... (2) GDP is high in USA and low in Ghana because they don't know how to make products. The way to improve GDP is to encourage Republican capitalists to
make stuff not to have swine liberal bureaucrat socialists shuffle papers.
EdwardBaiamonte, aka James972, please be a bit more explicit regarding your advice as opinion as to improving Ghana's economy. It's often helpful to have some facts on hand. Would these sources be of any help to you?
I'm among those contending USA's adoption of the policy described within Wikipedia's “Import Certificates” article would increase our GDP and numbers of jobs more than otherwise.
Respectfully, Supposn
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https://tradingeconomics.com/ghana/current-account-to-gdp
Ghana recorded a Current Account deficit of 3.90 percent of the country's Gross Domestic Product in 2016. Current Account to GDP in Ghana averaged -5.03 percent from 1980 until 2016, reaching an all time high of 0.10 percent in 2003 and a record low of -12.60 percent in 2013. ...
… (Ghana's balance of trade)
Last= -351.1, Previous= 224.3, Highest= 904.7, Lowest= -1638.1 (all in USD millions).
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https://www.cia.gov/library/publications/the-world-factbook/geos/gh.html
Economy - overview:
Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region, and Ghana is well-endowed with natural resources. Ghana's economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency.
Agriculture accounts for about 20% of GDP and employs more than half of the workforce, mainly small landholders. Gold and cocoa exports, and individual remittances, are major sources of foreign exchange. Expansion of Ghana’s nascent oil industry has boosted economic growth, but the fall in oil prices since 2015 reduced by half Ghana’s oil revenue. Production at Jubilee, Ghana's offshore oilfield, began in mid-December 2010. The country’s first gas processing plant at Atubao is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants.
As of 2017, key economic concerns facing the government include the lack of reliable electricity and the high debt burden. The AKUFO-ADDO administration has made some progress by committing to fiscal consolidation, but much work is still to be done in 2018. Ghana signed a $920 million extended credit facility with the IMF in April 2015 to help it address its growing economic crisis. The IMF fiscal targets require Ghana to reduce the deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, and boosting tax revenues. Priorities for the new administration include rescheduling some of Ghana’s $31 billion debt, stimulating economic growth, reducing inflation, and stabilizing the currency. Prospects for new oil and gas production and follow through on tighter fiscal management are likely to help Ghana’s economy in 2018.
