ECONOMIC DEVELOPMENTS IN GHANA
The Economic developments in Ghana in the 19th and 20th Century shows major economic transformation which didn't solely depend and Gold and Cocoa.
By 1840 palm oil had become the third leading export, surpassed by only Gold and Ivory. By 1880 palm oil had topped the list, and together with palm kernels, remained the lead export until 1911 when Cocoa became Ghana's chief export.
Kola nuts among other commodities also joined the ranks of our highest exports.
By 1891, annual rubber exports had reached 2.9 million lbs. This made Ghana the world largest rubber-producing country and rubber came second to palm oil on the export list.
The composition of Ghana’s merchandise exports has not experienced any major transformation over the last decade.
Currently, if I'm not mistaken, Gold, Crude Oil and Cocoa have been the leading contributors of Ghana’s exports since 2011 and yet we've not seen any major economic boost.
We need to give attention to the other commodities which used to contribute hugely to our exports.
Ghana needs to transform its economy and we certainly don't look like we can do that with Gold, Oil and Cocoa only.
There is therefore the need to also take a holistic view of our trade policies, regulations and practices needed.
We need to create a mutually reinforcing framework that fosters export competitiveness and a Business friendly environment. With this, Ghana stands a chance to take advantage of the of the numerous free-trade agreements such as the ECOWAS Trade Agreement, Economic Partnership Agreement with the EU and the African Growth and Opportunity Act with the US.