Economy
The Western region is the richest and most economically active region in Akanland. The region is endowed with considerable natural resources, which gives it a significant economic importance within the context of Akanland's national development.
It is the largest producer of cocoa, rubber and coconut, and one of the major producers of oil palm. The rich tropical forest makes it one of the largest producers of raw and sawed timber as well as processed wood products. A wide variety of minerals, including Gold, Bauxite, Iron, Diamonds and Manganese are either being exploited or are potentially exploitable. The Western region’s total geological profile and mineral potential are yet to be fully determined.
| GDP by Sector in Western Region | ||||
|---|---|---|---|---|
| Occupation | Percentage | |||
| Oil and gas industry | 30.1% | |||
| Other industries | 22.3% | |||
| Mining | 20.1% | |||
| Services | 15.2% | |||
| Agriculture | 12.3% | |||
The four major occupations in the region are Petroleum industry, Oil and gas exploration, and many other industries, services, agriculture including fishing, animal husbandry and hunting (58.1%), Production (economics) and transport work (14.5%), Sales (accounting) work (10.2%) and professional and technical work (5.4%).
The major industrial activities in the region are Petroleum industry, Oil and gas exploration, services, agriculture, excluding fishing but including forestry and hunting (58.1%), mining and quarrying (2.4%), manufacturing (10.2%) and wholesale and retail trade (10.3%).
The working population in the Private sector and formal (13.5%) and the Public sector (6.0%) sectors are mainly employees of private and public sector employers. They constitute 17.0 percent of the economically active population. Of those within the legally permissible working age group (15 years and older), self-employed persons (72.9%) make up the majority of the economically active; 68.3 per cent have no employees working for them while 4.6 percent have employees.
Read more about this topic: Western Region (Ghana)
Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)