Why is Ghana Africa's Fastest-Growing Economy?
#ghana #ghananews #ghananian
Ghana was in crisis just three decades ago, impoverished and suffering from famine, and on the verge of economic collapse. Ghana gained independence in 1957, and the government immediately focused on the country's economy. Ghana's cocoa crops, which were brought over from the Americas in 1878, seemed to be securing the country's status as an up-and-coming economy to be reckoned with by the late 1900s. But, all too soon, the booming economy began to slow down due to a drop in cocoa prices. Despite the fact that Ghana was a major exporter of gold and had a wealth of natural resources, the country's heavy reliance on cocoa exports caused the economy to suffer and took a toll on all aspects of vlife for Ghanaians.
Fast forward to today, and the West African country has made an incredible comeback, and it is expected to be the world's fastest growing economy in 2019. Ghana has long been known as one of the world's largest cocoa producers, but its growth is now being fueled by oil. The country faced significant challenges, and Ghana's economy was far from being Africa's fastest-growing. Ghana's economy has risen to the top of the GDP growth tables as a result of increased crude production and rising prices. While Ghana's prosperity is closely linked to the oil markets, it remains one of the world's largest gold exporters, and cocoa is still a significant product.
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