Ghana. High oil and food prices drove inflation up. The rate of increase in prices peaked in June at 18.4 percent and then declined marginally. The state budget for 2008 predicted inflation of 6–8 percent.
Despite financial problems, a new presidential palace was completed in Accra. The budget framework of US $ 30 million was widely cracked and the final cost was estimated at close to US $ 50 million. The opposition criticized the large expenditures when austerity was recommended in other areas. The building was financed with the help of a loan from the Indian state and the main contractor was an Indian company.
- ABBREVIATIONFINDER: Click to see the meanings of 2-letter acronym and abbreviation of GH in general and in geography as Ghana in particular.
In December, general elections were held. Despite Ghana having achieved good stability and growth under eight years of leadership of the New Patriotic Party (NPP), the New Democratic Congress (NDC) retained the majority in Parliament, albeit by a very small margin. The presidential election also seemed to result in NDC victory. The opposition party’s candidate, former Vice President John Atta Mills, had a tight but seemingly secure lead at the turn of the year. Then the election remained in a single constituency in early January. Former Minister of Justice and Foreign Affairs Nana Akufo-Addo was running for NPP. The last eight years President John Kufuor of NPP had to resign constitutionally.
According to Countryaah reports, the population of Ghana in 2008 was 24,779,508, ranking number 47 in the world. The population growth rate was 2.580% yearly, and the population density was 108.9022 people per km2.