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Economy

The services sector is the largest contributor to Ghana’s GDP (62% as of the end of the second quarter of 2017). The industrial sector is the next largest sector of the economy (26.5% as at the end of the second quarter of 2017), followed by the agricultural sector with a 11.5% contribution to GDP at the end of the 2017 second quarter.

With about 778, 044 metric tonnes of cocoa beans having been produced in the 2015/2016 crop year, Ghana is the second-largest producer of cocoa in the world after Côte d’Ivoire.

Ghana is currently a net importer of petroleum products. However, expected production of oil and gas from the Tweneboa, Enyenera, and Ntomme (TEN) and Sankofa oilfields will increase output in 2018 and improve the balance of trade position.

Gold production was expected to increase in 2018 after a 45% increase in output from 2015 to 2016. Total gold output was 4.1 million ounces, attributable mainly to artisanal miners (1.5 million ounces in 2016, from 267 662 ounces in 2015).

The issue of illegal gold mining affected gold revenue earned by the country in 2016. The Minister of Lands and Natural Resources indicated that approximately $2.3 billion worth of gold was lost through illegal mining. As such, the government has rolled out the Multilateral Mining Integrated Project to curb this practice.

Ratings agency Fitch revised the outlook on Ghana’s credit rating from negative to stable and affirmed their B credit rating, mainly due to progress made in stabilising the economy with an expected improvement of GDP growth, declining inflation, a stable currency and increased foreign exchange reserves. In addition, Fitch is of the opinion that the current government will make progress in reducing the budget deficit after the fiscal slippage experienced prior to the elections in November 2016.