Overview of Accra

Economy of Accra

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Over the past two decades, Ghana has had one of the strongest and fastest growing economies in Africa. Historically, the nation was built on mineral resources, with an emphasis on gold. Today, it remains the continent's second biggest gold miner. After independence, cocoa grew to enormous importance, and the country remains the world's second largest exporter. In 2007, the economy began to shift once more with the discovery of oil reserves. Production of these reserves began in 2010, though there are some concerns about the nation's and current government's ability to properly manage it.

In 2013, after years of rapid national economic growth, Ghana's economy began to slow. There was a large contraction in the manufacturing sector, which has rippled out across the national economy. The country faces challenges that result from large deficits, inflation and currency depreciation.


Accra contributes to relatively little of Ghana's broader economic development, because much of the nation's resource development happens outside of the capital. Accra's largest contributions revolve around the manufacturing and financial sectors. It also has a substantially sized service sector. Fishing is also important to the city.

The city's formal unemployment rate is approximately 12%, though unofficially it is speculated to be much higher.

Update 11/05/2015

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