Economy

By West African standards, Ghana has a diverse and rich resource base. The domestic economy revolves around subsistence agriculture, which accounts for 40% of GDP and employs 60%-70% of the work force. Cash crops consist primarily of cocoa and cocoa products, which typically provide about two-thirds of export revenues, with other products including timber, palm oil, coconuts and other palm products, shea nuts and coffee. Ghana also has established a successful program of non-traditional agricultural products for export, including pineapples, cashews, and pepper.

Minerals (principally gold, diamonds, manganese ore and bauxite) are produced and exported. The only commercial oil well has been closed after producing 3.5 million barrels (560,000 cubic metres) over its seven-year life, but signs of natural gas are being studied for power generation, while exploration continues for other oil and gas resources.

Ghana's industrial base is relatively advanced compared to many other African countries. Import-substitution industries include textiles; steel (using scrap); tires; oil refining; flour milling; beverages; tobacco; simple consumer goods; and car, truck, and bus assembly.

Tourism has become one of Ghana's largest foreign income earners (ranking third in 1997), and the Ghanaian Government has placed great emphasis upon further tourism support and development.

As of 2005, Ghana had the world's worst purchasing parity, which meant that Ghanaians can buy less for their money than people from anywhere else in the world. Countries in a similar position include remote Kuwait and Qatar, and notoriously expensive Switzerland, Iceland and Norway.