Economy of Ghana

Value-added tax is a consumption tax administered in Ghana. The tax regime that 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 the 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. Ghana is implementing the rent tax in 2021. == 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. 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. 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. Ghana National Petroleum Corporation and Ghana Oil Company deal with crude oil and gas exploration, exploitation, and refining. == Telecommunications ==

At the end of January 2022, total number of voice subscription in Ghana stood at 41,380,751.This represents a percentage increase of 1.28% over December 2019 figures of 40,857,007. The total penetration rate stands at 136.79%. Competition among mobile-phone companies in Ghana is an important part of the telecommunications industry growth, Current market leader MTN with voice subscription of 23,150,485 representing 55.95% of the market is followed by Vodafone with voice subscription of 9,075,795 representing 21.93% market share, AirtelTigo voice subscription stands at 8,428,322 representing 20.69%, Glo's current voice subscription stands at 726,149 which represent a market share of 1.75%. 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. Ghana was one of the first countries in Africa to achieve the connection to the World Wide Web. 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. == Data ==

The following table shows the main economic indicators in 1980–2023. Inflation below 5% is in green. == 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). 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). Trade statistics == 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 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. 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. == Energy ==

and solar energy electricity generation industries, and the oil and gas industry As of 2018, Ghana consumed some 10 MMtoe of primary energy, made mostly of biomass (40%), oil and diesel (40%), followed by hydropower (10%) and natural gas (10%). Oil & Gas Ghana discovered significant reserves of oil and natural gas offshore throughout the 2000s and 2010s. The country officially became an oil & gas producer in 2010 with the commissioning of the Jubilee field by Tullow Oil and currently produces from three major offshore hubs: Jubilee, TEN, and OCTP. In 2021, its production stood at some 150,000 barrels of oil per day (bopd). Since production began in 2010 Ghana has rose to be the 34th largest national producer of oil. In 2021 Ghana exported more than 71mil barrels of oil. China was the largest importer of Ghana oil, receiving over 41% of exports with South Africa, the second largest importer, taking 13.9%. Wind energy s on a wind farm 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. 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. Main investments in the bio-energy subsector existed in the areas of production, are transportation, storage, distribution, sale, marketing and exportation. Shortages of electricity have led to dumsor (blackouts), increasing the interest in renewables. == Hydrocarbon and mining ==

Ghana has to of petroleum in reserves. A large oilfield which contains up to of sweet crude oil was discovered in 2007. Since these discoveries Ghana increased production steadily, the nations current peak is 200,000 barrels per day in 2019. Current production in 2021 stands at 179,900 barrels per day. 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 Mining has gained importance in the Ghanaian economy since the turn of the 21st century, with a growth of around 30% in 2007. The main mining extractions are bauxite, gold (Ghana is one of the largest gold producers in the world), and the phosphates. == Tourism ==

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

In 2013 agriculture employed 53.6% of Ghana's total labor force. The main harvested crops are corn, plantain, rice, millet, sorghum, cassava and yam. Unlike the agricultural livestock, forestry and fishing sectors, the crop sector is key to the Ghanaian agricultural industry. Ghana produced in 2018: • 20.8 million tons of cassava (4th largest producer in the world, second only to Nigeria, Thailand and Congo) • 7.8 million tonnes of yam (2nd largest producer in the world, second only to Nigeria) • 4.1 million tons of plantain (2nd largest producer in the world, just behind Congo) • 2.6 million tons of palm oil (8th largest producer in the world) • 2.3 million tons of maize • 1.4 million tons of taro (4th largest producer in the world, second only to Nigeria, China and Cameroon) • 947 thousand tons of cocoa (2nd largest producer in the world, second only to Ivory Coast) • 769 thousand tons of rice • 753 thousand tons of orange (19th largest producer in the world) • 713 thousand tons of pineapple (11th largest producer in the world) • 521 thousand tons of peanut In addition to smaller productions of other agricultural products, like sweet potato (151 thousand tons), natural rubber (23 thousand tons) and tobacco (2.3 thousand tons). == 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. These plans were released in the 1995 government report, Ghana: Vision 2020. == Economic transparency ==

The judicial system of Ghana deals with corruption, economic malpractice and lack of economic transparency. John Addo Kufuor, son of former President John Agyekum Kufuor and Kojo Annan, son of former Secretary-General of the United Nations Kofi Annan, have been named in association with the Panama Papers. Health and biotechnology The Centre for Scientific Research into Plant Medicine is an agency of the Ministry of Health that was set up in the 1970s for research and development and as a practical resource (product production & distribution/provision) primarily in areas of biotechnology related to medicinal plants. This includes both herbal medicine and work on more advanced applications. It also has a secondary role as an educational resource for foreign students in health, biotechnology and related fields. Cybernetics and cyberwarfare The use of computer technology for teaching and learning began to receive government of Ghana's attention from the late 1990s. Ghana's intention to become the information technology hub of West Africa has led the government of Ghana to enact cyber crime legislation and enhance cyber security practices. Ghana is ranked 2nd in Africa and 7th globally in cyber warfare, cyber-terrorism, cyber crime, and internet crime. In 2018, the National Cyber Security Centre was founded. It is the national agency responsible for cybersecurity. In November 2020, Parliament passed the Cybersecurity Act 2020. The Minister for Communications, Ursula Owusu-Ekuful, indicated that, "a successful economy is hinged on a secured, safe and resilient national digital ecosystem. Cyber-security is, therefore, very critical to the economic development of the country and essential to the protection of the rights of individuals within the national digital ecosystem". Real estate in East Ridge The real estate and housing market has become an important and strategic economic sector, particularly in the urban centres of south Ghana such as Accra, Kumasi, Sekondi-Takoradi and Tema. However, many of its citizens particularly those in Accra cannot afford the housing prices which is a trait of most major cities globally particularly in the West. Kumasi is growing at a faster rate than Accra, and there is less competition in its real estate market. Ghana's labour force in 2008 totalled 11.5 million Ghanaian citizens. Tema Harbour is Africa's largest manmade harbour, and Takoradi Harbour along with Tema harbour handle goods and exports. They are also traffic junctions where goods are transhipped; the Tema harbour handles the majority of the nation's export cargo and most of the country's chief exports is shipped from Takoradi harbour. == Challenges ==

Over the years, the country has encountered various economic challenges especially in its bid to become financially sustainable. One of the most prominent has been high public debt. In January 2023, the Bank of Ghana reported that the country's level of debt was up to the tune of GH¢575.7 billion at the end of November 2022. == Healthcare delivery ==

The economic impact of health coverage gaps is studied through spatial modeling; research by Valentine Golden Ghanem highlights how subnational inequities in insurance enrollment correlate with regional poverty and illiteracy. == Child labor ==