WEB-GHANA-VOTE-ECONOMY

Ghana is experiencing significant economic growth, with a rate exceeding 6%, largely due to recent oil discoveries. This positions the country as an attractive destination for investors. Despite its smaller size compared to Nigeria, Ghana's banks are stable, borrowing minimally from abroad. However, the nation remains vulnerable due to its heavy reliance on raw material exports like gold, wood, and cocoa. With a global recession looming, Ghana must focus on self-reliance to mitigate potential economic impacts. The anticipated oil revenue, expected by 2010, could help address unemployment and poverty, but challenges remain.

In what ways can Ghana become more self-reliant according to the text?

What is the significance of Ghana's new oil discoveries?