The Toursim In Ghana

Tourism is travel for recreational or leisure purposes. The World Tourism Organization defines tourists as people who "travel to and stay in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes not related to the exercise of an activity remunerated from within the place visited". Tourism has become a popular global leisure activity. In 2007, there were over 903 million international tourist arrivals, with a growth of 6.6% as compared to 2006. International tourist receipts were USD 856 billion in 2007.[3] Despite the uncertainties in the global economy, arrivals grew at around 5% during the first four months of 2008, almost a similar growth than the same period in 2007.[3]
Tourism is vital for many countries such as Ghana due to the large intake of money for businesses with their goods and services and the opportunity for employment in the service industries associated with tourism. These service industries include transportation services such as cruise ships and taxis, accommodation such as hotels and entertainment venues, and other hospitality industry services such as resorts.

Ghana has more toursim place visit Ghana to watch

the economy of ghana

THREE ERA's OF GHANA's INDUSTRIAL DEVELOPMENT
Industiral Development
Time Period
Pre-Independence Era of Industrial Development (PIID)
Pre-1950
Pre-Economic Recovery Program (Pre-ERP)
1960-1982
Economic Recovery Program (ERP)
1983-Present
During the Pre-Independence Era of Industrial Development, the industrial sector of Ghana’s economy governed by colonial rulers was very small. The colonial rulers wanted to extract raw materials from the Gold Coast (Ghana), particularly the gold and diamonds. In the 1950’s Ghana economically centered around five years plans. The first of these plans was concerned with Ghana being able to feed its people. Kwame Nkrumah in the Pre-Economic Recovery Era laid the foundation for Ghana’s present growth and development of its infrastucture. He believed that industrialization would be the means to provide employment for the masses. It is still believed that industrial development is the only way to move from the poverty trap. Therefore, Ghanaians must not rely on imports, but rather be able to produce goods to make Ghana truly independent during the current Economic Recovery Era

he economy of Ghana, West Africa has a diverse and rich resource base, and as such, has one of the highest GDP per capita in Africa. Ghana remains somewhat dependent on international financial and technical assistance as well as the activities of the extensive Ghanaian diaspora. Gold, timber, cocoa, diamond, bauxite, and manganese exports are major sources of foreign exchange. An oilfield which is reported to contain up to 3 billion barrels (480,000,000 m3) of light oil was discovered in 2007. Oil exploration is ongoing and, the amount of oil continues to increase .
The domestic economy continues to revolve around subsistence agriculture, which accounts for 50% of GDP and employs 85% of the work force, mainly small landholders. On the negative side, public sector wage increases and regional peacekeeping commitments have led to continued inflationary deficit financing, depreciation of the Cedi, and rising public discontent with Ghana's austerity measures. Even so, Ghana remains one of the more economically sound countries in all of Africa.

Makola Market, Accra
The country has since July, 2007, embarked on a currency re-denomination exercise, from Cedi (¢) to the new currency, the Ghana Cedi (GH¢). The transfer rate is 1 Ghana Cedi for every 10,000 Cedis. The Bank of Ghana has embarked upon an aggressive media campaign to educate the public about what re-denomination entails. The new Ghana Cedi is now exchanging at a rate of $1 USD =Gh¢ 0.93[citation needed]
Value Added Tax is a consumption tax administered in Ghana. 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%.

At Independence

At independence, Ghana had a substantial physical and social infrastructure and $481 million in foreign reserves. The Nkrumah government further developed the infrastructure and made important public investments in the industrial sector. With assistance from the United States, the World Bank, and the United Kingdom, construction of the Akosombo Dam was completed on the Volta River in 1966. Two U.S. companies built Valco, Africa's largest aluminium smelter, to use power generated at the dam. Aluminium exports from Valco were a major source of foreign exchange for Ghana.
Many Nkrumah-era investments were monumental public works projects which were assets for the country, agricultural and industrial schemes. With cocoa prices falling and the country's foreign exchange reserves fast disappearing, the government resorted to supplier credits to finance many projects. By the mid-1960s, Ghana's reserves were gone, and the country could not meet repayment schedules. To rationalize, the National Liberation Council abandoned unprofitable projects, and some inefficient state-owned enterprises were sold to private investors. On three occasions, Ghana's creditors agreed to reschedule repayments due on Nkrumah-era supplier credits. Led by the United States, foreign donors provided import loans to enable the foreign exchange-strapped government to import essential commodities.

Acheampong government
To restructure the economy, the NRC, under General Acheampong (1972-78), undertook an austerity program that emphasized self-reliance, particularly in food production. These plans were not realized, however, primarily because of post-1973 oil price increases and a drought in 1975-77 that particularly affected northern Ghana. The NRC, which had inherited foreign debts of almost $1 billion, abrogated existing rescheduling arrangements for some debts and rejected other repayments. After creditors objected to this unilateral action, a 1974 agreement rescheduled the medium-term debt on liberal terms. The NRC also imposed the Investment Policy Decree of 1975--effective on January 1977--that required 51% Ghanaian equity participation in most foreign firms, but the government took 40% in specified industries. Many shares were sold directly to the public.

Akuffo government
Continued mismanagement of the economy, record inflation (more than 100% in 1977), and increasing corruption, notably at the highest political levels, led to growing dissatisfaction. The post-July 1978 military regime led by General Fred Akuffo attempted to deal with Ghana's economic problems by making small changes in the overvalued cedi and by restraining government spending and monetary growth. Under a one-year standby agreement with the International Monetary Fund (IMF) in January 1979, the government promised to undertake economic reforms, including a reduction of the budget deficit, in return for a $68 million IMF support program and $27 million in IMF Trust Fund loans. The agreement became inoperative, however, after the 4 June coup that brought Flight Lieutenant Jerry Rawlings and the AFRC to power for 4 months.

Limann government
In September 1979, the civilian government of Hilla Limann inherited declining per capita income; stagnant industrial and agricultural production due to inadequate imported supplies; shortages of imported and locally produced goods; a sizable budget deficit (almost 40% of expenditures in 1979); high inflation, "moderating" to 54% in 1979; an increasingly overvalued cedi; flourishing smuggling and other black-market activities; unemployment and underemployment, particularly among urban youth; deterioration in the transport network; and continued foreign exchange constraints.
Limann's PNP government announced yet another (2-year) reconstruction program, emphasizing increased food production and productivity, exports, and transport improvements. Import austerity was imposed and external payments arrears cut. However, declining cocoa production combined with falling cocoa prices, while oil prices soared. No effective measures were taken to reduce rampant corruption and black marketing. While it was waiting for realisations from its 2 year plan, the Limann government was interrupted by a Coup staged by Flt. Lt. Jeremiah John Rawlings.

Rawlings government
When Rawlings again seized power at the end of 1981, cocoa output had fallen to half the 1970-71 level and its world price to one-third the 1975 level. By 1982, oil would constitute half of Ghana's imports, while overall trade contracted greatly. Internal transport had slowed to a crawl, and inflation remained high. During Rawlings' first year, the economy was stagnant. Industry ran at about 10% of capacity due to the chronic shortage of foreign exchange to cover the importation of required raw materials and replacement parts. Economic conditions deteriorated further in early 1983 when Nigeria expelled an estimated 1 million Ghanaians who had to be absorbed by Ghana.
In April 1983, in coordination with the IMF, the PNDC launched an economic recovery program, perhaps the most stringent and consistent of its day in Africa, aimed at reopening infrastructural bottlenecks and reviving moribund productive sectors--agriculture, mining, and timber. The largely distorted exchange rate and prices were realigned to encourage production and exports. Increased fiscal and monetary discipline was imposed to curb inflation and to focus on priorities. Through November 1987, the cedi was devalued by more than 6,300%, and widespread direct price controls were substantially reduced.

Returning refugees
The economy's response to these reforms was initially hampered by the absorption of one million returnees from Nigeria, the onset of the worst drought since independence, which brought on widespread bushfires and forced closure of the aluminium smelter and severe power cuts for industry and decline in foreign aid. In 1985, the country absorbed an additional 100,000 expellees from Nigeria. In 1987, cocoa prices began declining again; however, initial infrastructure repairs, improved weather, and producer incentives and support revived output in the early 1990s. During 1984-88 the economy experienced solid growth for the first time since 1978. Renewed exports, aid inflows, and a foreign exchange auction have eased hard currency constraints.

IMF support
Since an initial August 1983 IMF standby agreement, the economic recovery program has been supported by three IMF standbys and two other credits totaling $611 million, $1.1 billion from the World Bank, and hundreds of millions of dollars more from other donors. In November 1987, the IMF approved a $318-million, 3-year extended fund facility. The second phase (1987-90) of the recovery program concentrated on economic restructuring and revitalizing social services. The third phase, focused on financial transparency and macroeconomic stability is scheduled for March 1998.
Ghana intends to achieve its goals of accelerated economic growth, improved quality of life for all Ghanaians, and reduced poverty through macroeconomic stability, higher private investment, broad-based social and rural development, as well as direct poverty-alleviation efforts. These plans are fully supported by the international donor community and have been forcefully reiterated in the 1995 government report, Ghana: Vision 2020. Privatization of state-owned enterprises continues, with about two-thirds of 300 parastatal enterprises sold to private owners. Other reforms adopted under the government's structural adjustment program include the elimination of exchange rate controls and the lifting of virtually all restrictions on imports. The establishment of an interbank foreign exchange market has greatly expanded access to foreign exchange.

Ghanaian exports in 2006
The medium-term macroeconomic forecast assumes political stability, successful economic stabilization, and the implementation of a policy agenda for private sector growth, and adequate public spending on social services and rural infrastructure. The ninth Consultative Group Meeting for Ghana ended 5 November 1997 after deliberations in Paris. Twenty-four countries and donor entities were represented at this meeting called by the World Bank on behalf of the Ghanaian Government. The World Bank announced that, of the targeted disbursement level of $1.6 billion sought from the donor community for 1998-99, they foresaw only a $150 million shortfall in commitments, and that this shortfall would be easily realized should Ghana rapidly enact its macroeconomic program.
The government repealed a 17.% value-added tax (VAT) shortly after its introduction in 1995, which resulted in wide-spread public protests. The government reverted to several previously imposed taxes, including a sales tax. The government has set in motion a program to reintroduce a VAT bill, with implementation in 1998 after an extensive public education campaign.

Statistics
GDP - official exchange rate $10.21 billion (2006 est.)
GDP - purchasing power parity $60 billion (2006 est.)
GDP - real growth rate: 6.2% (2006 est.)
GDP - per capita: purchasing power parity - $2,700 (2006 est.)
GDP - composition by sector:agriculture: 37.3%industry: 25.3%services: 37.5% (2006 est.)
Investment (gross fixed): 29% of GDP (2006 est.)
Population below poverty line: 31.4% (1992 est.)
Household income or consumption by percentage share:lowest 10%: 2.2%highest 10%: 30.1% (1999)
Distribution of family income - Gini index: 30 (1999)
Inflation rate (consumer prices): 10.9% (2006 est.)
Labor force: 10.87 million (2006 est.)
Labor force - by occupation: agriculture 60%, industry 15%, services 25% (1999 est.)
Unemployment rate: 20% (1997 est.)
Budget:revenues: $3.616 billionexpenditures: $3.947 billion, including capital expenditures of NA (2006 est.)
Agriculture - products: cocoa, rice, coffee, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber
Industries: mining, lumber, light manufacturing, aluminium smelting, food processing
Industrial production growth rate: 3.8% (2000 est.)
Electricity - production: 6.489 billion kWh (2004)
Electricity - production by source:fossil fuel: 0.1%hydro: 99.9%nuclear: 0%other: 0% (1998)
Electricity - consumption: 7.095 billion kWh (2004)
Electricity - exports: 900 million kWh (2004)
Electricity - imports: 1.96 billion kWh (2004)
Oil - production: 7,477 barrel/day (2004 est.)
Oil - consumption: 44,000 barrel/day (2004 est.)
Oil - exports: NA (2001)
Oil - imports: NA (2001)
Oil - proved reserves: 8.255 million barrel (1 January 2002)
Natural gas - proved reserves: 23.79 billion m³ (1 January 2005)
Current account balance: -$219 million (2006 est.)
Exports: $3.286 billion f.o.b. (2006 est.)
Exports - commodities: gold, cocoa, timber, tuna, bauxite, aluminium, manganese ore, diamonds
Exports - partners: Netherlands 12.5%, United Kingdom 8.3%, United States 6.7%, Belgium 5.8%, France 5.6%, Germany 4.4%, (2005)
Imports: $5.666 billion f.o.b. (2006 est.)
Imports - commodities: capital equipment, petroleum, foodstuffs
Imports - partners: Nigeria 15.2%, the People's Republic of China 12.5%, United States 6.3%, United Kingdom 5.23%,South Africa 4.5%, Brazil 4.1%, Netherlands 4.0% (2005)
Reserves of foreign exchange & gold: $2.098 billion (2006 est.)
Debt - external: $2.7 billion (April 30, 2007)
Economic aid - recipient: $6.9 billion (1999)
Currency: cedi (GHS)
Exchange rates: cedis per US dollar - 0.9215 (July 2007), 9,174.8 (2006), 9,072.5 (2005), 9,004.6 (2004, 8,677.4 (2003), 7,932.7 (2002), 7,170.76 (2001), 5,455.06 (2000), 2,669.3 (1999)

for a better Ghana

Otumfuo Osei Tutu II, the Asantehene has cautioned Ghanaians, especially the youth not to subscribe to or engage in violence as the nation prepares for national polls.He said the nation Ghana is all we have, and if anybody had thoughts for it, it should of thoughts of her development – building schools, improving health delivery, agriculture and the road infrastructure to help convey cash crops and foodstuffs from farming communities, job creation for the youth – for a better Ghana.Another area of importance the people of Ghana, and especially politicians seeking power ought to address, is the oil industry and how best to put the nation's discovered oil resource to use. In all these, he said, violence has no place.Otumfuo Osei Tutu gave the advice when a team of Joy FM and Luv FM (from the Multimedia Group Limited) paid a courtesy call on him at his palace, Manhyia, Kumasi.He said politics should not be a do-and-die affair and wondered why some politicians are so motivated to do all they can in their quest for political power.Otumfuo, who spoke Twi, said the youth must resist all temptations to be drawn into any violence because if Ghana burns, they would be the greatest losers for it, reminding all that Liberia, Sierra Leone and several other nations have needlessly suffered bloody confrontations as a result of politics.He again cautioned that the media are very powerful tools for communication, development and peace and should be harnessed for the wellbeing of the society, adding that moderators of radio phone-in programmes need to find convenient means to restrain contributors whose language is deemed unpalatable so as not to upset public morals.Otumfuo said insults and maligning people are alien behaviours to Ghanaian culture and should not be encouraged, reminding all that days were when the young felt it compulsive to cede their seats to adults and when young ones spoke to their seniors with their hands respectively clasped by their backs.He advised media practitioners to be diligent in their work and not to rush to be the first to deliver in the name of 'scooping' other colleagues, saying it would be better to take pains in publishing the fact than to rush and later apologise for mistakes.Otumfuo also counselled the youth to be wary of politicians who would entice them to engage in violence to achieve their own ends, saying that when the politician has ultimately won power and drives about in his powerful cars, the youth would hardly be on his mind. The youth, he said, may never even set foot at the seat of government in their entire life.He reiterated that the nation is bigger than any individual, including President Kufuor and former President J.J. Rawlings, and that no one has any special right to insist on ruling the nation. The will of the people is what must prevail at all times.Otumfuo Osei Tutu said as a king, he embraces all to his kingdom, including politicians who pay him visits to solicit his blessing and advised against misinterpreting such occasions as endorsement for any particular office seeker.

the currency changes

This is the money



Since 1983, Ghana has been undergoing World Bank and International Monetary Fund (IMF) sponsored Structural Adjustment Programs (SAPs). The implementation of the SAPs, it is claimed, has arrested Ghana's economy from complete collapse, resulted in consistent growth in GDP averaging 6% over the past decade, reduced inflation levels, created budget surplus, and increased export earnings. Compared to the 1970s, these are the best of times indeed. But while these SAPs-derived improvements in the national economy have been recorded at the macro level, the benefits at the micro level are a matter of considerable debate. This study revisits the issue of socioeconomic and spatial disparities that have characterized Ghana since colonial times, emphasizing the period from 1983 when Ghana's SAPs began. It examines current patterns of socioeconomic disparities with emphasis on the distribution of, and access to, health, education, basic services, and the like. The study focuses on urban-rural as well as interregional disparities in the country.