The Macro Economic Trends And Projection In Ghana And Their Implications For Poverty Reduction In Th

CHAPTER 1

INTRODUCTION

Background of the Study

Ghana is a low-income developing country; located on the West Coast of Africa, with a population of about 21million and an estimated Gross Domestic Product (GDP) of US$400 per head in 2005. The colonial economy had a dualistic structure. The co-existence of labour intensive production techniques with the modern capitalist intensive in manufacturing, fishing mining Construction, and trade in the colonial period with agriculture contributing about half of the GDP. Most capital goods and consumer goods imported and exported were dominated by cocoa, which contributes about 60 percent of the foreign exchange earnings. Ghana is endowed with broad range of natural resources, such as arable land, forest, and sizeable deposits of gold, diamond, bauxite and manganese as well as considerable potential for hydro-electric power. The economy has traditionally depended to a high degree on primary (agricultural as well as mineral) production and exports. Exports of cocoa, gold and timber still account for bulk of total merchandise exports, with respective shares of 43, 24 and 11 percent.

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