The future of Ghana’s Economy…
This month is all about the future of Ghana on the Me firi Ghana blog. Thus I have decided to kick this off by looking at a factor which is key to any country’s future prospects. I of course speak of the economy.
The economy of Ghana, has a diverse and rich resource base, and as such, has one of the highest GDP (gross domestic product) per capita in Africa. For those unfamiliar with the term, GDP is the total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Ghana remains somewhat dependent on international financial and technical assistance as well as the activities of the Ghanaian Diaspora. Gold, timber, cocoa, diamond, bauxite, and manganese exports are major sources of foreign exchange.
2012 has been a tough year for Ghanaians with the implementation of austerity measures and the rising cost of petrol hitting the pockets of Ghanaians.
However the outlook for the rest of the year and the future remains positive with projected GDP growth of 8.3 % (7.6% non-oil) and 7.7 % (6.3 % non-oil) this year and 2013 respectively. What is not so good is youth unemployment .At the moment the population in the 15-24 age group has an unemployment rate of 25.6 %, twice that of the 25-44 age group and three times that of the 45-64 age group. So it is clear that this is an issue that needs to be addressed in the coming years.
An area of industry that has driven the Ghanaian economy though, is telecommunications. The development of the telecommunication industry in the country is one typical area among others that has flourished because of a stable working environment in Ghana. These telecommunication industries have employed the majority of youth in the country, thereby bringing job opportunities to many. If Ghana continues to nurture and protect a conducive and peaceful working environment, then we should expect more investors coming into the country to boost our economic fortunes in the future.
What are your views on the current state of the Ghanaian economy and what do you think is necessary to ensure it continues to grow in the future?
Ben JK Anim-Antwi (Kwesi)