Report says Ghana ranked as 9th worst economy in world

13:03, June 10, 2010      

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Ghana has been ranked as the 9th worst economies in the world, according to the latest report released by Forbes International in Washington on Wednesday.

Peter Allum, International Monetary Fund (IMF) representative in Ghana declared in February that Ghana's problems were mostly homegrown.

Other African countries listed in the report as worst economies included Liberia, ranked 8th, Burundi, placed 6th, Eretria, 7th and Zimbabwe, ranked the world's worst economy and placed last on the bottom.

According to the report, Ghana was a typical example of the world's worst-managed economies. It's a country that shouldn't be poor, but it is.

The per capita gross domestic product in the West African country fell 9 percent last year to 621 dollars, ranking it 154th out of 184 countries tracked by the IMF, below resource- impoverished Haiti.

With a 3 billion dollars trade deficit last year and 4.9 billion dollars in external debt, Ghana has been struggling to pay its bills even as it sits on some of the world's biggest reserves of gold and bauxite, as well as considerable amounts of offshore oil, which is being developed by Anadarko Petroleum and others.

The country could boast of the world's largest manmade lake and the 1-gigawatt Aksombo Hydroelectric Plant, built to supply electricity to Africa's largest aluminum smelter.

However, the smelter has been idle since 2009, a casualty of low aluminum prices and persistent electricity shortages that have forced the government to divert the power elsewhere.



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