ABOUT GHANA

Situated on the West coast of Africa at latitude 4° and 11° North, and longitude 4° West and 2° East, with a land area of 238,537 square kms. The climate is tropical. Geographical regions are coastal plains with scrub, northern savannah grassland with isolated trees, and extensive rain forest across the southern and middle belts.

After the adoption of a new constitution, based on the US model, in April 1992, elections were held in 1992, in which the National Democratic Congress (NDC) headed by Mr. Rawlings won, and Mr. Rawlings was elected President of Ghana. NDC headed by Mr. Rawlings retained power in 1996 elections. However, in 2000 elections, the New Patriotic Party (NPP) headed by Mr. John Agyekum Kufuor came to power after defeating the NDC. In December 2004 elections, the New Patriotic Party (NPP) headed by Mr. Kufuor retained power and Mr. John A. Kufuor was sworn in, for his second term, on January 7, 2005

After getting independence from Britain in March 6, 1957, the Convention People’s Party (CPP) headed by Dr. Kwame Nkrumah came to power. Dr. Nkrumah became the first Prime Minister of Ghana. In 1960, after the amendment of the constitution, he became first President of Ghana. On 24 February 1966, Nkrumah was overthrown by the combined effort of the army and the police. The military regime of the National Liberation Council (NLC) headed by Lt. Gen. Ankrah, and later by Lt. Gen. Afrifa ruled Ghana till 1969, when the democratic government headed by Prof. Busia of the Progress Party as Prime Minister came to power. This government was however short-lived, and in 1972, the military government of the National Redemption Council/ Supreme Military Council, headed by Gen. Acheampong and later by Gen. F. W. K. Akuffo, seized the power. In June 1979, the revolution of junior army officers led to establishment of another military regime of the Armed Forces Revolutionary Council (AFRC) headed by Flt. Lt. J. J. Rawlings. The AFRC, later in September 1979, handed over power to the civilian government of the People’s National Party (PNP), and Dr. Hilla Limann was elected President. This democratic government was also short-lived, and the military regime of the Provisional National Defence Council (PNDC) headed by Flt. Lt. Rawlings, seized power on 31st December 1981. PNDC ruled Ghana till 1992.

The following is a summary of key economic information on Ghana:

• Ghana commenced with liberalization of the economy under the Economic Recovery Programme in 1983. Since then Ghana’s economic performance has successfully turned around. In the decade after 1983, GDP growth averaged around 5 per cent. As a result of several policy initiatives and economic measures taken in the1990s, Ghana has been able to develop its private sector and liberalize its economy. Ghana now leads Sub-Saharan Africa as a model of economic, political and social development.

• Ghana’s GDP is estimated to have grown by 7.3% during the year 2008. The huge increase in the price of crude oil and food products has had a negative impact on the economy. The rate of inflation which had fallen from about 42% in March 2002 to an average of 10.6% in 2007, again went up to 18% by end 2008. The Ghanaian currency depreciated at a fast rate during the year 2008 and has continued to depreciate during 2009.

• Ghana’s main (traditional) exports are gold, cocoa and timber products. Private remittances through banks are now a major source of foreign exchange earnings.

• The construction of the 400 MW Bui Hydro-electric Project, the third hydroelectric power plant of the country, commenced in August 2007. The US$ 622 million project, being undertaken by Sino-hydro Corporation of China, is scheduled for completion in 2012.

Ghana’s relations with its neighbours and other African countries are warm and cordial. Ghana is an active member of the ECOWAS, NEPAD and the AU and played an effective role as a mediator in the region’s conflicts. The government has made great efforts to project Ghana internationally as a stable and peaceful country and its policies to encourage and promote private sector investment and business are geared towards attracting foreign direct investment.

Ghana has warm and cordial relations with countries in other parts of the world including EU countries, US, Latin American and Asian countries. US, UK, Japan, Netherlands, China, Germany and France are among major donors to Ghana.

Ghana is a member of the UN and its specialized agencies, NAM, the Commonwealth, IMF, World Bank, ECOWAS, African Union, NEPAD, ADB, etc.