Report says Ghana ranked as 9th worst economy in world

13:03, June 10, 2010      

Email | Print | Subscribe | Comments | Forum 

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.

Source:Xinhua

(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Giant red lantern lights up in Tiananmen Square to celebrate the coming National Day on Oct. 1. (Xinhua/Li Xin)
  • A ceremony is held in Taipei, southeast China's Taiwan, on Sept. 28, 2011, to commemorate the 2,562nd birthday of Confucius (551-479 BC), a Chinese thinker, educationist and philosopher. (Xinhua/Wu Ching-teng)
  • The world's first Boeing 787 Dreamliner for delivery arrives at Haneda airport in Tokyo, capital of Japan, on Sept. 28, 2011. The Boeing 787 Dreamliner, whose buyer is All Nippon Airways (ANA), will implement a flight of ANA on Oct. 26 from Tokyo's Narita Airport to Hong Kong in south China. (Xinhua/Ji Chunpeng)
  • A Libyan National Transitional Council (NTC) fighter shows what is believed to be human jawbone found inside a mass grave near Abu Salim prison in Tripoli, Libya, Spet. 27, 2011. The NTC on Sunday said they had found a mass grave containing the bodies of 1,270 people killed by Gaddafi's security forces in a 1996 massacre at Abu Salim prison in southern Tripoli. (Xinhua/Li Muzi)
  • Rescue workers and local residents search for survivors after a building collapsed in old Delhi, India, Sept. 27, 2011. At least 10 people were killed and 35 injured when an old three-storey building collapsed. More than a dozen people are still feared trapped under the debris, police said. (Xinhua/Partha Sarkar)
  • A visitor has flying experience in the windmill castle of Jinshitan National Holiday resort in Dalian, northeast China's Liaoning Province, Sept. 27, 2011. The castle is a 23-meter-high building with 21 meters in diameter. The castle uses wind tunnel to make objects floating in the air. It is the first indoor stadium in China, which enables people to have flying experience. (Xinhua/Zhang Chunlei)
Hot Forum Discussion