COCOA: Ghana first again? Part 1

Take note, this is a question. Maybe to start with, lets go through some statistics I chanced on and compare with our present day Ghana.

African Map locating GHANA

Demographics

Ghana is the 12th country of Africa with a population of 24,2 million inhabitants in 2012.

52% of the population is living in urban areas and 17% in urban areas of more than 1 million inhabitants.

Main Economic Activities

Ghana is the 11th economy in Africa and the 2nd in West Africa after Nigeria with a GDP of US$ 40 billion in 2012.

The economy has a large agricultural sector. Production and exports of cocoa are the traditional activities. Agriculture still represents 29,9% of GDP. The commercial exploration of oil since the 2010′s is changing the country economy rapidly. Large inflows of foreign investments and a windfall in government income is underway.

Harvested Ghanaian Cocoa Beans

Ghana is a lower middle income country with GDP per capita of 1 600 USD in 2012 (17th Africa) and population living below the poverty line is decreasing from 28,5% in 2006 to ~26% in 2012 (World Bank Estimation).

Main Companies

• Produce Buying Company Limited (PBC) – Cocoa bean trade
• Enterprise Life Insurance Company Ltd – Insurance
• Intercontinental Bank Ghana Ltd – Banking
• Ashanti Goldfields Company – Gold Mining
• Blu Skies – Juice Producer
• Regimanuel Gray – Real Estate Developer

Latest Economic Developments

The trade balance of Ghana : exports recently increased in value with the commercial exploitation of oil resources in 2011. Cocoa represents in 2011, 22% of total exports, while gold and oil respectively represent 37% and 22% of total exports. Imports are also increasing fast in the same period mostly in equipment goods.

In 2011, various sectors grew significantly: the oil sector jumped to 225,4%. Construction sector grew 17%, electricity 13,7% and information and communication 10,5%. GDP was boosted by the new oil production (12% average growth during) 2006-2012. For 2012-2017 it is expected to grow at 10%.

Source: Sagaci Research

How did Ghana loose the top spot for Cocoa production to Cote D'Ivoire? How can she regain it? I am certain that its youth will have a part to play if this can be successful. Lets support to make this a reality. See you during the celebration party when the new stats get published by FAO.