Ghana An African Dynamo The West African nation of Ghana has

Ghana: An African Dynamo The West African nation of Ghana has emerged as one of the fastest growing countries in sub-Saharan Africa during the last decade. Between 2000 and 2013, Ghana\'s average annual growth rate in GDP was over 7.5 percent, making it the fastest-growing economy in Africa. In 2011 this country of 25 million people became Africa\'s newest middle-income nation. Driving this growth has been strong demand for two of Ghana\'s major exports-gold and cocoa-as well as the start of oil production in 2010. Indeed, due to recent oil discoveries, Ghana is set to become one of the biggest oil producers in sub-Saharan Africa, a fact that could fuel strong economic expansion for years to come. 2 t wasn\'t always this way. Originally a British colony, Ghana gained in dependence in 1957. For the next three decades, the country suffered from a long series of military coups that killed any hope for stable democratic t government. Successive governments adopted a socialist ideology, often as a reaction to their colonial past. As a result, large portions of the Ghana economy were dominated by state-owned enterprises. Corruption was r rampant and intflation often a problem, while the country\'s dependence onp cash crops for foreign currency earnings made it vulnerable to swings in o commodity prices. It seemed like yet another failed state. In 1981, an air force officer, Jerry Rawlings, led a military coup that deposed the president and put Rawlings in power. Rawlings started a vigorous anticorruption drive that made him very popular among ordi- nary Ghanaians. Rawlings initially pursued socialist policies and banned 0 d poltical parties, but in the early 1990s, he changed his views. He may m ell have been influenced by the wave of democratic change and eco- liberalization that was then sweeping the formally communist n in Chapter Two National Differen

Solution

G becomes one of the biggest oil producers among the African nations since 2010. The government of the country makes policy and laws to identify corrupt officials. Their abilities are restricted in a way that they can’t steal royalties in connection to oil revenues. A portion of oil revenue becomes a part of national budget and the other portion includes as fund—stabilization fund and/or heritage fund.

N is an oil rich country. The country has problem to identify the corrupt officials. Therefore, the government has formulated policy to diversify oil production and oil export. Such diversification compensates the corruption.