GHANAIANS COLLAPSING THE GHANA ECONOMY || FUEL PRICE HIKE || GHANA MARKET|| INFLATION || Kamma Dyn
Channel: Kamma Dyn
Date: 2022-12-04

In this video, we're going to be discussing the Ghanaian economy, specifically the issue of Ghanaians overpricing goods and services in the local currency. We're also going to be discussing the effect of the World Fuel Price hike on the Ghanaian economy, and the high levels of inflation in the country.

Hopefully, by the end of this video, you'll have a better understanding of the issues facing the Ghanaian economy and be able to put a stop to the overpricing that is causing so much harm!

The economy of Ghana has a diverse and rich resource base, including the manufacturing and exportation of digital technology goods, automotive and ship construction and exportation, and the exportation of diverse and rich resources such as hydrocarbons and industrial minerals. These have given Ghana one of the highest GDP per capita in West Africa. Owing to a GDP basement, 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 the GDP and employed 28% of the workforce. Besides the industrialization associated with minerals and oil, industrial development in Ghana remains basic, often associated with plastics (such as chairs, plastic bags, razors, and pens). 53.6% of Ghana's workforce was employed in agriculture in 2013.

Ghana embarked on a currency re-denomination exercise, from Cedi (₵) to the new currency, the Ghana Cedi (GH₵) in July 2007. The transfer rate is 1 Ghana Cedi for every 10,000 Cedis.

After overtaking South Africa in 2019, Ghana is Africa's largest gold producer and the second-largest cocoa producer (after Ivory Coast). It is also rich in diamonds, manganese or manganese ore, bauxite, and oil. Most of its debt was canceled in 2005, but government spending was later allowed to balloon. 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 International Monetary Fund (IMF) in April 2015.

GHANAIANS COLLAPSING THE GHANA ECONOMY || FUEL PRICE HIKE || GHANA MARKET|| INFLATION || Kamma Dyn

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