On the 6th of March, 1957, Ghana gained independence from her colonial master, The British. Historically, the hard work of The Big Six with Dr. kwame Nkrumah at the forefront led to Ghana being independent.
Since then, there have been many unstable government because of military coup d’etat. Hence Ghana has moved from the first republic to currently the fourth republic. In the fourth republic, there have been smooth democratic process from one government to the other.
After independence, Ghana’s population have grown from 5 million to 31 million .Whether or not Ghana has progressed after independence remains a ground of discussion.
Currently, Ghana is among the top 30 fastest growing economies of the world. According to the International Monetary Fund (IMF), Ghana’s Gross Domestic Product (GDP) in 2019 reached $72.26 billion with GDP per capita at $2,326. The inflation rate now is pegged at 7.8%. There have been a drastic reduction from 17.45% to 7.8% from the year 2016 to 2019.
Recently in gold production, Ghana overtook South Africa to become the largest producer of gold with 4.8 million ounces while South Africa produced 4.2 million ounces. Undoubtably Ghana prides herself in her cocoa as the best in the world and has maintained the position of being the second largest producer in 2018 with 835,466 tonnes.
The unemployment rate in the country is currently at 6.78% lower than the second and third largest economy in Africa, South Africa and Egypt that have unemployment rate at 29% and 8.1% respectively.
Another remarkable improvement is that, the literary rate in Ghana has improved from 57.9% in 2000 to 79% in 2018.
Aside these, the minimum wage is now at GH₵11.82 per day, equivalent to $2.16. Although employment rate is 93.22%, there are many who are underemployed. Some of the workers complain about the meager salary but the employers manage to pay them with regards to the minimum wage. World Bank estimates that over 2.8 million of the population, representing 8.5% cannot afford $2 a day, hence they are in the extreme poverty level.
Although inflation rate has been stable at 7.8%, the new Ghana cedi has deflated since its introduction on July, 2007.At the time of introduction,the new Ghana cedi to dollar was GH₵0.92 to $1. In February 2020, the cedi to dollar rate is GH₵ 5.36 to $1.
Comparing Ghana’s independence period till now, it is left to critically examine whether there have been progression or retrogression in Ghana.