Ghana has a relatively broad industrial base, accounting for almost one-third of gross domestic product (GDP). In addition to the oil and gas industry and the mining industry, there are manufacturing industries that include food, textile, paper, cement, chemical and shoe manufacturing industries.
The heavy industry is dominated by an aluminum smelter and an oil refinery. The industry is concentrated in the area around Accra and the port city of Tema.
The basis for the industry’s breadth was laid during the years following independence in 1957. Subsequently, production gradually fell sharply due to neglect, and in the early 1980s the factories used only one-fifth of their capacity.
In the 1990s, industry began to recover thanks to economic reforms for market adaptation. Government companies were sold out and the conditions became more favorable for foreign companies to establish themselves in the country. Production increased, although many companies were knocked out due to competition from abroad. Today, the manufacturing industry consists of 90 percent of small and medium-sized private companies, which together employ 85 percent of the industry’s labor force.
In the 2000s and 2010s, the government has tried to increase industry growth with various measures, but difficult problems remain, such as the weak purchasing power of the domestic market, high costs for raw materials, fuel and electricity and sometimes severe electricity shortages.
- COUNTRYAAH: List of top trading partners of Ghana. Includes countries that imported most shipments from and exported most goods to the country.
Relieved coronary restriction
As the first country in sub-Saharan Africa, Ghana is lifting some of the restrictions imposed three weeks earlier in the fight against the corona virus. Free movement has been restricted in the country’s two largest metropolitan regions. Residents can now return to their jobs and markets and businesses can be reopened. Prohibition against large crowds continues until the end of April and the country’s borders remain closed. Universities and schools will also remain closed. President Nana Akufo-Addo says the reservations can now be eased as the country’s capacity to test suspected virus cases has improved as well as the ability to treat and isolate the sick. Domestic production of protective materials and hand spirit has also increased.
Support from the IMF
The IMF grants a $ 1 billion aid package to Ghana to assist the country in the fight against the new corona virus sars-cov-2, which has caused a pandemic. The Ghanaian economy has rapidly deteriorated during the pandemic due to a slowdown in growth and sharply increased costs for the state. A day earlier, the IMF has announced that it will provide immediate debt relief to 25 poor countries, most in Africa, to use their money to fight the pandemic instead of paying off their debts.
Rescue package from the World Bank
The World Bank presents a rescue package of $ 1.9 billion to be distributed among 25 developing countries. The money is a contribution to the fight against the corona pandemic. $ 35 million goes to Ghana.
Accra and Kumasi are quarantined
The two major cities of Accra and Kumasi and the surrounding area are being quarantined in an attempt to curb the spread of the corona pandemic. Travel to and from the blocked off areas is not allowed and mobility within the cities is limited to the purchase of food, water and medicines as well as visits to public toilets. The decision is made when Ghana has 137 confirmed cases of coronary infection and four deaths in covid-19 disease.
Measures against coronary pandemic
Ghana so far closes all schools and universities and cancels all public events in an attempt to prevent the spread of the new corona virus sars-cov-2, which caused a pandemic. Conferences, religious gatherings, sporting events and matches and political meetings are postponed. Entry bans are introduced for non-Ghanaian citizens who have been living in a country with at least 200 confirmed cases of coronary disease for the past two weeks. The decision is made when the Ghanaian authorities documented six cases of coronary infection.
Seeking capital from Ghanaians abroad
The government is launching a comprehensive investment program aimed at raising $ 3 billion from Ghanaians living abroad. The money will go towards developing the country’s infrastructure, agriculture and tourism industry.