Why Is Ghana a Less Economically Developed Country?

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InterNations claims that various factors impede Ghana's economic development, including insufficient infrastructure, a weak educational system, high levels of illegal immigration, drug trafficking and a disproportionate growth rate of jobs compared to population growth. Although Ghana has made significant economic improvement, even being classified as a lower-middle income country in 2010, there is still widespread poverty and unemployment. This economic stagnation stands in contrast with Ghana's vast natural resources.

Despite being home to various lucrative resources, such as industrial minerals and hydrocarbons, Ghana has shown slow economic development. The country experiences high levels of unemployment. This is partly due to rapid population growth without an adequate corresponding growth in jobs. Education in Ghana does not have the capability of preparing a skilled workforce at the rate the nation demands.

Ghana has a weak informal sector according to InterNations. Unlike other countries, the informal sector of Ghana, which employs the vast majority of the population, does not provide workers with substantial wages.

Illegal immigration is an issue. Because of Ghana's affluence relative to neighboring countries, waves of immigrants have entered the country. The consequence is the saturation of a labor market that is already overcrowded.

Illicit drugs also pose a problem. Drug abuse saps people's money, and drug-related crimes drain community resources. Furthermore, drug-related money laundering weakens the nation's financial system.