these is the borrowing of $3 billion in December 2011 from China Development Bank in exchange of oil from Ghana National Petroleum Corporation (GNPC) to the China crude oil Off-Takers for an undisclosed fee to offset the loan, despite objections from an overwhelmingly majority of the Parliament of Ghana and the IMF, as the loan would cause a net drain of Ghana's oil wealth to China and put Ghana at risk of default.
Ghana receives foreign aid from the United States and European nations. In January 2012, the European Commission donated €52 million (GH¢ 110 million) to reduce maternal mortality and achieve the MDG 5 targets.
Ghana’s labour force in 2008 totalled 11.5 million people. The domestic economy revolves around services, which accounts for 48.5% of GDP and employs 28% of the work force. Manufacturing accounts for 25.9% of GDP and provides employment for 20% of the work force. Ghana hires foreign companies for infrastructure projects, including basic needs such as housebuilding, such as a $1.5 billion housing contract to STX Corporation of South Korea. However the contract with was later cancelled by the Ghanian government. Agriculture accounts for 25.6% of GDP and provides employment for 52% of the work force, mainly small landholders.
Ineffective economic policies of past military governments and regional peacekeeping commitments have led to continued inflationary deficit financing, depreciation of the cedi, and rising public discontent with Ghana's austerity measures. In July 2007, the Bank of Ghana embarked on a currency re-denomination exercise, from the cedi (₵) to a new currency, the Ghana Cedi (GH₵). The transfer rate was 1 Ghana Cedi for every 10,000 cedis. The Bank of Ghana employed aggressive media campaigns to educate the public about the re-denomination. The new Ghana Cedi is relatively stable and in 2009 generally exchanged at a rate of US$1 = GH₵1.4
The value added tax is a consumption tax
