Ghana Economy

Economy

Well endowed with natural resources, Ghana has roughly twice the per capita output of the poorer countries in West Africa. Even so, Ghana remains heavily dependent on international financial and technical assistance. Gold, timber, and cocoa production are major sources of foreign exchange. The domestic economy continues to revolve around subsistence agriculture, which accounts for 34% of GDP and employs 60% of the work force, mainly small landholders. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002. Priorities include tighter monetary and fiscal policies, accelerated privatization, and improvement of social services. Receipts from the gold sector helped sustain GDP growth in 2004. Inflation should ease, but remain a major internal problem.