Ghana is classified as a lower middle-income country1
, with the eighth largest economy in Sub-Saharan Africa2
and a GNI per capita of $1,380 in 2016 (World Bank, 2017a). 54.7% of Ghana’s estimated 2016 population of
28.2 million lived in urban areas. The majority of the Ghanaian economy is concentrated in the services and
industry sectors—roughly 52% and 28% of the country’s GDP respectively (World Bank, 2017a; World Bank,
2017f). Ghana enjoys abundant natural resources, and its major exports include gold, cacao beans, cashews
and other nuts, and oil (OECD, 2017). The country experienced a temporary economic downturn from its peak
in 2013, but growth has improved since the second half of 2016, thanks in large part to the growth of the
mining and petroleum industries (World Bank, 2017d). Despite periods of substantial inflation rate fluctuations,
the value of Ghana’s currency—the Ghanaian Cedi (GHS)—has remained relatively stable (between 10 and 20
percent) since 2004 (World Bank, 2017a).