Changes

|governor general=

|governor general=

|governor general-raw=

|governor general-raw=

|president =John Dramani Mahama

|president =John Mahama

|president-raw =

|president-raw =

|chancellor =

|chancellor =

|premier-raw    =

|premier-raw    =

|area         =92,098 sq mi  

|area         =92,098 sq mi  

|pop         =23,837,000

|pop         =31,100,000 (2020)

|pop-basis =2010

|pop-basis =

|gdp         =$38 billion

|gdp         =$66,666,666,667 (2020)

|gdp-year =2010

|gdp-year =

|gdp-pc         =$1,591

|gdp-pc         =$2,144 (2020)

|currency =Cedi

|currency =Cedi

|idd =

|idd =

Gold shares the top export revenue spot with cocoa, each bringing in about $1 billion in 2006. Tourism has become one of Ghana's largest foreign income earners (ranking third in 2005 at $836 million), and the Ghanaian Government has placed strong emphasis on further development of the sector. The country's largest source of foreign exchange is remittances from abroad, which totaled about $4 billion in 2006.  

Gold shares the top export revenue spot with cocoa, each bringing in about $1 billion in 2006. Tourism has become one of Ghana's largest foreign income earners (ranking third in 2005 at $836 million), and the Ghanaian Government has placed strong emphasis on further development of the sector. The country's largest source of foreign exchange is remittances from abroad, which totaled about $4 billion in 2006.  

Ghana's post-independence economic story has been a difficult one, but over the last 20 years, stability and growth have increasingly taken hold. Real GDP growth has averaged 4% since the mid-80s and was about 6% 2004-2006. Inflation and interest rates have declined steadily, particularly over the last decade. Ghana's poverty rate has also come down markedly, from 51.7% in 1991 to 28.5% in 2005/2006. Ghana is on track to meet the Millennium Development goal of halving extreme poverty by 2008, well ahead of the 2015 target.

Ghana's post-independence economic story has been a difficult one, but over the last 20 years, stability and growth have increasingly taken hold. Real GDP growth has averaged 4% since the mid-80s and was about 6% 2004–2006. Inflation and interest rates have declined steadily, particularly over the last decade. Ghana's poverty rate has also come down markedly, from 51.7% in 1991 to 28.5% in 2005/2006. Ghana is on track to meet the Millennium Development goal of halving extreme poverty by 2008, well ahead of the 2015 target.

*GDP (2006): $12.5 billion.  

*GDP (2006): $12.5 billion.  

*Real GDP growth rate (2006): 6.2%.

*Real GDP growth rate (2006): 6.2%.

Although foreign aid helped prevent economic collapse and was responsible for subsequent improvements in many sectors, the economy stagnated in the 10-year period preceding the NRC takeover in 1972. Population growth offset the modest increase in gross domestic product, and real earnings declined for many Ghanaians.  

Although foreign aid helped prevent economic collapse and was responsible for subsequent improvements in many sectors, the economy stagnated in the 10-year period preceding the NRC takeover in 1972. Population growth offset the modest increase in gross domestic product, and real earnings declined for many Ghanaians.  

To restructure the economy, the NRC, under General Acheampong (1972–78), undertook an austerity program that emphasized self-reliance, particularly in food production. These plans were not realized, however, primarily because of post-1973 oil price increases and a drought in 1975-77 that particularly affected northern Ghana. The NRC, which had inherited foreign debts of almost $1 billion, abrogated existing rescheduling arrangements for some debts and rejected other repayments. After creditors objected to this unilateral action, a 1974 agreement rescheduled the medium-term debt on liberal terms. The NRC also imposed the Investment Policy Decree of 1975—effective on January 1977—that required 51% Ghanaian equity participation in most foreign firms, but the government took 40% in specified industries. Many shares were sold directly to the public.  

To restructure the economy, the NRC, under General Acheampong (1972–78), undertook an [[Ascesis|austerity]] program that emphasized self-reliance, particularly in food production. These plans were not realized, however, primarily because of post-1973 oil price increases and a drought in 1975-77 that particularly affected northern Ghana. The NRC, which had inherited foreign debts of almost $1 billion, abrogated existing rescheduling arrangements for some debts and rejected other repayments. After creditors objected to this [[unilateral]] action, a 1974 agreement rescheduled the medium-term debt on liberal terms. The NRC also imposed the Investment Policy Decree of 1975—effective on January 1977—that required 51% Ghanaian equity participation in most foreign firms, but the government took 40% in specified industries. Many shares were sold directly to the public.  

Continued mismanagement of the economy, record inflation (more than 100% in 1977), and increasing corruption, notably at the highest political levels, led to growing dissatisfaction. The post-July 1978 military regime led by General Akuffo attempted to deal with Ghana's economic problems by making small changes in the overvalued cedi and by restraining government spending and monetary growth. Under a one-year standby agreement with the International Monetary Fund (IMF) in January 1979, the government promised to undertake economic reforms, including a reduction of the budget deficit, in return for a $68 million IMF support program and $27 million in IMF Trust Fund loans. The agreement became inoperative, however, after the June 4 coup that brought Flight Lieutenant Rawlings and the AFRC to power for 4 months.  

Continued mismanagement of the economy, record inflation (more than 100% in 1977), and increasing corruption, notably at the highest political levels, led to growing dissatisfaction. The post-July 1978 military regime led by General Akuffo attempted to deal with Ghana's economic problems by making small changes in the overvalued cedi and by restraining government spending and monetary growth. Under a one-year standby agreement with the International Monetary Fund (IMF) in January 1979, the government promised to undertake economic reforms, including a reduction of the budget deficit, in return for a $68 million IMF support program and $27 million in IMF Trust Fund loans. The agreement became inoperative, however, after the June 4 coup that brought Flight Lieutenant Rawlings and the AFRC to power for 4 months.  

Ghana's stated goals are to accelerate economic growth, improve the quality of life for all Ghanaians, and reduce poverty through macroeconomic stability, higher private investment, broad-based social and rural development, as well as direct poverty-alleviation efforts. These plans are fully supported by the international donor community.  

Ghana's stated goals are to accelerate economic growth, improve the quality of life for all Ghanaians, and reduce poverty through macroeconomic stability, higher private investment, broad-based social and rural development, as well as direct poverty-alleviation efforts. These plans are fully supported by the international donor community.  

Key economic challenges include: overcoming infrastructure bottlenecks, especially in energy and water; poor management of natural resources; improving human resource capacity and development; establishing a business and investment climate that encourages and allows private sector-led growth, and privatizing remaining state-owned enterprises, several of which are significant budget liabilities.  

Key economic challenges include: overcoming infrastructure bottlenecks, especially in energy and water; poor management of natural resources; improving human resource capacity and development; establishing a business and investment climate that encourages and allows private sector-led growth, and privatizing remaining state-owned enterprises, several of which are significant budget liabilities.

==History==

==History==