Ghana Assignment Example | Topics and Well Written Essays - 750 words

Ghana - Assignment Example The Ghanaian economy is highly dependent on external trade. According to the BBC World news source, the gross domestic product (GDP) of Ghana in 1990s was estimated at 7 billion US $ ($ 430 per capita); that in CÃ ´te d Ivoire is $ 1500, in Togo - 900, in Burkina Faso - $ 700. If comparing with the present period, from that time the GDP has rised to 48 billion, so the level of low income has also grown. In GDP the share of agriculture, forestry, and fishing is about 50%, industry and construction - about 16%, the rest falls on the service sector. Among the countries of sub-Saharan Africa Ghana in the general level of economic development and per capita income ($ 425) is one of the most developed countries, but still not as developed as the world leaders - the USA, China, the UK, Canada, etc. But the economic situation of the country wasnt always good. Since the mid-1950s to mid-1970s Ghanas economy has developed rapidly and in the period of 1955-1974 the annual GDP growth averaged 4%. After 1974 the economy has deteriorated significantly, and until the mid-1980s continued deep recession. The relative economic recovery began in 1984, and until 1995 the average annual growth rate of 4.7%. Annual population growth during the same period was estimated at about 3%. The reason for this is the predatory use of the rich natural resources of Ghana. Its economy has adapted exclusively to the needs of exploitation of the country by foreign monopolies. In their hands were entirely bauxite, gold and manganese ore, almost all logging and mining of diamonds. Foreign companies have also been buying cocoa beans from farmers. All these goods were exported from the country only in the form of raw materials, which hindered economic development of the country. The situation was no better in agriculture. Colonizers encouraged the introduction of the cocoa culture,