Ghana is a Middle Income Economy and is ranked as a Lower–Middle Income Economy by the World Bank. 27% of Ghana's population are living on less than $1.25 per day, and there is a rate of 25% youth unemployment.
Ghana has more than twice the per capita output of the poorer countries in West Africa. Known for its gold in colonial times, Ghana remains one of the world's top gold producers. Other exports such as cocoa, crude oil, natural gas, timber, electricity, diamond, bauxite, and manganese are major sources of foreign exchange, even though Ghana continues to experience electricity and gas shortages, and remains a developing nation after 55 years of independence from British rule.
1st President of the Republic of Ghana, Osagyefo Dr. Kwame Nkrumah with the 35th President of the United States, John F. Kennedy in The Pentagon on 8 March 1961
The Akosombo Dam, which was built on the Volta River in 1965 by Osagyefo Dr. Kwame Nkrumah provides hydro-electricity for Ghana and its neighbouring countries.
The Ghana Stock Exchange (GSE) is the third largest stock exchange in Africa after the Johannesburg Stock Exchange (JSE) and the Nigerian Stock Exchange (NSE).
At the end of December 2011, Ghana's total external debt has escalated to an all-time high of $18 billion (GH¢ 23.4 billion) up from $8 billion (GH¢ 8.8 billion) at the end of December 2008. Ghana's debt totaled US$1 billion in 1966 by Osagyefo Dr. Kwame Nkrumah's government and Ghana was among the wealthiest and most socially advanced areas in Africa, which in the 1960s Ghana had a per capita income comparable to South Korea’s, then the debt significantly increased from US$1 billion to $7.5 billion during Jerry John Rawlings 20 years rule of Ghana, which ended in 2001. The escalation of borrowing from the International Monetary Fund (IMF) and creditors by successive governments have put a burden of debt on future generations of Ghanaians. Typical among
