February 3, 2011 § Leave a comment
Ghana is known for being one of the leading nations in Africa, although there has been questioning over the nature and extent of a “developing” economy in sub-saharan Africa. Economic development is defined as the increase in the standard of living in a nation’s population with sustained growth from a simple, low-income economy to a modern, and high-income economy. The difference between development and growth is that development is measured by HDI (Human development Index) and growth is measured by GDP (Gross Domestic product = output). The nation has potential in Economic development because of its natural resources. Perhaps the perfect climate and geography has allowed crops and minerals to culture in the environment. Ghana has exported cacao to the world, being the third most strong producer. Cacao plants, which grow in tropical rain-forests, have been replaced with trees from forests because the rainforests’ nutritious soil. Even when cacao plants’ supply decreased, they were still able to obtain revenue by exporting timber (which is also grown in the rain forest).
However, Ghana’s strengths in agriculture-production outweighs multiple problems Ghana have.
Still, Ghana has been climbing up the “HDI-ladder ” in 2009 from 0.473 to 0.556, which suggests that we could expect a day when the world would be depending on Ghana some day. Virtually, educational standards in Ghana has been poor, due to poor funding of libraries and other facilities. Hence the Ghanaian government has proposed that they will encourage scientific and technological development and education to enhance productivity. Furthermore, Ghana created a “National Broadband Strategy” that seeks socio-economic benefits of broadband accessibility. This includes a 50% Broadband penetration for Ghanaians by 2015, reducing Broadband Costs by 80%, and reducing CPE (Customer Premise equipment) and PC costs by 90%. By implementing these strategies, there will possibly have an impact on health, education and standard of living; the three main indicators in the UNDP Human Development Index.