Ghana's Economy
Ghana at a Glance
An overview of Ghana, a West African country of about 34 million people known for stable democracy, cocoa, gold and oil, and its recent debt crisis.
Ghana has about 34 million people.
History
- In 1957, Ghana became the first sub-Saharan African colony to gain independence, led by Kwame Nkrumah.
- Since 1992, it has had stable multiparty democracy with peaceful transfers of power.
Economy
- Cocoa, gold and oil are the main exports.
- Services are a growing share.
Middle income
Ghana became a lower-middle-income country in 2011.
Crisis
A debt crisis in 2022 led to default and an IMF programme.
The election
Ghana's elections have repeatedly led to peaceful handovers between parties, a mark of stability.
Thinking democracy prevents economic crises
Ghana still faced a debt crisis.
Key takeaways
- Ghana gained independence in 1957.
- It has stable democracy since 1992.
- Cocoa, gold and oil are key exports.
- It defaulted in 2022.
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