, but the Republic of Ghana still remains one of the countries in the continent with sustainable and sound economy. Formerly called the Gold Coast, Ghana’s economy has been saved and sustained by their gold production which is still a plenty in the country. Aside from gold, cocoa is another major production in the country which helps boost the country’s GDP.
Ghana has become dependent in international organizations which help them financially especially during the recession. In 2002, Ghana was one of the countries who were given debt relief by the Heavily Indebted Poor Country (HIPC) program. Also, they were a part of the Multilateral Debt Relief Initiative in the year 2006. In the same year, the Millennium Challenge Corporation (MCC) Compact gave the Ghanaian economy a boost especially in its agricultural sector. Aside from the international help that the country receives, the Ghanaian government also had their ways of developing the economy and sustaining its growth. They have launched the Growth and Poverty Reduction Strategy which are aimed at human resource development, macroeconomic stability, good governance and civic responsibility, and private sector competitiveness. The government has been continuing to find ways on how to save its economy from a crisis.
Ghana exports gold, cocoa, aluminum, manganese, diamond, timber, and bauxite to the countries of the Netherlands (largest export partner), Ukraine, United Kingdom, France, and the United States of America. For imports, they have equipment, petroleum, and some food stuff from the countries of China (largest import partner), Nigeria, France, India, United Kingdom and the United States of America.< /p>