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Background: Formed from the merger of the British colony of the Gold Coast and the Togoland trust territory, Ghana in 1957 became the first country in colonial Africa to gain its independence. A long series of coups resulted in the suspension of the constitution in 1981 and the banning of political parties. A new constitution, restoring multiparty politics, was approved in 1992. |
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The Republic of Ghana is a nation of western Africa. Formed from the merger of the British colony of the [Gold Coast]? and the Togoland? trust territory, Ghana in 1957 became the first country in colonial Africa to gain its independence. A long series of coups resulted in the suspension of the constitution in 1981 and the banning of political parties. A new constitution, restoring multiparty politics, was approved in 1992. Well endowed with natural resources, Ghana has twice the per capita output of the poorer countries in [West Africa]?. Even so, Ghana remains heavily dependent on international financial and technical assistance. Gold, timber, and cocoa production are major sources of foreign exchange. The domestic economy continues to revolve around subsistence agriculture, which accounts for 40% of GDP? and employs 60% of the work force, mainly small landholders. In 1995-97, Ghana made mixed progress under a three-year structural adjustment program in cooperation with the IMF. On the minus side, public sector wage increases and regional peacekeeping commitments have led to continued inflationary deficit financing, depreciation of the cedi?, and rising public discontent with Ghana's austerity measures. The capital is Accra?. |
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