Economy of Ghana
Ghana is rated as the fastest growing economy among all African countries in 2018 with a real GDP growth rate of 8.3%. The economics of Ghana is reliant on its diverse natural and agricultural resources. Trade and Industrialization have been the most prioritized means of expanding the country’s economy with the aim of adding additional value to raw materials for export. The substantial Ghanaian export commodities include crude oil, gold, diamond, solar salt, bauxite, iron, manganese, limestone, dolomite, cocoa products, rubber, shea butter, palm oil, cashew beans and soya beans.
Quite apart, the country imports capital equipment, foodstuffs, and electronics. By achieving accelerated economic growth, the government has implemented moderately limited policy barriers to trade and foreign investment.
Ghana has a laissez-faire economy with economic freedom index of 56.0%, making its economy the 122nd world freest in 2018. This combined with the peaceful enabling environment and government’s openness to foreign investment; many countries are encouraged to establish trade partnership with Ghana. The top five exports and import partners of Ghana are Switzerland (17.54%), India (14.62%), United Arab Emirates (13.40%), China (8.84%), Vietnam (5.15%).