Chamber of Commerce Country Factsheet Last update: 09.02.2018
Your advisors at the Chamber of Commerce
- Thomas Bertrand+352423939337
- Steven Koener+352423939379
Formed from the merger of the British colony of the Gold Coast and the Togoland trust territory, Ghana in 1957 became the first sub-Saharan country in colonial Africa to gain its independence. Ghana endured a long series of coups before Lt. Jerry RAWLINGS took power in 1981 and banned political parties. After approving a new constitution and restoring multiparty politics in 1992, RAWLINGS won presidential elections in 1992 and 1996 but was constitutionally prevented from running for a third term in 2000. John KUFUOR succeeded him and was reelected in 2004. John Atta MILLS won the 2008 presidential election and took over as head of state, but he died in July 2012 and was constitutionally succeeded by his vice president, John Dramani MAHAMA, who subsequently won the December 2012 presidential election.
Source: The CIA World Factbook - Ghana
Ghana's economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency. Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region, and Ghana is well-endowed with natural resources.
Agriculture accounts for nearly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for about half of GDP. Gold and cocoa exports, and individual remittances, are major sources of foreign exchange. Expansion of Ghana’s nascent oil industry has boosted economic growth, but the recent oil price crash reduced by half Ghana’s 2015 oil revenue. Production at Jubilee, Ghana's offshore oilfield, began in mid-December 2010 and currently produces roughly 110,000 barrels per day. The country’s first gas processing plant at Atubao is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants.
As of 2015, the biggest single economic issue facing Ghana is the lack of consistent electricity. While the MAHAMA administration is taking steps to improve the situation, little progress has been made. Ghana signed a $920 million extended credit facility with the IMF in April 2015 to help it address its growing economic crisis. The IMF fiscal targets will require Ghana to reduce the fiscal deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, and increasing revenues. The challenge for Ghana will come as the MAHAMA Administration approaches the Novembe 2016 elections, facing public dissatisfaction in the midst of economic austerity.
Luxembourg and the country
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
Air Services agreement
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Ghana
Le Luxembourg est représenté par:
Ambassade Royale des Pays-Bas à Accra
Les demandes de visas pour se rendre au Luxembourg sont à adresser à la représentation de:
Ambassade Royale des Pays-Bas à Accra
Country risk as defined by Office du Ducroire for Ghana
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Other Useful Links:
- The CIA World Factbook on Ghana
- Das ist Ghana
- Doing Business in Ghana
- Le Ghana sur le site de l'AWEX
- Présentation du Ghana par trésor
- Economic Freedom Index - Ghana
The Chamber of Commerce and the country
- 30.09.2018 - 04.10.2018
- 06.05.2015 - 08.05.2015