 is Ghana the richest country in West Africa. Africa is a beautiful continent with an abundance of natural resources, raw materials, precious metals, and lush land. The main economic drivers are agriculture, natural resources, and trade. In 2013, it was the fastest growing continent and it remains a source of resources, ideas, and innovation. With further expansion and improvement, the African economy is expected to reach $29 trillion in GDP by 2050, establishing it as a major player in the global economy. According to the World Bank, the majority of the countries on this continent will achieve middle-income status within the next decade, with a GDP per capita of at least $1,000. Ghana is a multi-ethnic country with a diverse population, language, and religious groups. The Akan ethnic group is the largest, but they are only a minority. Ganyans are predominantly Christian, 71.3%, with about a fifth Muslim and a tenth practicing traditional faith, or claiming no religion. Ghana is a unitary constitutional democracy with a president who is also the prime minister. Since 1993, it has had one of the most free and stable governments on the continent, and it performs well in terms of healthcare, economic growth, and human development. Ghana wields considerable influence in West Africa and is deeply involved in international politics as a result of its membership in the non-aligned movement. The African Union, the economic community of West African states, ECHOAS, the Group of 24, G24, and the Commonwealth of Nations. Thank you for joining us on Africa Reloaded. Today, we will travel to Ghana to determine whether Ghana is the richest country in Africa. Stay tuned as we discover whether or not the assertion is correct. The economy of Ghana. Ghana has a wealth of natural resources, including industrial minerals, hydrocarbons, and precious metals. It is a developing digital economy with hybridized mixed economies and a developing market. It has a long-term economic strategy known as Ghana Vision 2020. According to this proposal, Ghana would become the first African country to be developed between 2020 and 2029, and a newly industrialized country between 2030 and 2039. South Africa, a newly industrialized sub-Saharan African country and Group of 24 member, is not included. Ghana's economy is also intertwined with the Chinese Yuan Rimenbei and the country's vast gold reserves. In 2013, the Bank of Ghana introduced the Rimenbei as hard money in Ghanaian state-owned institutions and to the general public, alongside the Ghana SETI as the country's second national trade currency. Between 2012 and 2013, 37.9% of rural residents were impoverished, compared to 10.6% of urban residents. While nearly all 94% of rural poor households work in agriculture, urban areas offer more job opportunities, particularly in informal trade. The state-owned Volta River Authority and Ghana National Petroleum Corporation are the two largest electricity generators. The Akasambo Dam, which was built on the Volta River in 1965, as well as Buoy Dam, Cape Hong Dam, and several other hydroelectric dams generate hydropower. In addition, Ghana's government has attempted to build Africa's second nuclear power plant. The Ghana Stock Exchange, with a market capitalization of 57.2 billion Ghana cities in 2012, is the fifth largest on continental Africa and the third largest in sub-Saharan Africa after the South African JSE Limited. In 2013, the Ghana Stock Exchange, GSE, was the second-best performing stock exchange in sub-Saharan Africa. Ghana also produces high-quality cocoa. It is the world's second-largest producer of cocoa. With plans to surpass Brazil as the world's largest producer in 2015, Ghana is classified as a middle-income country, manufacturing 24.1%, extractive industries 5%, and taxes account for the remaining 50% of GDP 20.9%. Ghana announced plans to issue government debt in the form of social and green bonds in the autumn of 2021, making it the first African country to do so. The proceeds from these sustainable bonds would be used to refinance debt used for social and environmental initiatives, as well as to pay for educational and healthcare expenses in the country, which plans to borrow up to $5 billion this year on international markets. So far, Chile and Ecuador are among the few countries that have sold them. Despite having posted its lowest economic growth rate in 37 years in 2020, the country will use the proceeds to maintain a free secondary school program that began in 2017. Contributions of various sectors that promote Ghana's riches. Manufacturing in Ghana. Ghana's economy is evolving into a digital-based mixed economy hybrid, with increasing primary manufacturing and export of digital technology goods, as well as assembly and export of automobiles and ships, diverse resource-rich exportation of industrial minerals, agricultural products primarily cocoa, petroleum, and natural gas, and industries such as information and communications technology. Primarily through Ghana's state Digital Technology Corporation, our LG communication since 2014, Ghana has been producing urban electric vehicles. Petroleum and natural gas production. Ghana produces and exports a plethora of hydrocarbons, including sweet crude oil and natural gas. Ghana Oil Company, G Oil, Ghana's number one petroleum and gas-filling station company, is 100% state-owned, while Ghana National Petroleum Corporation, G and PC, a 100% state-owned state oil company, oversees hydrocarbon exploration and production of Ghana's entire petroleum and natural gas reserves. Ghana intends to increase oil output to 2.2 million barrels per day in gas output to 34 million cubic meters per day. The Jubilee oil field in Ghana, which contains up to 3 billion barrels, 480 million M3 of sweet crude oil, was discovered among the various offshore and inland oil fields in 2007. Ghana is thought to have petroleum reserves ranging from 5 billion barrels to 7 billion barrels, ranking it fifth in Africa and 21st to 25th in the world. It also has proven natural gas reserves up to 1.710, 11 cubic meters, making it Africa's sixth largest and the world's fourth and ninth largest. Exploration for oil and gas off Ghana's east coast in the Gulf of Guinea continues, with the amount of crude oil and natural gas to discover it increasing. Ghana's government is planning to nationalize the entire country's petroleum and natural gas reserves in order to increase government revenue. Industrial Minerals Mining Ghana was the world's seventh largest gold producer in 2019, producing 140 tons. Ghana's output surpassed South Africa's for the first time, establishing Ghana as Africa's leading gold producer. In addition to gold, Ghana exports silver, lumber, diamonds, bauxite and manganese, and it has numerous untapped mineral reserves. In terms of diamond exports and reserves, Ghana ranks ninth in the world. Ghana's government has proposed nationalizing the country's mining industry in order to increase government revenue. Tourism In 2011, Ghana received 1,087,000 tourists. Tourist to Ghana includes South Americans, Asians, Europeans and North Americans. A warm, tropical climate year-round, diverse wildlife, waterfalls such as Contampo and WLI waterfalls, Ghana's coastal palm-line sandy beaches, caves, mountains, rivers, and reservoirs and lakes such as Lake Basemple and Lake Volta, dozens of forts and castles. World heritage sites, nature reserves and national parks are among Ghana's attractions and major tourist destinations. Ghana has a number of castles that attract visitors from all over the world. It's important to the stunning natural reserves that serve as tourist attractions. Both Cape Coast Castle and Elmenec Castle are prominent castles in Ghana's central region. The castles are important not only for tourism, but also for preserving and promoting the African legacy that was stolen and destroyed by the slave trade. As a result, Ghana's castles and forts have been designated as World Heritage Monuments by the United Nations Educational, and Cultural Organization, UNESCO. In Ghana, surfing is becoming a popular tourist attraction. Along the beach, both locals and visitors have identified and developed several sites. Famous surfers have come to test the waters in the country. The waves are suitable for both novice and experienced surfers with quality and consistency to suit all levels of ability. Surfers with their boards are becoming more common among traditional Ganyan fishing vessels. Busua, Kakarbaite, and Mustang offer some of the best surfing in the country in warm tropical waters. Tourism is the country's fourth-largest earner of foreign currency. Real Estate Ghana's real estate and housing market has grown into a significant and critical economic sector, particularly in Accra, Kumesi, Secondi-Tacarati, and Tema in the country's south. Many of its residents, particularly in Accra, are unable to afford the high housing costs that plague other large cities around the world, particularly in the west. Kumesi is growing faster than Accra, and its real estate market is more competitive. The gross rental income tax in Ghana is 10%. Capital gains are 15%, and property transfers are subject to a 5% gift tax. Ghana's real estate market is classified into three types. Public sector real estate development, emerging private sector real estate development, and private individuals. Ganyan banks and the main mortgage market, which has shown significant growth potential, encourage the activity of these three groups. Recent economic developments in Ghana have resulted in a construction boom, with the housing and public housing sectors annually creating and injecting billions of dollars into the Ganyan economy. Ghana's tropical setting and strong political stability make for an appealing real estate investment environment. Ganyans are increasingly investing in real estate, and the Ganyan government is assisting the private sector in this endeavor. Trade and exports. International business in July 2013, Singapore opened its 38th global office in Accra, Ghana, with the goal of promoting trade and investment in the logistics, oil and gas, aviation, transportation, and consumer sectors. Singapore and Ghana also signed four bilateral agreements to strengthen public-private collaboration, as Ghana seeks to concentrate its economic trading relationships in East and Southeast Asia. The economic center is IE Singapore's second in Africa, following the opening of a similar facility in Johannesburg, South Africa. Six months earlier in January 2013, Ghana's labor force numbered 11.5 million Ganyans in 2008. Tema Harbor is Africa's largest built-up port, and Takarati Harbor, like Tema Harbor, handles Ghana's imports and exports. They are also traffic hubs for commodities. Tema Harbor handles the majority of the country's export cargo, while Takarati Harbor shifts the majority of the country's main exports. The Takarati and Tema Harbors are managed by the Ghana Ports and Harbors Authority. Without a doubt, we conclude that Ghana is wealthy, but not the wealthiest country in Africa. Nigeria actually tops the list of Africa's richest countries. Nigeria has maintained its position as Africa's richest country, with a population of nearly 202 million people, which African country will be the wealthiest in 2022. Without a doubt, Nigeria. The country has an abundance of natural resources, and its crude exports have consistently ranked first in terms of GDP. Why is Nigeria Africa's richest country? A large portion of the country's human resources are easily accessible. In addition, the country is rich in natural resources, particularly crude oil. As of September 2021, the state was producing approximately 1.4 million barrels per day. Other resources in the state include natural gas, limestone, neobium, lead, arable land, tin, iron ore, and zinc. Based on the information presented this far, we can conclude that Ghana is not the richest country in Africa, but it does have one of the fastest growing economies. If you like this video, you should subscribe to Africa Reloaded for more updates and interesting videos.