After the return to democracy, Ghana achieved significant economic growth and poverty reduction. In Ghana, poverty with bad economic growth is increasingly concentrated in most rural communities where most low income families and residents rely on farming for livelihood. Commodities such as Cocoa is the largest export crop in Ghana. oil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products were all exported to some main export partners like India 27.5% United Arab Emirates 16.43% China 13.56% Switzerland 12.54% Vietnam 8.23% Burkina Faso 6% as at 2020.
The economy of Ghana has a diverse and rich resource base but with lack of good governance, bad leadership and bad accountability with selfishness, greedy and self centered leaderships we are back the race in good economic prosperity and sustainability, Ghana as a country is good in 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 and counting. Ghana’s Labor force Increased from 12,844,477 in 2019 to 18,547,635 in 2020 per statistics and with a percentage employment rate of 59.4% which makes Ghana one of the strong economic driven country.
Oil from Ghana brings in US$ 1.4 billion, or 13% of the export revenue. And with this I will only give some little credits to the New Patriotic Party under the good leadership of His Excellency Nana Addo-Dankwa Akuffo Addo for utilizing such funds in helping school every Ghanaian Child under the Free SHS Policy. In 2019, Ghana shipped goods worth US$ 18.47 billion around the world. Considering that Ghana’s population has approximately 36.8 million people, these figures translate to roughly $420 for every resident. My question is? Why can’t we resource our youth base and empower them with the idea of putting money in their pockets than to leave them stranded unemployed in the country.
The Corona Virus pandemic that triggered a supplied an unexpected shock in China has now caused a global shock. Developing economies recovering from a trade war and struggling with the COVID – 19 Virus, now face the prospect of a global financial shock and recession. Significant economic pain seems unavoidable in all countries and the risk of financial instability is high, especially in countries with excessive private indebtedness. Several economies are expected to contract in 2020, which will lead to an increase in the poverty rate.
So with this, Ghana needs to strengthen its economic growth and landscape in utilizing its base for a stronger economy.