Ghana, or the Republic of Ghana, is a presidential democracy situated in West Africa (“Ghana”). It spreads along the Gulf of Guinea and the Atlantic Ocean (“Ghana”). The country borders the Ivory Coast, Burkina Faso, and Togo (“Ghana”). The population of Ghana is 25,99,609 people (“Ghana”). It is not homogenous as there multiple linguistic and religious groups inhabiting the state and contributing to the increased cultural diversity.
The bigger part of citizens are Christians (67,2%), 23,6% are Muslim, while the rest of the population adhere to multiple religions (“Ghana Country Profile”). Being a presidential democracy, it has the President, Nana Addo Dankwa Akufo-Addo, and the Parliament consisting of 275 members and playing a significant role in the evolution of the state (“Ghana Country Profile”). The country remains an agricultural state as 12,8% of its GDP comes from this very sector; however, it shows the high speed of industrialization (The World Bank). The most important products that are used for export are cocoa, timber, and electricity.
Therefore, the majority of the processes that occur in the state today could be explained by its colonial past as for a significant period, Ghana had been part of European overseas territories (“Ghana Country Profile”). It was used as a raw material base with the primary aim to provide needed amounts of products such as cocoa and timber. Having acquired its independence, the state engaged in a change process trying to eliminate the remnants of the past, poverty, hunger, create a new economy, and improve the quality of life in the state.
Nevertheless, at the moment, the economy of Ghana demonstrates positive tendencies to a certain degree, preconditioned by the increased production of cocoa and its critical role in the development of the state. The country is the third-largest producer and second-largest exporter of this product (“Ghana Country Profile”). The importance of the given sector is also evidenced by the fact that about 30% of the population either works or depends on it (“Ghana”). The country continues to cultivate this sector, trying to attain a significant increase in its production. By the statistics, cocoa production grew by 16% (“Ghana Country Profile”). Additionally, considering the long production cycle, a further increase is expected.
At the same time, along with the rapid rise of Ghana’s cocoa production, the increase in its GDP could also be admitted (see Figure 1).
As one can see, in the 2000s, the country entered the phase of its rapid evolution and development characterized by the 8.7% GDP growth (“Ghana”). There are several factors that preconditioned these processes. First, the hybrid nature of its economy, along with the tendency towards the use of digital devices and natural resources, precondition the high speed of the development of different sectors. Ghana is the 7th greatest producer of gold which is critical for its GDP (“Ghana”). Recently, in 2007 deposits of sweet crude oil were discovered and are now explored, which significantly increases incomes (“Ghana”).
The evolution of the cocoa industry also contributes to the rise of GDP. Additionally, the creation of the economic plan known as Ghana Vision 2020 (“Ghana”). It is focused on the creation of new industrialized country results in the implementation of specific strategies needed to attain success and facilitate the economic development of the state.
Altogether, Ghana has entered the stage of its rapid economic development. Being one of the greatest cocoa exporters, the state is also focused on the development of other spheres such as digital technologies, hydrocarbons, and minerals that can help to transform the country into one of the most powerful actors in Africa. In such a way, the shift of priorities from the completely agricultural to the industrialized state could be admitted.
Works Cited
“Ghana.” Heritage. Web.
“Ghana Country Profile.” BBC. 2018. Web.
The World Bank, “Ghana. “The World Bank. Web.