Ghana has a relatively rich and diverse natural resource base. Minerals such as gold, manganese ore, and vauxite are produced and exported. A major oil discovery off the coast of Ghana in 2007, commenced production of oil and gas in December 2010. The Jubliee Field is now producing approximately 75,000 barrels per day. This discovery led to significant international commercial interest in Ghana however the industry is currently facing minor challenges due to the irregular production in Ghana.
Aside the oil and gas industry, the agricultural sector remains a mainstay of the economy, accounting for more than one-third of the GDP and about 55% of formal employment. Ghana’s primary cash crop is Cocoa, which typically provides about one-third of all export revenues. Other products include Timber, Coconuts and other Palm products, Shea Nuts, and Coffee.
Ghana’s macro economy is currently growing at a slow pace due to pressure from large fiscal and trade deficits, owing to lower export prices, irregular oil production and the recurring power challenges affecting the nation.
The Volta River Authority (VRA) is the state-owned entity that is responsible for generation electricity in Ghana. VRA operates the largest generation facility in Ghana, the Akosombo hydroelectric plant which provides the bulk of all electricity consumed in Ghana. VRA also exports power to Togo, Benin and Burkina Faso.
The Ghana Grid Company Limited (GRIDCo) is the state own entity responsible for the transmission of electricity from the power producers to the bulk electricity distribution companies as well as some bulk electricity consumers.
The Electricity Company of Ghana (ECG) is the state-owned entity and another key stakeholder in the sector that is responsible for the distribution of electricity to consumers in southern Ghana, namely; Ashanti, Central, Greater Accra, Eastern and Volta Regions of Ghana. The Northern Electricity Distribution Company (NEDCo), a subsidiary of VRA is responsible for power distribution in northern Ghana namely, Brong-Ahafo, Northern, Upper East and Upper West Regions.
Over the past few years, the power sector in Ghana has faced several technical, operational and financial challenges resulting in frequent power outages and load shedding. The government of Ghana has implemented policies promoting the diversification of power sources in the energy mix. The Renewable Energy Sector is particularly a keen focus of the government of Ghana as the power sector stakeholders strive to stabilize the power sector.
- U.S. Department of State (2015) Ghana.
- Guide to Electric Power in Ghana-University of Ghana Legon, Institute of Statistical, Social and Economic Research
- CIA World Fact Book.