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Economy

Ghana possesses industrial minerals, hydrocarbons and precious metals. It is an emerging designated digital economy with mixed economy hybridisation and an emerging market. It has an economic plan target known as the "Ghana Vision 2020". This plan envisions Ghana as the first African country to become a developed country between 2020 and 2029 and a newly industrialised country between 2030 and 2039. This excludes fellow Group of 24 member and Sub-Saharan African country South Africa, which is a newly industrialised country.

Ghana's economy has ties to the Chinese yuan renminbi along with Ghana's vast gold reserves. In 2013, the Bank of Ghana began circulating the renminbi throughout Ghanaian state-owned banks and to the Ghana public as hard currency along with the national Ghanaian cedi for second national trade currency.

Between 2012 and 2013, 38% of rural dwellers were experiencing poverty whereas only 11% of urban dwellers were. Urban areas hold greater opportunity for employment, particularly in informal trade, while nearly all (94 percent) of "rural poor households" participate in the agricultural sector.

The Volta River Authority and the Ghana National Petroleum Corporation, both state-owned, are the two major electricity producers. The Akosombo Dam, built on the Volta River in 1965, along with the Bui Dam, the Kpong Dam and several other hydroelectric dams, provide hydropower. In addition, the government sought to build the second nuclear power plant in Africa.

The Ghana Stock Exchange is the fifth largest on continental Africa and 3rd largest in sub-saharan Africa with a market capitalisation of GH¢ 57.2 billion or CN¥ 180.4 billion in 2012 with the South Africa JSE Limited as first. The Ghana Stock Exchange was the second best performing stock exchange in sub-saharan Africa in 2013.

Ghana produces high-quality cocoa. It is the second largest producer of cocoa globally. Ghana is classified as a middle income country. Services account for 50% of GDP, followed by manufacturing (24.1%), extractive industries (5%), and taxes (20.9%). Ghana has an increasing primary manufacturing economy and export of digital technology goods along with assembling and exporting 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 via Ghana's state digital technology corporation Rlg Communications which manufactures tablet computers with smartphones and various consumer electronics. Urban electric cars have been manufactured in Ghana since 2014.

It announced plans to issue government debt by way of social and green bonds in Autumn 2021, making it the first African country to do so. The country, which was planning to borrow up to $5 billion in international markets, would use the proceeds from these sustainable bonds to refinance debt used for social and environmental projects and pay for educational or health. Only a few other nations have sold them so far, including Chile and Ecuador. The country will use the proceeds to forge ahead with a free secondary-school initiative started in 2017 among other programs, despite having recorded its lowest economic growth rate in 37 years in 2020.

It produces and exports hydrocarbons such as sweet crude oil and natural gas. The 100%-state-owned filling station company, Ghana Oil Company, is the number 1 petroleum and gas filling station, and the 100%-state-owned state oil company Ghana National Petroleum Corporation oversees hydrocarbon exploration and production of petroleum and natural gas reserves. Ghana aims to further increase the output of oil to 2.2 million barrels (350,000 m) per day and gas to 34,000,000 cubic metres (1.2 × 10 cu ft) per day. The Jubilee Oil Field, which contains up to 3 billion barrels (480,000,000 m) of sweet crude oil, was discovered in 2007. Ghana is believed to have up to 5 billion barrels (790,000,000 m) to 7 billion barrels (1.1 × 10 m) of petroleum in reserves, which is the fifth-largest in Africa and the 21st-to-25th- largest proven reserves in the world. It also has up to 1.7 × 10 cubic metres (6 × 10 cu ft) of natural gas in reserves. The government has drawn up plans to nationalise petroleum and natural gas reserves to increase government revenue.

As of 2019, Ghana was the 7th largest producer of gold in the world, producing ~140 tonnes that year. This record saw Ghana surpass South Africa in output for the first time, making Ghana the largest gold producer in Africa. In addition to gold, Ghana exports silver, timber, diamonds, bauxite, and manganese, and has other mineral deposits. Ghana ranks 9th in the world in diamond export and reserve size. The government has drawn up plans to nationalize mining industry to increase government revenue.

"Shortages" of electricity in 2015 and 2016 led to dumsor ("persistent, irregular and unpredictable" electric power outages), increasing the interest in renewables. As of 2019, there is a surplus of electricity.

The judicial system of Ghana deals with corruption, economic malpractice and lack of economic transparency. According to Transparency International's Corruption Perception Index of 2018, out of 180 countries, Ghana was ranked 78th, with a score of 41 on a scale where a 0–9 score means highly corrupt, and a 90–100 score means very clean. This was based on perceived levels of public sector corruption.