page_title: Economy of Ghana
section_title: Hydrocarbon and mining
hierarchical_section_title: Economy of Ghana / Hydrocarbon and mining
caption_attribution_description: English: 1. The Mineral Bauxite. 2. The Mineral Diamond. 3. The Mineral Timber. 4. The Mineral Manganese. Español: 1. El Mineral Bauxita. 2. El Mineral Diamante. 3. El Mineral Madera. 4. El Mineral Manganeso.
context_page_description: 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 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. Besides the industrialization associated with minerals and oil, industrial development in Ghana remains basic, often associated with plastics. 53.6% of Ghana's workforce were employed in agriculture in 2013.
  Ghana embarked on a currency re-denomination exercise, from Cedi to the new currency, the Ghana Cedi in July 2007. The transfer rate is 1 Ghana Cedi for every 10,000 Cedis.
  Ghana is Africa's second-biggest gold producer and second-largest cocoa producer. It is also rich in diamonds, manganese ore, bauxite, and oil. Most of its debt was canceled in 2005, but government spending was later allowed to balloon.
context_section_description: Ghana has 5 billion barrels (790×10⁶ m³) to 7 billion barrels (1.1×10⁹ m³) of petroleum in reserves. A large oilfield which contains up to 3 billion barrels (480×10⁶ m³) of sweet crude oil was discovered in 2007. Oil exploration is ongoing and the amount of oil continues to increase. 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 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. The main mining extractions are bauxite, gold (Ghana is one of the largest gold producers in the world), and the phosphates.
caption: Ghanaian mineral resources: bauxite, diamond, timber and manganese
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