Ghana. Visit Countryaah official website to get information about the capital city of Ghana. The nation was shaken when the mainstay of the country’s economy, Ashanti Goldfields, suffered an acute economic crisis and risked being bought by the British mining company Lonmin. Ashanti Goldfields, one of Africa’s largest companies and 20% owned by the Ghanaian state, lost hundreds of millions of dollars on failed speculation in the price of gold. When the price dropped during the summer, the company sold its future production at a fixed price to guard against continued fall. Instead, the gold price rose by more than 15% in September. The company already had a debt of $ 270 million to 17 banks. Ashanti Goldfields was given a three-year deadline in October with debt restructuring.
- Also see Abbreviationfinder.org to see the acronym of GHA which stands for Ghana and other definitions of this 3-letter abbreviation.
For the government, Ashanti Goldfield’s crisis and projections of generally deteriorating government finances came at the most inconvenient before the 2000 parliamentary elections, when the National Democratic Congress party (NDC) will try to retain power without its leader Jerry Rawlings, who according to the constitution has to leave the presidential post. In the countdown to the election, the NDC split when a faction broke out and formed the National Reform Party.
King Opoku Ware II of Ashanti, one of Africa’s most culturally prominent traditional kingdoms, passed away in February. He was succeeded by businessman Barima Kweku Duah, who adopted the royal name Osei Tutu II.
Economy and energy
Ghana has been classified as a middle-income country since 2011: an important symbolic result that also entails a different cost of the debt that the country has contracted with the World Bank. The oil fields, the exploitation of which began in December 2010, are only the last of the natural resources found in Ghana, in addition to gold (the country in the colonial period was known as the Gold Coast), diamonds, manganese (of which it is one of the world’s leading producers) and bauxite. The availability of fertile areas, especially in the north of the country, allows the production of agricultural commodities for self-consumption and export, which constitute 20.7% of GDP.. Among the food products, cocoa is relevant in Ghana, of which the country is the second largest exporter in the world, surpassed only by the Ivory Coast.
The secondary sector is suffering from the consequences of the deindustrialization of the 1990s, but the government would like to revitalize it (especially the chemical sector) by inserting it into investment plans made possible by the proceeds of oil. The tertiary sector, in continuous expansion, makes up almost half of the GDP.
After the strong growth of 2008-2013, to which an expansive macroeconomic management and the rise in oil, gold and cocoa prices contributed, in 2015 the country’s GDP increased by 3.5%, slowed by the global crisis and the collapse in the price of crude oil.
From the discovery of the oil fields comes great responsibilities for Ghana in the management of the proceeds. In order to avoid falling back into the mistakes made by many African rentier states, including neighboring Nigeria, economic policy measures must be able to manage the high expectations generated, for example, rising wages. At the same time, it is necessary to know how to deal with popular discontent caused by the increase in the cost of living and the slowdown in growth. Equally difficult is to limit the increase in corruption. In August 2014, the Mahama administration, to remedy the dissolute fiscal policy of recent years and accelerate the development of infrastructure, officially requested the help of the International Monetary Fund.
Aʹccra, capital and largest city in Ghana, West Africa; 2. 3 million residents (2012). Accra, located on the Gulf of Guinea, is the country’s administrative and financial center, as well as its most important commercial and educational center. Together with the modern port city of Tema, 25 km east of Accra, the city forms a metropolitan area with 3. 3 million residents.
Accra’s industry mainly comprises food and textile companies and sawmills. In Tema there is iron and steel production and oil refinery. Accra has a rail connection to the inland and international airport (Kotoka). cocoa, copra, palm oil, timber, gold, manganese and diamonds. The city has a university (founded 1948).
Accra grew up around three fortified forts, erected by Dutch, English and Danes in the 17th century, when the slave trade flourished. In 1877, Accra became the capital of the British colony of the Gold Coast.