Ghana Economy and Education

By | March 23, 2021

Ghana Economy

Ghana Economy

Gross domestic product: 65.5 billion US $ (2018)

Per capita income (purchasing power parity): 4,746 US $ (2018)

Human Development Rank (HDI): 142 of 189 (2018)

Proportion of poverty: 47%

Gini coefficient: 43.5 (2017)

Economic Transformation (BTI): Rank 69 of 137 (2020)

Cocoa and gold

Cocoa and gold

 

Timber industry around 1890

Timber industry around 1890

The coast in front of Sekondi-Takoradi

The coast in front of Sekondi-Takoradi

As one of 16 countries located in Western Africa according to healthvv, Ghana is fully integrated into the world economy again. More than 30 years of classic IMF structural adjustment programs and ambitious development projects by the relevant international donor community have put the once run-down ‘gem’ on the Gold Coast back on track. However, the most important export goods gold, cocoa and precious woods still dominate the economy, and Ghana continues to be one of the most important gold producers and, with a world market share of more than 20%, one of the most important cocoa producers, without cocoa or chocolate being consumed as refined raw materials. It is only very slowly that Ghanaians who produce high-quality chocolate are found to create value in your own country. However, the prices of these two raw materials are still being set on the stock exchanges in the western metropolises; every major fluctuation has a direct effect on Ghana’s economy and will probably remain an Achilles heel of the Ghanaian economy for the time being. The gold price fell to around US $ 1,063 towards the end of 2015, but rose to US $ 1,674 (beginning of March 2020) due to the economic effects of the COVID-19 pandemic. Towards the end of March the price fell to US $ 1,629, but then topped the US $ 2,000 mark in a historic rally in August 2020. In mid-December 2020 the price was US $ 1,883. The country received international praise from the Revenue Watch Institute for its partly exemplary regulation and handling of the mining sector. It is now becoming apparent that Ghana has risen to become the largest gold producer in Africa, overtaking South Africa. The long term will be the oil export in terms of value, they will probably replace gold exports, even if the average world market prices in 2017 were only between US $ 50 and 60 per barrel. Towards the end of 2018 the price stabilized at US $ 60. At the beginning of 2020, the price of high-quality oil rose to 68 US $. By mid-February, however, it fell well below the US $ 60 mark and at the beginning of March, due to the global COVID-19 crisis, it even fell to US $ 50. Within a short time, the oil price collapsed and was only around US at the end of March – $ 23. At the beginning of May 2020, the oil price for high-quality crude oil recovered somewhat, but remained well below US- $ 30. It was not until the beginning of June 2020 that the oil price rose again, meandered and in mid-December 2020 was US $ 52 on the stock exchanges. It has the oil production and natural gas production just started off the coast. A look at Nigeria and Angola is enough to see what the resource is energy resource can cause profound faults in the Gulf of Guinea. According to current knowledge, the oil reserves amount to 660 million barrels. The initially over-ambitious production target of 120,000 barrels per day first had to be reduced to around 80,000 barrels. In August 2016, the exploitation of another oil field (TEN) began, which initially produced around 20,000 barrels per day. After the end of the maritime border disputes in the production area with its western neighbor Côte d’Ivoire in September 2017 and the rise in oil prices, Ghana was able to expand its investments and explorations and increase production to 180,000 barrels per day.

Stable democratic conditions, democratically legitimized changes of power, important gold, cocoa and wood producers, the youngest oil producing country in Africa: Ghana has been on the road to success for two decades and is rediscovering its former leading role as Africa’s “black star”.

Ghana Overview

Education

Cape Coast Elementary School for Girls 1893

Cape Coast Elementary School for Girls 1893

Junior High School in Winneba

Junior High School in Winneba

Legon Tower of the University of Ghana in Accra

Legon Tower of the University of Ghana in Accra

School and College

Christianization and British colonialism laid the foundations for Western educational content and curricula, which ultimately also gave girls access to modern educational institutions. The Gold Coast promoted education as a value in itself at the latest with the establishment of Prince of Wales College. From this institution the Achimota College emerged in 1927, which soon acquired a legendary reputation as a cadre forge for the future elites. The new Ghanaian elites such as Nkrumah, Danquah and Busia, who were supposed to lead the country towards independence, recognized the power of political mobilization through education at an early stage. In the early 1950’s there were around 3,000 primary and secondary schools.

The education system is based on a four-tier model that covers around 12 million pupils and students: ie eleven years of compulsory schooling includes pre-school with children from four years of age and primary school up to the age of 14 to 15 years. Compulsory schooling is increasingly being implemented. The secondary schools are aimed at 15 to 18 year olds. Finally, suitable students can study and after four years college degree gain. The literacy rate is currently 71.5%, with the younger population at 85% even considerably higher. Two million children now attend the more than 21,000 primary schools. This corresponds to about 65% of all school-age children starting school. However, more than a quarter of students leave primary school. However, the length of stay has doubled to seven years since the early 1980’s. Even if the teaching profession no longer has the incredibly positive image it had in colonial and post-colonial times, the expansion and privatization of the education system has increased the demand for teachers enormously, as the number of more than 40 colleges of education shows. And at the 10 polytechnics and more than 60 universities – including eight state and many Christian – the students try a qualified academic degree to accomplish. Here, too, Islamic educational institutions only play a subordinate role. The difficult political, socio-economic and socio-cultural crisis between 1966 and 1992, which lasted more than two decades, thus seems to have been overcome. And the digital world has also contributed to the technological progress and renewed reputation of Ghana in Africa and the world, where the public purse provides 5.5% of GDP to the education sector. People are increasingly turning to China, where more and more Ghanaians are studying. According to Chinese information, Ghana ranks numerically at the top of all African students in China with more than 5,000 students.