Economy of Ghana

The economy of Ghana has a diverse and rich resource base, including the manufacturing and exportation of digital technology goods, automotive and ship construction and exportation, and the exportation of diverse and rich resources such as hydrocarbons and industrial minerals. These have given Ghana one of the highest GDP per capita in West Africa. Owing to a GDP rebasement, in 2011 Ghana became the fastest-growing economy in the world. The Ghanaian domestic economy in 2012 revolved around services, which accounted for 50% of GDP and employed 28% of the work force. Besides the industrialization associated with minerals and oil, industrial development in Ghana remains basic, often associated with plastics (such as for chairs, plastic bags, razors and pens). 53.6% of Ghana's workforce were employed in agriculture in 2013. Ghana embarked on a currency re-denomination exercise, from Cedi (₵) to the new currency, the Ghana Cedi (GH₵) in July 2007. The transfer rate is 1 Ghana Cedi for every 10,000 Cedis. Ghana is Africa's second-biggest gold producer (after South Africa) and second-largest cocoa producer. It is also rich in diamonds, manganese ore, bauxite, and oil. Most of its debt was canceled in 2005, but government spending was later allowed to balloon. Coupled with a plunge in oil prices, this led to an economic crisis that forced the government to negotiate a $920 million extended credit facility from the IMF in April 2015.