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Ghana
The region’s political and economic trendsetter
Ghana is considered a model democratic country in Africa and is the region’s political and economic trendsetter. Economic output per capita has been rising for years. The proportion of people living in poverty has declined since the 1990s from over 50% to around 20%. Ghana’s economy, however, is heavily dependent on the export of raw materials. Accordingly, the country is vulnerable to fluctuations in the world market, as the COVID-19 pandemic has illustrated. To counteract this and strengthen the domestic market, the governments of Ghana and Germany agreed on a reform and investment partnership in 2017 as part of the Federal Ministry of Finance’s Compact with Africa. The aim is to improve overall conditions for private sector participation, in order to provide the conditions for higher employment and incomes for the general population.
