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The economy of Ghana, West Africa, has a diverse and rich resource base, and as such, has one of the highest GDP per capita in Africa. Ghana remains somewhat dependent on international financial and technical assistance as well as the activities of the extensive Ghanaian diaspora. Gold, timber, cocoa, diamond, bauxite, and manganese exports are major sources of foreign exchange. An oilfield which is reported to contain up to 3 billion barrels (480×10^6 m3) of light oil was discovered in 2007. Oil exploration is ongoing and, the amount of oil continues to increase.
The domestic economy revolves around services, which accounts for 48.5% of GDP and employs 28% of the work force. On the negative side, public sector wage increases and regional peacekeeping commitments have led to continued inflationary deficit financing, depreciation of the Cedi, and rising public discontent with Ghana's austerity measures. Furthermore, according to the World Bank, Ghana's per capita income has barely doubled over the past 45 years. Even so, Ghana remains one of the more economically sound countries in all of Africa.
Ghana i/ˈɡɑːnə/ is a country located in West Africa. It is bordered by Côte d'Ivoire (Ivory Coast) to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south. The word Ghana means "Warrior King" and is derived from the ancient Ghana Empire.
Ghana was inhabited in pre-colonial times by a number of ancient predominantly Akan kingdoms, including the inland Ashanti Empire, the Akwamu, the Akyem, the Bonoman, the Denkyira, and the Fante among others. Non-Akan states created by the Ga also existed as did states by the Dagomba. Prior to contact with Europeans trade between the Akan and various African states flourished due to Akan's gold wealth. Trade with European states began after contact with the Portuguese in the 15th century, and the British established the Gold Coast Crown colony in 1874 over parts but not all of the country.
The Gold Coast achieved independence from the United Kingdom in 1957, becoming the First sub-Saharan African nation to do so from European Colonialism. The name Ghana was chosen for the new nation to reflect the ancient Empire of Ghana, which once extended throughout much of west Africa.