Background:
Formed from the merger of the British colony of the Gold Coast and the Togoland trust territory, Ghana in 1957 became the first sub-Saharan country in colonial Africa to gain its independence. A long series of coups resulted in the suspension of the constitution in 1981 and the banning of political parties. A new constitution, restoring multiparty politics, was approved in 1992. Lt. Jerry RAWLINGS, head of state since 1981, won presidential elections in 1992 and 1996, but was constitutionally prevented from running for a third term in 2000. He was succeeded by John KUFUOR, who defeated former Vice President Atta MILLS in a free and fair election.

Economy - overview:
Well endowed with natural resources, Ghana has roughly twice the per capita output of the poorer countries in West Africa. Even so, Ghana remains heavily dependent on international financial and technical assistance. Gold, timber, and cocoa production are major sources of foreign exchange. The domestic economy continues to revolve around subsistence agriculture, which accounts for 35% of GDP and employs 60% of the work force, mainly small landholders. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002. Policy priorities include tighter monetary and fiscal policies, accelerated privatization, and improvement of social services. Receipts from the gold sector should help sustain GDP growth in 2004. Inflation should ease, but remain a major internal problem.

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