Ghana, officially the Republic of Ghana, is a sovereign unitary presidential constitutional democracy, located along the Gulf of Guinea and the Atlantic Ocean, in the sub-region of West Africa. Spanning a land mass of 238,535 km2, Ghana is bordered by the Ivory Coast in the west, Burkina Faso in the north, Togo in the east and the Gulf of Guinea and Oceanic the south. The word Ghana means "Warrior King" in the Soninke language. A multicultural nation, Ghana has a population of approximately 27 million, spanning a variety of ethnic, linguistic and religious groups. Five percent of the population practices traditional faiths, 71.2% adhere to Christianity and 17.6% are Muslim. Its diverse geography and ecology range from coastal savannahs to tropical jungles. Ghana is a democratic country led by a president who is both head of state and head of the government. Ghana's economy is one of the strongest and most diversified in Africa, following a quarter century of relative stability and good governance. Ghana's growing economic prosperity and democratic political system have made it a regional power in West Africa. It is a member of the Non-Aligned Movement, the African Union, the Economic Community of West African States (ECOWAS), Group of 24 (G24) and the Commonwealth of Nations.
The financial services in Ghana have seen a lot of reforms in the past years. The Banking (Amendment) Act 2007 included the awarding of a general banking license to qualified banks, which allows only indigenous Ghana offshore banks to operate in country Ghana.
Indigenous Ghana private bank Capital Bank was the first to be awarded the general banking license in Ghana as well as indigenous Ghana private banks UniBank, National Investment Bank and Prudential Bank Limited. It has, therefore, become possible for Ghanaian non-resident individuals or residents and foreign companies or indigenous Ghana companies to open indigenous Ghana offshore bank accounts in Ghana. Indigenous Ghana retail and savings banks include Agricultural Development Bank of Ghana, CAL Bank, GCB Bank Ltd, Home Finance Company and UT Bank as well as indigenous Ghana savings and loan institutions ABii National and Savings and Loans Company Ghana’s formal banking sector comprises the central bank (the Bank of Ghana) and a number of other banks, including commercial banks, development banks, merchant banks and a plethora of rural unit banks. As the Central Bank, the Bank of Ghana has the responsibility for implementation of monetary policies.
Previously, banking in Ghana was dominated by state-owned institutions and showed few signs of competition. Within the last decade, however, some state-owned banks have been privatized under the government’s Divestiture Implementation Program. Non-banking financial institutions comprise a stock exchange, insurance companies, the social security, and national insurance trust, discount houses, building societies, venture capital companies, mutual funds and leasing companie
|Agriculture||Corn, plantain, rice, millet, sorghum, cassava, yam|
|Manufacture||Food processing, mining, cement, lumbering|
|Services (Including financial)||50.6% (2013 estimate)|
|Ghana National Petroleum Company (GNPC)||Oil & Energy|
|Ghana Oil Company||Oil & Energy|
|Gold Fields Ghana||Mining|
|Produce Buying Company||Goods Produce|
|Rlg Communications||Rlg Communications|
The Ghana Stock Exchange (GSE) is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently lists 42 equities (from 37 companies) and 2 corporate bonds. All types of securities can be listed. Criteria for listing include capital adequacy, profitability, the spread of shares, years of existence and management efficiency. The GSE is located within the Cedi House in Accra. Since its inception, the GSE's listings have been included in the main index, the GSE All-Share Index. In 1993, the GSE was the sixth best index performing emerging stock market, with a capital appreciation of 116%. In 1994 it was the best index performing stock market among all emerging markets, gaining 124.3% in its index level. 1995's index growth was a disappointing 6.3%, partly because of high inflation and interest rates. The growth of the index for 1997 was 42%, and at the end of 1998, it was 868.35 (see the 1998 Review for more information). As of October 2006, the market capitalization of the Ghana Stock Exchange was about 111,500 billion cedis ($11.5 billion). As of December 31, 2007, the GSE's market capitalization was 131,633.22 billion cedis. In 2007, the index appreciated by 31.84% (see the "Publications" section on the GSE's website for more information).
The manufacturing and brewing sectors currently dominate the exchange. A distant third is the banking sector while other listed companies fall into the insurance, mining and petroleum sectors. Most of the listed companies on the GSE are Ghanaian but there are some multinationals.
The current financial crisis, following so closely the 2007-2008 food and fuel price shocks, and the expected slowdown in global growth have come at a moment when Ghana is considered more vulnerable than it has been in the recent past. Higher food and crude oil prices in 2007-2008 raised the country’s current account deficits to worrisome levels. The escalation of crude oil prices on the world market raised production costs for oil-importing countries such as Ghana, resulting in high and rising inflation (about 18.1% at the end of December 2008), intensifying anxiety among the poor, who lack adequate safety nets to cope with inflationary pressures.3 The government’s fiscal position has also deteriorated (the budget deficit stood at about 12% of GDP), both for cyclical reasons and because government spending has increased to alleviate the adverse impact of higher food and fuel prices. Gross international reserves reduced to the equivalence of 1.8 months of import cover for goods and services, from the benchmark of three months of import cover. The grim picture painted above has resulted in a situation in which the World Bank has categorized Ghana as among the countries considered ‘highly exposed’ to the global financial crisis, with economic growth expected to be lower in 2008-2009 compared with 2004-2007.
In his presentation of the 2009 budget statement to Parliament in March 2009, Ghana’s Finance Minister frankly acknowledged that the severe credit crunch, alongside the recent global energy and food price hikes, resulted in expenditure over-commitments by ministries, departments, and agencies in 2008. He confessed that the ‘implication of the domestic and external state of affairs … is that 2009 will be very challenging for the new NDC [National Democratic Congress] administration’ (GoG, 2009). However, the Minister intimated that the government is committed to its pledge of providing improved social services to uphold the living conditions and dignity of the citizenry
The territory of present-day Ghana has been inhabited for millennia, with the first permanent state dating back to the 11th century. Numerous kingdoms and empires emerged over the centuries, of which the most powerful was the Kingdom of Ashanti. Beginning in the 15th century, numerous European powers contested the area for trading rights, with the British ultimately establishing control of the coast by the late 19th century. Following over a century of native resistance, Ghana's current borders were established by the 1900s as the British Gold Coast. In 1957, it became the first sub-Saharan African nation to declare independence from European colonization.
John Dramani Mahama
(Minister of Finance)
(Member of Parliament)(Entrepreneuer)
Edward Doe Ajaho (S
peaker of Parliament)
The Ghana cedi (currency sign: GH?; currency code: GHS) is the unit of currency of Ghana. It is the fourth and only legal tender in the Republic of Ghana. One Ghana cedi is divided into one hundred pesewas (Gp).
After it gained independence Ghana separated itself from the British West African pound, which was the currency of the British colonies in the region. The new republic's first independent currency was the Ghanaian pound (1958-1965). In 1965, Ghana decided to leave the British colonial monetary system and adopt the widely accepted decimal system. The African name Cedi (1965-1967) was introduced in place of the old British pound system. Its first president Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghana pounds, shillings and pence. The cedi was equivalent to eight shillings and four pence (8s 4d) and bore the portrait of the President After a military coup, the new leaders wanted to remove the face of Nkrumah from the banknotes.
The "new cedi" (1967-2007) was worth 1.2 cedi which made it equal to half of a pound sterling at its introduction. After decades of high inflation had devalued the new cedi, it was gradually phased out in 2007 in favor of the "Ghana Cedi" at an exchange rate of 1:10,000. In 2007 the largest of the new cedi banknotes, the 20,000 note, had a value of about US$2. By removing four digits the Ghana cedi became the highest-denominated currency unit issued in Africa. It has since lost about 75% of its value.
|National Song||"God Bless Our Homeland Ghana"|
|Currency||Ghanaian cedi (GHS)|
|GDP / GDP Rank||121.652 Billion USD|
|GDP Growth Rate||3.5 Percent|
|GDP Per Captial||$4411.933 (PPP)|
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
President – Nana Akufo-Addo
|Website||Go to the web|
|Public Debt||72.42 Percent|
|Unemployment Rate||5.766 Percent|
|Labor Force (Occupation)||-|