In 2010, there were 165 licensed internet service providers in Ghana and they were running 29 of the fiber optic, and authorized networks VSAT operators were 176, of which 57 functioned, and 99 internet operators were authorized to the public, and private data and packet-switched network operators were 25. == Data == The following table shows the main economic indicators in 1980–2017.
Ghanaian press freedom was restored in 1992. Ghana was one of the first countries in Africa to achieve the connection to the World Wide Web.
These plans were released in the 1995 government report, Ghana: Vision 2020.
The tax regime which started in 1998 had a single rate but since September 2007 entered into a multiple rate regime.
In 1998, the rate of tax was 10% and amended in 2000 to 12.5%.
In 1998, the rate of tax was 10% and amended in 2000 to 12.5%.
Most of its debt was canceled in 2005, but government spending was later allowed to balloon.
The tax regime which started in 1998 had a single rate but since September 2007 entered into a multiple rate regime.
The Banking (Amendment) Act 2007 included the awarding of a general banking license to qualified banks, which allows only indigenous Ghana offshore banks to operate in country Ghana.
A large oilfield which contains up to of sweet crude oil was discovered in 2007.
The hydrocarbon industry has had major implications for regional and urban development in Ghana and these are likely to substantially increase in the years to come Mining has gained importance in the Ghanaian economy since the turn of the 21st century, with a growth of around 30% in 2007.
Tourism contributed to 4.9% of GDP in 2009, attracting around 500,000 visitors.
In 2010, there were 165 licensed internet service providers in Ghana and they were running 29 of the fiber optic, and authorized networks VSAT operators were 176, of which 57 functioned, and 99 internet operators were authorized to the public, and private data and packet-switched network operators were 25. == Data == The following table shows the main economic indicators in 1980–2017.
To that effect, the Ghana ministry of Energy in 2010 developed its energy sector strategy and development plan.
Ghana produces crude oil, as of 15 December 2010, and until June 2011, Ghana exploited around 120,000 barrels per day and is expected to increase production up to 2.5 million barrels per day in 2014. Ghana has vast natural gas reserves, which is used by many foreign multinational companies operating in Ghana.
The assertion was based on a survey of a cross-section of travelers in 2010.
Owing to a GDP rebasement, in 2011 Ghana became the fastest-growing economy in the world. The Ghanaian domestic economy in 2012 revolved around services, which accounted for 50% of GDP and employed 28% of the work force.
To give perspective: in 2011, per the same Energy Commission, the largest Akosombo [dam] in Ghana alone produced 6,495 GWh of electric power and, counting all Ghana's geothermal energy production in addition, the total energy generated was 11,200 GWh in that year.
Ghana produces crude oil, as of 15 December 2010, and until June 2011, Ghana exploited around 120,000 barrels per day and is expected to increase production up to 2.5 million barrels per day in 2014. Ghana has vast natural gas reserves, which is used by many foreign multinational companies operating in Ghana.
Tourist destinations include Ghana's many castles and forts, national parks, beaches, nature reserves, landscapes and World Heritage buildings and sites. In 2011, Forbes magazine ranked Ghana eleventh-friendliest country in the world.
Owing to a GDP rebasement, in 2011 Ghana became the fastest-growing economy in the world. The Ghanaian domestic economy in 2012 revolved around services, which accounted for 50% of GDP and employed 28% of the work force.
Indigenous Ghana retail and savings banks include Agricultural Development Bank of Ghana, CAL Bank, GCB Bank Ltd, Home Finance Company and UT Bank as well as indigenous Ghana savings and loan institutions ABii National and Savings and Loans Company. ===Stock exchange=== The Stock Exchange of Ghana is one of the largest in Africa, with a market capitalization of GH¢57.2 billion or CN¥180.4 billion in 2012.
53.6% of Ghana's workforce were employed in agriculture in 2013.
The overall tax burden was 12.1% of Ghana's total domestic income in 2013.
Ghana's national budget was the equivalent of 39.8% of GDP in 2013. ==Manufacturing== Ghana's industrial base is relatively advanced.
Of all the countries on the African continent that were included in the survey, Ghana ranked highest. To enter Ghana, it is necessary to have a visa authorized by the Government of Ghana, except for certain entrepreneurs on business trips. ==Agriculture== In 2013 agriculture employed 53.6% of Ghana's total labor force.
Ghana produces crude oil, as of 15 December 2010, and until June 2011, Ghana exploited around 120,000 barrels per day and is expected to increase production up to 2.5 million barrels per day in 2014. Ghana has vast natural gas reserves, which is used by many foreign multinational companies operating in Ghana.
Coupled with a plunge in oil prices, this led to an economic crisis that forced the government to negotiate a $920 million extended credit facility from the IMF in April 2015. == Economic history== == Taxation == Value-added tax is a consumption tax administered in Ghana.
Inflation below 5% is in green. ==Imports and Exports== Ghana's top export products in 2016 were crude petroleum ($2.66B), gold ($2.39B), cocoa beans ($2.27B), cocoa paste ($382M) and cocoa butter ($252M).
Ghana's top export destinations in 2016 were Switzerland ($1.73B), China ($1.06B), France ($939M), India ($789M) and the Netherlands ($778M). Ghana's top import categories in 2016 were refined petroleum ($2.18B), crude petroleum ($546M), gold ($428M), rice ($328M) and packaged medicaments ($297M).
The nations with the highest value of imports to Ghana in 2016 were China ($4.1B), the Netherlands ($1.58B), the United States ($1.1B), Nigeria ($920M) and India ($668M). ==Private banking== The financial services in Ghana have seen a lot of reforms in the past years.
==Ghana: Vision 2020 and industrialization== With the economic program "Ghana: Vision 2020", Ghana intends to achieve its goals of accelerated economic growth and improved quality of life for all its citizens, by reducing poverty through private investment, rapid and aggressive industrialization, and direct and aggressive poverty-alleviation efforts.
These plans were released in the 1995 government report, Ghana: Vision 2020.
Other reforms adopted under the government's structural adjustment program include increasing exchange rate controls and increasing autarky and increasing restrictions on imports. The Ghana: Vision 2020 forecast assumes political stability; successful economic stabilization; the implementation of Ghana: Vision 2020 policy agenda on private sector growth; and aggressive public spending on social services, infrastructure and industrialization.
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