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In 2023, Ghana produced around 4.2 million ounces of gold, contributing to approximately 4% of the world’s total output. The main gold-producing regions are Ashanti, Western, and Eastern regions, with major players including Newmont, Gold Fields, AngloGold Ashanti, and Kinross Gold. Gold exports in 2022 accounted for about 12.3% of Ghana's GDP.
Ghana became the largest gold-producing country in Africa after overtaking South Africa in 2019. [28] The country is also the second-largest cocoa producer (after Ivory Coast). [29] Ghana is rich in diamonds, manganese or manganese ore, bauxite, and oil. Most of its debt was cancelled in 2005, but government spending was later allowed to balloon.
In September 2021, the Bank of Ghana began the process of withdrawing GH₵1 and GH₵2 notes from circulation to encourage the use of coins of their corresponding face values. [8] [9] In August 2022, accelerating inflation and continued economic mismanagement has caused the cedi's value to drop to 10 U.S. cents (GH₵10 = US$1). [10]
Industry in Ghana accounts for about 24.5% of total GDP. [1] However, Ghana's industrial production is rising at a 7.8% rate, giving it the 38th fastest growing industrial production in the world [ 2 ] due to government industrialization policies.
Some economists recommended that Ghana devalue its currency, the cedi, to make its cocoa price more attractive on the world market, but devaluation would also have rendered loan repayment in United States dollars much more difficult. [1] Moreover, such a devaluation would have increased the costs of imports, both for consumers and nascent ...
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The 26th National Farmers' Day of the 2010 Ghana-KITA Best Institution Award in Ashanti Region. Agriculture in Ghana consists of a variety of agricultural products and is an established economic sector, providing employment on a formal and informal basis. [1] [2] It is represented by the Ministry of Food and Agriculture. [3]
It is the official goal of Ghana energy industry to have 10% of Ghana's energy mix come from renewable sources (not counting large-scale hydropower) by 2015 or at the very latest by 2020. [23] Ghana has Class 4-6 wind resources at locations of the high wind areas – such as Nkwanta, the Accra Plains, Kwahu and Gambaga mountains.