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Economy
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By West African standards, Ghana has a diverse and rich resource base.
The country is mainly agricultural, however, with a majority of its
workers engaged in farming. Cash crops consist primarily of cocoa
and cocoa products, which typically provide about two-thirds of export
revenues, timber products, coconuts and other palm products, shea
nuts, which produce an edible fat, and coffee. Ghana also has established
a successful program of non-traditional agricultural products for
export, including pineapples, cashews, and pepper. Cassava, yams,
plantains, corn, rice, peanuts, millet, and sorghum are the basic
foodstuffs. Fish, poultry, and meat also are important dietary staples.
Minerals are principally gold, diamonds, manganese ore, and bauxite
and are produced and exported. The only commercial oil well has been
closed after producing 3.5 million barrels over its seven-year life,
but signs of natural gas are being studied for power generation, while
exploration continues for other oil and gas resources.
Ghana's industrial base is relatively advanced compared to many other
African countries. Import-substitution industries include textiles,
steel (using scrap), tires, oil refining, flour milling, beverages,
tobacco, simple consumer goods, and car, truck, and bus assembly.
Tourism has become one of Ghana's largest foreign income earners (ranking
third in 1997), and the Ghanaian Government has placed great emphasis
upon further tourism support and development.
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