The viability of the Ghanaian democracy is associated with the positive macro economic results emphasized by the public appreciation of the top donor countries and that of I.F.I. all in a generally favourable climate to private sectors and investments.
The actual growth of the Gross National Product (GNP) at the end of 2005 was 5,9%; the annual base of inflation rate still at the end of 2005 was 14,8%, and dropped to about 10% in mid of 2006; while the local currency, the “cedi” remained stable with the dollar and the euro.
The pillar of the Ghanaian economy is the agriculture (cocoa, cassava and palm oil), sector representing 36,6% of the GNP, while the industry sector has also recorded an increase (24,6% of GNP), particularly in the mining, handiwork and constructions sectors. The services sector is also doing well; particularly the banking sector, thanks to the opening of new banks.
The main export products of Ghana are: cocoa (Ghana is the 2nd producer in the world after Ivory Coast), gold and timber, all traditional export products which represent about three quarter of its exportation. Ghana exports also fishing products, tropical fruits and local handicraft.
In 2005, the profit made from exportation, 2.730 million US$, have exceeded with over 32 million US$ the 2004 level. The export of non traditional products has also made a good perfomance in 2005, increasing by 17.5% compared to 2004. The import of goods in the year 2005 reached 5.260 million US$, with an increase in the expense for petroleum product of 41%, due to the strong increase of crude oil price.
The import-export trade with Italy dropped after the crest of year 2000, but picked-up again during the past years. There is a trade surplus in our favour. The import-export trade reached the total figure of 207.500.000 euro in 2005 (italian export 130.700.000, ghanaian export 76.800.000), the highest in the past three years. Italy is the sixth Country of destination of Ghanaian goods, and the seventh supplier. In the year 2005, the italian goods exported into Ghana (Information Technology products, motor-vehicle, radio television equipments) increased by 6,2% compared to 2004, while the italian importations (agricultural and hunting products; timber and wood made products and cork; foods and beverages) have increased by 7% compared to 2004 (ISTAT 2006). The most recent and direct investments have been made in the agro alimentary and gold sectors.
Apart from the air and sea transport companies, the italian entrepreneurship is currently also represented by about 70 local medium and small scale companies, financed by italian and ghanaian capital, operating mainly in the construction and timber sectors.
The sectors that are potentially attractive for the italian Entrepreneurship are the agro-alimentary (particularly vegetables, tropical fruits and production of cocoa product), the transformation of fishing products and the production of cosmetic products (the Country is a high producer of shea butter). Timber, granite, aluminium (with possibility of exploiting the existing bauxite deposits) and gold (direct purchase and processing), are all sectors that could present some interest. Another opportunity could open up within the transport (railway, air navigation) and energy sectors.
The foreign investments in the country are regulated under the law “Investment Act” of 1994, which established the “Ghana Investment Promotion Centre-GIPC” (www.gipc.org.gh), with the task of promoting investments.
On July 5th 2006, the Convention between Italy and Ghana to avoid double taxation and to fight tax evasion became effective, meanwhile the bilateral Agreement for the Promotion and Protection of investments is beeing negotiated.
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