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{{Short description|none}}
{{repetition|date=April 2018}}
{{about|the economy of the Ashanti Region|the economy of the Ashanti Empire|Economy of the Ashanti Empire}}
{{Use dmy dates|date=November 2019}}
{{Use Ghanaian English|date=June 2024}}
{{Infobox economy {{Infobox economy
|country = ] |country = ]
|image = Gold Mining in Ashanti Region (Ashanti).jpg |image = Gold Mining in Ashanti Region (Ashanti).jpg
|width = 250px |width = 250px
|caption = ] in Ashanti (]): ], ], ], ] and ] are a few of Ashanti's leading export commodities |caption = ] in Ashanti (]): ]s, ], ], ] and ] are a few of Ashanti's leading export commodities
|currency = {{nowrap|] ]}} <big>•</big> ] <big>•</big> ] |currency =]
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The '''Ashanti economy''' refers to the economy of ] in southern Ghana. It is largely self-sufficient, being driven by its service sector as well as by natural resources, being one of the world's top 10 largest gold-producers, and the second largest cocoa producer.<ref name="Gold Mining">{{cite web|url=http://www1.american.edu/ted/ghangold.htm|title=Ghandgold Case|accessdate=1 August 2015|archive-url=https://web.archive.org/web/20150925103307/http://www1.american.edu/ted/ghangold.htm|archive-date=25 September 2015|url-status=dead}}</ref> The Ashanti region is also known for its production of ], ] and agricultural commodities such as ] and ], with the region having low levels of taxation and without much need for ]{{Citation needed|date=August 2018}}. The Ashanti region's industrial sector is characterised primarily by aerospace with automotive manufacturing and repair of motor vehicles and motorcycles (25.2%), manufacturing (10.5%), other service activities (6.3%) and accommodation and food service activities (6.0%){{Citation needed|date=August 2018}}. The Ashanti region spans an area of 24,389 km<sup>2</sup>, and according to the 2000 census, the region had a population of 3,612,950, most of whom (94.2%) were ethnic Akans, of whom 82.9% were ethnic Ashanti. The capital of the region is Kumasi, which with a population of 2,069,350 as of 2013 represents a high level of urbanisation within the state. The economy of the ] in southern ] is largely self-sufficient, being driven by its service sector as well as by natural resources. The region is also known for its production of ], ] and agricultural commodities such as ] and ], with the region having low levels of taxation and without much need for ]. The Ashanti Region spans an area of 24,389&nbsp;km<sup>2</sup>, and according to the 2000 census, the region had a population of 3,612,950, most of whom (94.2%) were ethnic Akans, of whom 82.9% were ethnic Ashanti. The capital of the region is ], which with a population of 2,069,350 as of 2013 represents a high level of urbanisation within the state.

In 2014, Ashanti region's ]s mining, specifically gold mining, provided 96% of Ashanti's exports and the Ashanti autonomous region’s ] increased from ]172 billion ($47.7 billion) in 2007-2008 to ]1.06 trillion ($296.1 billion) in 2014-15 with a ] ] per capita of $26,922.<ref name="Ashanti Region CEPS targets 172 billion cedis in revenue">{{cite web|url=http://www.modernghana.com/news/125279/1/ashanti-region-ceps-targets-172-billion-cedis-in-r.html|title=Ashanti Region CEPS targets 172 billion cedis in revenue this year|publisher= |accessdate=1 August 2015}}</ref>

== Structure ==

=== Overview ===
Ashanti region's economy is largely driven by extraction and processing of a diverse range of ] and agricultural commodities. The structure of the Ashanti economy is closely linked to the abundance of natural resources found in Ashanti region, providing a comparative advantage in resource extraction and processing. As a consequence:
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| caption1 = ] (SSNIT) ]s in Adum of capital city Subin sub-metro in Kumasi Metropolitan Assembly, Ashanti inland island. | caption1 = ] (SSNIT) ]s
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| image2 = Schematic of Intellectual Capital and its components.png
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| caption2 = Schematic of Intellectual Capital and its components in Ashanti inland island ] of ] ] ] ] by the Ashanti Emperor ] ].
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== Structure ==
* Ashanti region with Kumasi metropolis's main occupations are professional occupations such as ] and ] in which as much as 92.5 percent of Ashanti region's real estate activities, 90.2 percent of financial and insurance activities, 85.8 percent of air conditioning supply; and 85.7 percent of professional scientific and technical activities are concentrated in Ashanti capital Kumasi metropolis.<ref name="Kumasi Metropolis Economy"/> Ashanti capital Kumasi metropolis is predominantly a commerce/trade service economy inclusive with an employment level of 71% and this being followed by industry with an employment level of 24% and agriculture with an employment level of 5%.<ref name="Kumasi Metropolis Economy"/> Ashanti capital Kumasi metropolis has therefore established itself as a major commercial centre with commercial activity being centered on wholesaling and retailing with both financial and non-banking financial institutions also offer ancillary services for residents of the Ashanti capital Kumasi metropolis.<ref name="Kumasi Metropolis Economy">{{cite web |url=http://www.kma.ghanadistricts.gov.gh/?arrow=atd&_=6&sa=580 |title=Kumasi Metropolis Economy |work=] |accessdate=1 August 2015 |archive-url=https://web.archive.org/web/20150928011130/http://www.kma.ghanadistricts.gov.gh/?arrow=atd&_=6&sa=580 |archive-date=28 September 2015 |url-status=dead }}</ref>

* ] has increased from ]172 billion ($47.7 billion) in 2007-2008 to ]1.06 trillion ($296.1 billion) in 2014-15 with a ] ] per person of $26,922 (]97,005).<ref name="Ashanti Region CEPS targets 172 billion cedis in revenue"/>
=== Overview ===
{| class="wikitable sortable" style="text-align: centre;"
The ]'s economy is largely driven by the extraction and processing of a various ] and agricultural commodities. The economy is closely linked to the abundance of natural resources found in Ashanti region, providing a comparative advantage in resource extraction and processing. As a consequence:

* Kumasi metropolis's main occupations are professional ones, such as ] and ], which account as much as 92.5% of Ashanti region's real estate activities, 90.2% of financial and insurance activities, 85.8% of air conditioning supply; and 85.7% of professional scientific and technical activities are concentrated in the area.<ref name="Kumasi Metropolis Economy">{{cite web |title=Kumasi Metropolis Economy |url=http://www.kma.ghanadistricts.gov.gh/?arrow=atd&_=6&sa=580 |url-status=dead |archive-url=https://web.archive.org/web/20150928011130/http://www.kma.ghanadistricts.gov.gh/?arrow=atd&_=6&sa=580 |archive-date=28 September 2015 |accessdate=1 August 2015 |work=]}}</ref> It is predominantly a commerce/trade service economy inclusive with an employment level of 71% and this being followed by industry with an employment level of 24% and agriculture with an employment level of 5%.<ref name="Kumasi Metropolis Economy"/>
* ] increased from ]172 billion ($47.7 billion) in 2007–2008 to ₵1.06 trillion ($296.1 billion) in 2014–15 with a ] per person of $26,922 (]97,005).<ref name="Ashanti Region CEPS targets 172 billion cedis in revenue">{{cite web |title=Ashanti Region CEPS targets 172 billion cedis in revenue this year |url=http://www.modernghana.com/news/125279/1/ashanti-region-ceps-targets-172-billion-cedis-in-r.html |accessdate=1 August 2015}}</ref>
{| class="wikitable" style="text-align: centre; float: centre;"
|- style="background:#eee;"
| colspan="3" style="text-align:center;" |'''Ashanti 4 state-owned indigenous banks'''
|- " |- "
!class="unsortable" colspan=2| Institution !class="unsortable" colspan=2| Institution
!class="unsortable"| Location(s) !class="unsortable"| Location(s)
|- style="background:#eee;"
| style="text-align:center;" colspan="3"|'''Ashanti 4 state-owned indigenous Banks'''
|-
| style="text-align:center;" colspan="3"|
|- |-
|align=center| ] |align=center| ]
|align=center| ] |align=center| ]
|align=center|Adum, Subin sub-metro,<br/>] |align=center|Adum, Subin sub-metro,<br/>]
|- |-
|align=center| ] |align=center| ]
|align=center| ] |align=center| ]
|align=center|Adum, Subin sub-metro,<br/>] |align=center|Adum, Subin sub-metro,<br/>Kumasi Metropolitan Assembly
|- |-
|align=center| <!--]--> |align=center|
|align=center| ] |align=center| ]
|align=center|Adum, Subin sub-metro,<br/>] |align=center|Adum, Subin sub-metro,<br/>Kumasi Metropolitan Assembly
|- |-
|align=center| ] |align=center| ]
|align=center| The Royal Bank |align=center| The Royal Bank
|align=center| Adum, Subin sub-metro,<br/> ] |align=center| Adum, Subin sub-metro,<br/> Kumasi Metropolitan Assembly
|- style="background:#eee;"
| style="text-align:center;" colspan="3"|'''Ashanti 4 state-owned indigenous Banks'''
|} |}
The Ashanti ethnic group is wealthy due to large ] deposits that are mined within the international borders of the ] and ]. The Ashanti region is wealthy and Kumasi is a wealthy city. The Kumasi metropolis' major processing and exports for Ashanti region are gold bar bullion. The Ashanti region with the Kumasi metropolis is a top-10 gold producer on Earth.<ref name="Gold Mining"/> Other ] deposits of economic value found in the Ashanti region and Kumasi metropolis include ], ] with a high content of ] and ], ], ] and ] with traces of ], ], ], ] ] and ].<ref name="Meet-the-Press: Ashanti Region"/> ], ] and ] make the Ashanti region with the Kumasi metropolis is the second-largest cocoa producer on Earth.<ref name="Meet-the-Press: Ashanti Region"/> The majority (58.7%) of the Ashanti region with Kumasi metropolis' ] are ] without employees.<ref name="Gold Mining"/> Ashanti region with Kumasi metropolis produces 96% industrial minerals specifically gold solely for Ashanti's 4 indigenous banks.<ref name="Meet-the-Press: Ashanti Region">{{cite web|url=http://www.modernghana.com/news/29188/1/meet-the-press-ashanti-region.html |title=Meet-the-Press: Ashanti Region |work= |publisher= |date= |accessdate=1 August 2015}}</ref> The Ashanti ethnic group is wealthy due to large ] deposits mined within the international borders of the ]. The Kumasi metropolis' major processing and exports for Ashanti region are gold ], and is considered to be one of the top gold producers on Earth.<ref name="Gold Mining">{{cite web |title=Ghandgold Case |url=http://www1.american.edu/ted/ghangold.htm |url-status=dead |archive-url=https://web.archive.org/web/20150925103307/http://www1.american.edu/ted/ghangold.htm |archive-date=25 September 2015 |accessdate=1 August 2015}}</ref> The majority (58.7%) of the Ashanti Region's ] are ] without employees.<ref name="Gold Mining"/>


As in the past, Ashanti industrial minerals continue to make significant contributions to Ashanti’s economy.<ref name="The Historic And Present Importance Of Asante- Its Culture And Economy"/> The Ashanti inland valley and Kumasi Metropolitan Assembly is responsible for much of Ashanti's domestic ] and for the ] ] the Ashanti ] earns from cocoa, ] ]s, gold bar bullion, bauxite, manganese, various other ]s, and ].<ref name="The Historic And Present Importance Of Asante- Its Culture And Economy">{{cite web|url=http://asantekingdom.org/history/the-historic-and-present-importance-of-asante-its-culture-and-economy/|title=The Historic And Present Importance Of Asante- Its Culture And Economy|work=asantekingdom.org|access-date=1 August 2015|archive-url=https://web.archive.org/web/20150925070749/http://asantekingdom.org/history/the-historic-and-present-importance-of-asante-its-culture-and-economy/|archive-date=25 September 2015|url-status=dead}}</ref> Ashanti region with Kumasi metropolis produces 96% industrial minerals, specifically gold for Ashanti's 4 indigenous banks.<ref name="Meet-the-Press: Ashanti Region"/><ref name="Gold Mining"/> The Ashanti inland valley and Kumasi Metropolitan Assembly is responsible for much of Ashanti's domestic ] and for the ] ] the Ashanti ] earns from cocoa, ] ]s, gold bar bullion, bauxite, manganese, various other ]s, and ].<ref name="The Historic And Present Importance of Asante- Its Culture And Economy">{{cite web|url=http://asantekingdom.org/history/the-historic-and-present-importance-of-asante-its-culture-and-economy/|title=The Historic And Present Importance of Asante- Its Culture And Economy|work=asantekingdom.org|access-date=1 August 2015|archive-url=https://web.archive.org/web/20150925070749/http://asantekingdom.org/history/the-historic-and-present-importance-of-asante-its-culture-and-economy/|archive-date=25 September 2015|url-status=dead}}</ref>

The Ashanti region's overseas ]s exports accounted for 96% of the nation's total and Ashanti regions's major export commodities include manganese, bauxite, timber, hardwood, ], ], clay and limestone]] with traces of copper, platinum, lithium, tin, arsenic and mica, gold, cocoa, yam, and ] and ].


=== Resources and industrial minerals === === Resources and industrial minerals ===
The Ashanti Region's major exports include gold bars<ref name="Gold Mining"/><ref name="Mineral exploration & Mining industry"/> and manganese—there are manganese ores deposits estimated at over 1.7 million metric tonnes at Odumase near ], containing a manganese content of 19.7%,<ref name="Mineral exploration & Mining industry">{{cite web|url=http://www.drabeny.com/investments/mineral.php |title=Mineral exploration & Mining industry |work=drabeny.com |accessdate=1 August 2015}}</ref> and bauxite in which Ashanti region's bauxite ores reserves are estimated at over 600 million metric tonnes, over half of which are in ], estimated at over 350 million metric tonnes with a high content of ] and ].<ref name="Mineral exploration & Mining industry"/>
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| caption1 = Ashanti inland island ] of ] ] ] ] by the Ashanti Emperor ] ].
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Due to large gold deposits that are mined within international borders of Ashanti region along with capital Kumasi is among the wealthier nations and cities on continental Africa. Ashanti region's major exports include gold bars in which Ashanti region is endowed with large deposits of gold as Ashanti region is a top-10 gold producer on Earth,<ref name="Gold Mining"/><ref name="Mineral exploration & Mining industry"/> and manganese in which there are manganese ores deposits estimated at over 1.7 million metric tonnes at Odumase near ] in Ashanti region country as the Ashanti region ] deposits have manganese content of 19.7%,<ref name="Mineral exploration & Mining industry">{{cite web|url=http://www.drabeny.com/investments/mineral.php |title=Mineral exploration & Mining industry |work=drabeny.com |publisher= |date= |accessdate=1 August 2015}}</ref> and ] in which Ashanti region's bauxite ores reserves are estimated at over 600 million metric tonnes with large Bauxite reserves at ] estimated at over 350 million metric tonnes with a high content of ] and ],<ref name="Mineral exploration & Mining industry"/> other ] deposits of economic value found in Ashanti region include ], ] and ] with traces of copper, platinum, lithium, tin, arsenic and mica are also found in Ashanti region and Kumasi metropolitan,<ref name="Mineral exploration & Mining industry"/> ], ] and cocoa in which Ashanti region and Kumasi metropolis is the second-largest cocoa producer on Earth. The majority (58.7%) of Ashanti region's and Kumasi's workforce are ] without employees.<ref name="Gold Mining"/> Ashanti region and Kumasi metropolis produces 96% of Ghana's exports.<ref name="Meet-the-Press: Ashanti Region"/>


The mining sector of the Ashanti region is predominated by gold mining with Ashanti region possessing an array of ]s concessions and vast gold deposits as the Ashanti region private-] revenues including ] revenues is estimated to be ]4.3 trillion (]4,394,000,000,000) annually from gold mining with over 90% of the countries gold mining-output originates from ] and ] and ] and ] in the Ashanti region.<ref name="Gold Mining"/> However, an increasing portion of Ashanti region's remaining 10% of gold mining-output is from ] as means of ] in Ashanti region as the majority (58.7%) of the Ashanti region workforce are self-employed without employees.<ref name="Gold Mining"/> Following a legislation legalizing unregistered gold mining (referred to as ] in Ashanti region) there has been a large increase in the number of ] operations as means of ] in Ashanti region which do not extract gold in such environmentally friendly ways.<ref name="Gold Mining"/> The legislation was enacted to prevent illegal gold extraction which it claimed constituted 20% of Ashanti region's total gold mining-output and thus a major decrease in the Ashanti region's potential revenues from gold mining.<ref name="Gold Mining"/> Ashanti region mining sector includes manganese mining, bauxite mining, timber logging for Ashanti region domestic ] and ] as means of ] in Ashanti region as the majority (58.7%) of the Ashanti region workforce are self-employed without employees.<ref name="Gold Mining"/> Other mineral deposits of economic value found in Ashanti region include ], ], ] and ].<ref name="Meet-the-Press: Ashanti Region"/> Traces of copper, platinum, lithium, tin, arsenic and mica are also found in Ashanti region.<ref name="Meet-the-Press: Ashanti Region"/> Ashanti region is a top-10 largest gold producer on Earth.<ref name="Gold Mining"/> The mining sector of the Ashanti Region is predominated by gold mining with Ashanti region possessing an array of ]s concessions and vast gold deposits as the Ashanti region private ] revenues, including ], is estimated to be ₵4.3 trillion annually from gold mining with over 90% of the countries gold mining-output coming.<ref name="Gold Mining" /> However, an increasing portion of Ashanti region's remaining 10% of gold mining-output is from ] as means of ] in Ashanti region as the majority (58.7%) of the Ashanti region workforce are self-employed without employees.<ref name="Gold Mining" /> After galemsey was legalized, there has been a large increase in the number of ] operations as a means of ], many of which do not extract gold in environmentally-friendly ways.<ref name="Gold Mining" /> The legislation was enacted to prevent illegal gold extraction which it claimed constituted 20% of the Ashanti Region's total gold mining-output and thus a major decrease in the Ashanti region's potential revenues from gold mining.<ref name="Gold Mining" />
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=== Industrial Agriculture === === Industrial agriculture ===
] and ]; Ashanti region is the second-largest ] producer on Earth]]
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] production is mainly undertaken for household consumption in the Ashanti Region, despite the huge demand for food by the large and relatively affluent Ashanti capital Kumasi metropolis urban populace.<ref name="Overview: Agricultural Sector in the Ashanti region">{{cite web |title=Overview: Agricultural Sector in the Ashanti region |url=http://investinkumasi.com/overview-agricultural-sector-in-the-ashanti-region |url-status=dead |archive-url=https://web.archive.org/web/20170204052315/http://investinkumasi.com/overview-agricultural-sector-in-the-ashanti-region |archive-date=4 February 2017 |accessdate=1 August 2015 |work=investinkumasi.com}}</ref><ref name="Kumasi Metropolis Agricultural Extension"/> The region's centrality helped define its role as a major market for ].<ref name="Kumasi Metropolis Agricultural Extension">{{cite web |url=http://www.kma.ghanadistricts.gov.gh/?arrow=atd&_=6&sa=5499 |title=Kumasi Metropolis Agricultural Extension |work=] |accessdate=1 August 2015 }}{{Dead link|date=August 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> The Ashanti Region main foods include ], ], ], ], ], ], ], ], ]s and other ]s and ]s.<ref name="Meet-the-Press: Ashanti Region">{{cite web |title=Meet-the-Press: Ashanti Region |url=http://www.modernghana.com/news/29188/1/meet-the-press-ashanti-region.html |accessdate=1 August 2015}}</ref><ref name="Overview: Agricultural Sector in the Ashanti region"/> ]es also thrive well in Nsuta near Mampong. Ashanti Region ]s include cocoa, ], tobacco, ], ], ], ], ]es, ], ]s, ]s, ]s and ]es.<ref name="Overview: Agricultural Sector in the Ashanti region"/>
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Agricultural production in Ashanti is a major contributor to Ashanti region and national economy. ] production is mainly undertaken for household consumption in Ashanti region and Kumasi metropolis, despite the huge demand for food by the large and relatively affluent Ashanti capital Kumasi metropolis urban populace.<ref name="Overview: Agricultural Sector in the Ashanti region"/><ref name="Kumasi Metropolis Agricultural Extension"/> Therefore, Ashanti's and Kumasi metropolis' modern agricultural activity on a large scale finds a ready large urban market demand for food produce in Kumasi metropolis and Ashanti region country.<ref name="Meet-the-Press: Ashanti Region"/> Ashanti region and Kumasi's centrality has been a significant factor in defining its role as a major market for ] from the hinterland of Ashanti region.<ref name="Meet-the-Press: Ashanti Region"/><ref name="Kumasi Metropolis Agricultural Extension">{{cite web |url=http://www.kma.ghanadistricts.gov.gh/?arrow=atd&_=6&sa=5499 |title=Kumasi Metropolis Agricultural Extension |work=] |publisher= |date= |accessdate=1 August 2015 }}{{Dead link|date=August 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> Kumasi's strategic location within Ashanti region has also endowed it with the status of the principal trucking terminal, and assured its pivotal role in the vast and profitable distribution of goods across the Ashanti region country.<ref name="Meet-the-Press: Ashanti Region"/><ref name="Overview: Agricultural Sector in the Ashanti region"/><ref name="Kumasi Metropolis Agricultural Extension"/> The impact of these on the structure of Kumasi metropolis has been the creation of a strong commercial centre covering Kejetia, Adum, Asafo and parts of Bantama in Ashanti's capital Kumasi metropolis.<ref name="Meet-the-Press: Ashanti Region"/> Ashanti region and Kumasi metropolis has abundant food supplies to feed its population.<ref name="Meet-the-Press: Ashanti Region"/> These Ashanti region and Kumasi metropolis food supplies include ], ], ], ], ], ], ], ], ]s and other ]s and ]s.<ref name="Meet-the-Press: Ashanti Region"/><ref name="Overview: Agricultural Sector in the Ashanti region"/> ]es also thrive well in Nsuta near Mampong in Ashanti region country. Kumasi metropolis and Ashanti region ]s grown include cocoa, ], tobacco, ], ], ] and ], ]es, ], ]s, ]s, ]s, ]es, and many ]s.<ref name="Meet-the-Press: Ashanti Region"/><ref name="Overview: Agricultural Sector in the Ashanti region"/>·Ashanti region and Kumasi Metropolis has a large number of ] industries including Darko Farms, Mfum Farms, Asamoah Yamoah Farms, Asare Farms and many others and Ashanti region with Kumasi metropolis also has large ]mills.<ref name="Meet-the-Press: Ashanti Region"/> Ashanti region with Kumasi metropolis is the second-largest ] producer on Earth and Ashanti region is the second-largest producer on Earth and Ashanti region with Kumasi metropolis is the second-largest cocoa producer on Earth.<ref name="Meet-the-Press: Ashanti Region"/><ref name="Overview: Agricultural Sector in the Ashanti region">{{cite web|url=http://investinkumasi.com/overview-agricultural-sector-in-the-ashanti-region |title=Overview: Agricultural Sector in the Ashanti region|work=investinkumasi.com |publisher= |date= |accessdate=1 August 2015}}</ref>
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{{wide image|Lake Bosumtwi Panorama.jpg|900px|align-cap=center|] of ] ] (also spelled Bosomtwe) situated within an ancient ] ], is approximately 8 kilometres (5.0 mi) across and the only natural lake in Ashanti. There is a plentiful supply of ] in Lake Bosumtwi, which is located just southeast of Kumasi.<ref name="Profitability Analysis">{{cite web|url=https://www.researchgate.net/publication/258235051|title=Profitability Analysis of all-male Tilapia Farming in Sekyere South and Bosomtwe Districts of Ashanti Region|type=PDF|work=researchgate.net |accessdate=1 August 2015}}</ref><ref name="Ashanti Academic Showcase">{{cite web|url=https://nd.digication.com/ajani_crosley/Ashanti|title=Ashanti Academic Showcase|work=nd.digication.com}}</ref> There are about 30 ]s (]s) near ] ], with a combined population of about 70,000 Ashanti people. Lake Bosumtwi is an economic and popular ] area with Ashanti people for ], ] and ].}}<!---->

===Aquaculture and fishing===
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| caption2 = ] ] in Subin sub-metro of Kumasi Metropolitan Assembly, Ashanti region inland island.
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Ashanti region has a significant aquaculture industry and fishing industry. Products for local consumption and export include Western ], tilapia, rock lobsters, ]s, ]s, ] ] (]) and ]. Processing is conducted along the ] of ] and Ashanti region's eastern ] coast. The main fish species cultivated in Ashanti region are ] (Oreochromis niloticus) and ] (Clarias gariepinus). Tilapia species represent over 90 percent of farmed fish production. Pond ] is the main production system in terms of number of farms, and is mainly small scale and semi-intensive. However, in the last five to seven years the dominant culture system for tilapia production has changed, and the vast majority of tilapia is now farmed intensively in cages in Lake Volta. ] production increased from 950 metric tons in 2004 to over 27,000 metric tons in 2012. This growth is due mainly to increased production from a small number of large-scale cage farms (]s). Overall, cage farms currently account for less than 2 percent of farms by number but much more by production. In 2012, for example, aquaculture production from cages was over 24,000 metric tons compared to less than 2,000 metric tons from ]s and ]s. The growth in aquaculture production is also attributed to increased availability of quality ] and feed for fish production. The number of private ], which currently produce the majority of fingerlings in Ashanti region, has increased in recent years as a result of the rapid growth of cage farming (]). The establishment of a ]s in Ashanti region in 2011, has greatly improved the reliability and availability of feed supply to ]s in Ashanti region.<ref name="Tilapia Farming">{{cite web|url=http://pdacrsp.oregonstate.edu/WAS/Amisah.pdf|title=Tilapia Farming|type=PDF|work=pdacrsp.oregonstate.edu |accessdate=1 August 2015}}</ref><ref name="Profitability Analysis">{{cite web|url=https://www.researchgate.net/publication/258235051_Profitability_Analysis_of_all-male_Tilapia_Farming_in_Sekyere_South_and_Bosomtwe_Districts_of_Ashanti_Region|title=Profitability Analysis of all-male Tilapia Farming in Sekyere South and Bosomtwe Districts of Ashanti Region|type=PDF|work=researchgate.net |accessdate=1 August 2015}}</ref>
{{wide image|Lake Bosumtwi Panorama.jpg|900px|align-cap=center|] of ] ] (also spelled Bosomtwe) situated within an ancient ] ], is approximately 8 kilometres (5.0 mi) across and the only natural lake in Ashanti. There is a plentiful supply of ] in Lake Bosumtwi, which is located just southeast of Kumasi.<ref name="Profitability Analysis">{{cite web|url=https://www.researchgate.net/publication/258235051_Profitability_Analysis_of_all-male_Tilapia_Farming_in_Sekyere_South_and_Bosomtwe_Districts_of_Ashanti_Region|title=Profitability Analysis of all-male Tilapia Farming in Sekyere South and Bosomtwe Districts of Ashanti Region|type=PDF|work=researchgate.net |accessdate=1 August 2015}}</ref><ref name="Ashanti Academic Showcase">{{cite web|url=https://nd.digication.com/ajani_crosley/Ashanti|title=Ashanti Academic Showcase|work=nd.digication.com}}</ref> There are about 30 ]s (]s) near ] ], with a combined population of about 70,000 Ashanti people. Lake Bosumtwi is an economic and popular ] area with Ashanti people for ], ] and ].}}

=== Manufacturing ===
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Ashanti region with Kumasi metropolis has 99% of the ] of Ghana, and the Kaasai Industrial Area in Kumasi metropolis plays an important role in the Ashanti region and Kumasi metropolis ] with the Kumasi metropolis submetro Suame's renowned Suame Magazine amiable indigenous automobile and light industrial hub where small engineering based industries are sited is recognised as an efficient mechanical and electrical and car body building workshop,<ref name="Meet-the-Press: Ashanti Region"/> and ] contributes immensely to the engineering based industries economy of Kumasi metropolis as Suame Magazine is the largest industrial area in Kumasi metropolis.<ref name="Kumasi Metropolis Economy"/> Ashanti region capital Kumasi is renowned for its local enterprise and artisan skills, particularly in the areas of ]-making and vehicle engineering.<ref name="Meet-the-Press: Ashanti Region"/> Woodwork, leatherwork and textile production (especially the traditional 'kente' cloth) are established skills amongst the Ashanti region local population.<ref name="Meet-the-Press: Ashanti Region"/> Significant non-traditional skills are also present in Ashanti region capital Kumasi’s workforce, for example the broad range of metalworking shops within the 'Suame Magazine'.<ref name="Meet-the-Press: Ashanti Region"/> Ashanti automobile company ] mass-manufactures various brands of Kantanka zero-carbon ] contributing to Kumasi metropolis as a ] with a ] at the Ashanti automobile company Kantanka major automobile assembly plant situated in Kumasi which mass-manufactures the various brands of Kantanka vehicles as well as Kantanka ]s (]) and ] diversified ] ] including various ] for Kumasi metropolis ]s and Ashanti region consumers.<ref name="Updates on Kwadwo Safo's Works">{{cite web|url=http://www.kumatoo.com/kwadwo_safo.html|title=Updates on Kwadwo Safo's Works|work=kumatoo.com|date=3 January 2014|accessdate=1 August 2015|url-status=dead|archiveurl=https://web.archive.org/web/20160118061830/http://www.kumatoo.com/kwadwo_safo.html|archivedate=18 January 2016|df=dmy-all}}</ref>

===Energy production===
] in Kumasi the capital of Ashanti region]]
Ashanti region's capital Kumasi metropolis has 5 ] bulk supply points with 231 kilometers of ]s and 140.6 kilometers underground cables as the status of ] supply from the Kumasi metropolis grid to the 10 submetros of the Kumasi metropolis is generally good.<ref name="Kumasi Metropolis Economy"/> Ashanti region's ] is fueled by ] from Ashanti regions vast ] deposits and ]s and ] are prevalent in Kumasi metropolis and Ashanti region as ] technology is a major energy source to ] in Kumasi metropolis and Ashanti region with solar energy being a major contributor of ] in Kumasi metropolis and Ashanti region contributing to Kumasi metropolis as a ] with a ].<ref name="Kumasi Metropolis Economy"/>

===Commerce===
Much of the shopping and trading activity in Ashanti region takes place at capital Subin sub-metro Kumasi's ] ] and Adum.<ref name="Kumasi Metropolis Economy"/> Ashanti region's capital Subin sub-metro Kumasi metropolis Palace Stores ]s fully occupied by ]s dealing in every conceivable product with Kumasi metropolis ]s and additional Palace Stores hypermarkets in modern ]s and ]s.<ref name="Kumasi Metropolis Economy"/>


== Economic history == == Economic history ==

=== Foundation (1670 to 1957) === === Foundation (1670 to 1957) ===
The Ashanti people prepared the fields by burning before the rainy season and cultivated with an iron ].<ref name="Davidson (1991)">Davidson (1991), p. 240.</ref>{{Full citation needed|date=January 2024}}<ref name="Collins and Burns (2007)">Collins and Burns (2007), pp. 140–141.</ref>{{Full citation needed|date=January 2024}} Fields are left fallow for usually two to four years after cultivation. ] and corn are New World transplants introduced during the ].<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/> Many of these vegetable crops could be harvested twice a year. The Ashanti transformed ], maize and millet into ], and made use of the oil from palm for many culinary and domestic uses. ] and ] throughout the Ashanti Kingdom were maintained via a network of well-kept roads from the Ashanti Kingdom to the ] while linking other trade cities together. The Ashanti people invented the ], an Asante ], and the ].<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/>
{{multiple image
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The lands within the Ashanti Region are also rich in both land-soil gold and river-gold, cocoa and ]s, and the Ashanti were soon trading with the ] at coastal fort '']''.<ref></ref> The Ashanti people prepared the fields by burning before the onset of the rainy season and cultivated with an iron ].<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/> Fields are left fallow for a couple years, usually after two to four years of cultivation.<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/> Plants cultivated include ]s, ], ], ], ], ]es, ], ]s, ]s, ]s, ]es, and many ]s.<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/> Manioc and corn are New World transplants introduced during the ].<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/> Many of these ] crops could be harvested twice a year and the ] (manioc), after a two-year growth, provides a starchy root.<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/> The Ashanti transformed ], maize and millet into ], a favorite drink; and made use of the oil from palm for many culinary and domestic uses.<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/> Infrastructure such as ] and ] throughout the Ashanti Kingdom was maintained via a network of well-kept ]s from the Ashanti Kingdom to the ] and linking together other trade cities.<ref name="Davidson (1991)">Davidson (1991), p. 240.</ref><ref name="Collins and Burns (2007)">Collins and Burns (2007), pp. 140&ndash;141.</ref> The Ashanti people invented the ], an Asante ], and the Ashanti also invented the ].<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/> The Ashanti people drummed messages to the extents of over 200&nbsp;miles (321.8&nbsp;kilometers), as rapidly as a ].<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/> ] (]) the language of the Ashanti people is tonal and more meaning is generated by tone.<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/> The drums reproduced these tones, punctuations, and the accents of a phrase so that the cultivated ear hears the entirety of the phrase itself.<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/> The Ashanti people readily heard and understood the phrases produced by these “talking drums”.<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/> Standard phrases called for meetings of the chiefs or to arms, warned of danger, and broadcast announcements of the death of important figures.<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/> Some drums were used for ]s and ceremonial presentations.<ref name="Davidson (1991)"/><ref name="Collins and Burns (2007)"/>


=== Post War era (1957 to present) === === Post-war era (1957 to present) ===
The predominant means of travel within Ashanti region and Kumasi metropolis is by road. Ashanti capital Kumasi metropolis has been planned with ]s and ]s. Kumasi's metropolitan road network is radial, with Kejetia and Adum being the hub of the network.<ref name="Kumasi Metropolis Economy" />
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Alex Lu is the global manager of ] ] indigenous ] corporation ] specializing in ] and ].
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The Post-War Period saw sustained growth in the Ashanti region economy. Ashanti region has abundant food supplies to feed its Ashanti population.<ref name="Meet-the-Press: Ashanti Region"/> These food supplies include plantain, maize, cassava, cocoa, yam, vegetables and other cereals and legumes. Irish potatoes also thrive well in Nsuta near Mampong. The industrial crops grown include cocoa, oil palm, tobacco, bast fibre, cotton, citrus and cashew.<ref name="Meet-the-Press: Ashanti Region"/>·Ashanti region has a large number of poultry industries including Darko Farms, Mfum Farms, Asamoah Yamoah Farms, Asare Farms and many others and Ashanti region also has large poultry feedmills.<ref name="Meet-the-Press: Ashanti Region"/> Ashanti region is the second-largest ] producer on Earth and Ashanti region is the second-largest producer on Earth.<ref name="Meet-the-Press: Ashanti Region"/> The Ashanti automobile company ] mass-manufactures various brands of Kantanka zero-carbon ] at the Ashanti automobile company Kantanka major automobile assembly plant in Kumasi mass-manufactures the various brands of Kantanka vehicles as well as Kantanka robots (robotics) and ] diversified ] ] including various ] for Ashanti region ]s.<ref name="Updates on Kwadwo Safo's Works"/> Ashanti capital Kumasi has an ongoing proposed large-scale ] ] project to house the entire 1 million Ashanti population of 11 million. Thus, as much as 92.5 percent of real estate activities, 90.2 percent of financial and insurance activities, 85.8 percent of air conditioning supply; and 85.7 percent of professional scientific and technical activities are concentrated in Adum of capital city Subin sub-metro in ].<ref name="Kumasi Metropolis Economy"/>


The ]'s railway lines and train service has been suspended for several years because of damaged tracks, bridges and locomotives. Currently, no train is running from and to Ashanti capital Kumasi due to the collapse of the Railway Corporation some years back. A$6&nbsp;billion project to upgrade the railways, was due to start in 2011 as the project is yet to be completed.<ref>{{cite web |date=30 November 2010 |title=Signing of railway contract |url=http://www.ghananewslink.com/index.php?id=10515 |url-status=dead |archive-url=https://web.archive.org/web/20110611162453/http://www.ghananewslink.com/index.php?id=10515 |archive-date=11 June 2011 |accessdate=1 August 2015}}</ref> The construction of the ] in Ashanti region, about {{convert|25|km|mi}} away from the Subin submetro of Kumasi was expected to be completed in 2015.<ref>{{cite web|title=Baonkra Inland Port Project, stuck?|url=http://www.kapital971.com/news/baonkra-inland-port-project-stuck-/|work=Kapital News|publisher=Kapital Radio 97.1 FM|accessdate=1 August 2015|date=7 February 2011|url-status=dead|archiveurl=https://web.archive.org/web/20120118033549/http://www.kapital971.com/news/baonkra-inland-port-project-stuck-|archivedate=18 January 2012}}</ref>{{clear|right}}
Ashanti region and capital Kumasi metropolis is served by ] which the ]s caters mostly only for ]s and ] to and from Ashanti region and capital Subin sub-metro of Kumasi metropolis.<ref name="Kumasi Metropolis Economy"/> As of May 2014 authorize indigenous domestic ]s that serviced Kumasi ] included ], ] and ]. Kumasi military airport has completed undergoing construction to allow for night operations and access to and from the Kumasi military airport is excellent.<ref name="Kumasi Metropolis Economy"/>

The predominant means of travel within Ashanti region and Kumasi metropolis is by use of the road. Ashanti capital Kumasi metropolis has been planned with ]s and ]s the roads that link the arterial road network and ]s in which are the roads that link residences to the collector roads and within the ten submetros of Kumasi metropolis.<ref name="Kumasi Metropolis Economy"/> Ashanti region capital Kumasi metropolis has a 1700&nbsp;km of road network infrastructure which include a few Ashanti regional highways such as the ] and ].<ref name="Kumasi Metropolis Economy"/> Ashanti capital Kumasi metropolis road transportation has been dominant in Kumasi since road transport accounts for the majority of the daily movements of goods and persons within Ashanti region and apital Kumasi metropolis.<ref name="Kumasi Metropolis Economy"/> Ashanti region capital Kumasi metropolis road network is radial with Kejetia and Adum being the hub of the network.<ref name="Kumasi Metropolis Economy"/> All the Kumasi metropolis major ]s radiate from the Kejetia/Adum area, which forms the core of the Ashanti region capital Kumasi metropolis ] (CBD).<ref name="Kumasi Metropolis Economy"/>

Ashanti region capital ]'s ] ] lines and train service has been suspended for several years because of damaged track, bridges and locomotives. Currently, no train is running from and to Ashanti capital Kumasi due to the collapse of the Railway Corporation some years back. A $6&nbsp;billion project to upgrade the railways, was due to get underway in 2011 as the project is yet to be completed.<ref>{{cite web|title=Signing of railway contract|url=http://www.ghananewslink.com/index.php?id=10515|publisher=|accessdate=1 August 2015|date=30 November 2010}}</ref> The construction of the ] in Ashanti region, about {{convert|25|km|mi}} away from the Ashanti region Subin submetro of Kumasi metropolis is expected to be completed in 2015.<ref>{{cite web|title=Baonkra Inland Port Project, stuck?|url=http://www.kapital971.com/news/baonkra-inland-port-project-stuck-/|work=Kapital News|publisher=Kapital Radio 97.1 FM|accessdate=1 August 2015|date=7 February 2011|url-status=dead|archiveurl=https://web.archive.org/web/20120118033549/http://www.kapital971.com/news/baonkra-inland-port-project-stuck-|archivedate=18 January 2012|df=dmy-all}}</ref>{{clear|right}}


== References == == References ==
{{reflist|2}} {{reflist}}


{{Ashanti topics|expanded}} {{Ashanti topics|expanded}}


{{DEFAULTSORT:Economy of Ashanti Region}}
{{Use dmy dates|date=August 2015}}

{{DEFAULTSORT:Economy Of Ashanti Region}}
] ]
] ]

Latest revision as of 04:47, 3 August 2024

This article is about the economy of the Ashanti Region. For the economy of the Ashanti Empire, see Economy of the Ashanti Empire.

Economy of Ashanti
Gold mining in Ashanti (Ashanti Region): Gold bars, manganese, bauxite, timber and cocoa are a few of Ashanti's leading export commodities
CurrencyGhanaian Cedi
Statistics
All values, unless otherwise stated, are in US dollars.

The economy of the Ashanti Region in southern Ghana is largely self-sufficient, being driven by its service sector as well as by natural resources. The region is also known for its production of manganese, bauxite and agricultural commodities such as cocoa and yam, with the region having low levels of taxation and without much need for foreign direct investment. The Ashanti Region spans an area of 24,389 km, and according to the 2000 census, the region had a population of 3,612,950, most of whom (94.2%) were ethnic Akans, of whom 82.9% were ethnic Ashanti. The capital of the region is Kumasi, which with a population of 2,069,350 as of 2013 represents a high level of urbanisation within the state.

Social Security and National Insurance Trust (SSNIT) headquarters

Structure

Overview

The Ashanti Region's economy is largely driven by the extraction and processing of a various industrial mineral and agricultural commodities. The economy is closely linked to the abundance of natural resources found in Ashanti region, providing a comparative advantage in resource extraction and processing. As a consequence:

  • Kumasi metropolis's main occupations are professional ones, such as services and manufacturing, which account as much as 92.5% of Ashanti region's real estate activities, 90.2% of financial and insurance activities, 85.8% of air conditioning supply; and 85.7% of professional scientific and technical activities are concentrated in the area. It is predominantly a commerce/trade service economy inclusive with an employment level of 71% and this being followed by industry with an employment level of 24% and agriculture with an employment level of 5%.
  • Gross regional product increased from ₵172 billion ($47.7 billion) in 2007–2008 to ₵1.06 trillion ($296.1 billion) in 2014–15 with a nominal gross domestic product per person of $26,922 (₵97,005).
Ashanti 4 state-owned indigenous banks
Institution Location(s)
GN Bank Adum, Subin sub-metro,
Kumasi Metropolitan Assembly
Capital Bank Adum, Subin sub-metro,
Kumasi Metropolitan Assembly
UniBank Adum, Subin sub-metro,
Kumasi Metropolitan Assembly
The Royal Bank Adum, Subin sub-metro,
Kumasi Metropolitan Assembly

The Ashanti ethnic group is wealthy due to large gold deposits mined within the international borders of the Ashanti Region. The Kumasi metropolis' major processing and exports for Ashanti region are gold bullion, and is considered to be one of the top gold producers on Earth. The majority (58.7%) of the Ashanti Region's workforce are self-employed without employees.

The Ashanti inland valley and Kumasi Metropolitan Assembly is responsible for much of Ashanti's domestic food production and for the international trade foreign exchange the Ashanti ethnarch earns from cocoa, industrial agriculture cash crops, gold bar bullion, bauxite, manganese, various other industrial minerals, and timber.

Resources and industrial minerals

The Ashanti Region's major exports include gold bars and manganese—there are manganese ores deposits estimated at over 1.7 million metric tonnes at Odumase near Konongo, containing a manganese content of 19.7%, and bauxite in which Ashanti region's bauxite ores reserves are estimated at over 600 million metric tonnes, over half of which are in Nyinahim, estimated at over 350 million metric tonnes with a high content of aluminium and silica.

The mining sector of the Ashanti Region is predominated by gold mining with Ashanti region possessing an array of gold mines concessions and vast gold deposits as the Ashanti region private gold mining revenues, including galamsey, is estimated to be ₵4.3 trillion annually from gold mining with over 90% of the countries gold mining-output coming. However, an increasing portion of Ashanti region's remaining 10% of gold mining-output is from small-scale miners as means of self-employment in Ashanti region as the majority (58.7%) of the Ashanti region workforce are self-employed without employees. After galemsey was legalized, there has been a large increase in the number of small-scale mining operations as a means of self-employment, many of which do not extract gold in environmentally-friendly ways. The legislation was enacted to prevent illegal gold extraction which it claimed constituted 20% of the Ashanti Region's total gold mining-output and thus a major decrease in the Ashanti region's potential revenues from gold mining.

Industrial agriculture

Theobroma Cacao and Cacao; Ashanti region is the second-largest cocoa producer on Earth

Industrial agricultural production is mainly undertaken for household consumption in the Ashanti Region, despite the huge demand for food by the large and relatively affluent Ashanti capital Kumasi metropolis urban populace. The region's centrality helped define its role as a major market for agricultural produce. The Ashanti Region main foods include cooking plantain, rice, maize, wheat, cassava, taro-cocoyam, pineapple, yam, vegetables and other cereals and legumes. Irish potatoes also thrive well in Nsuta near Mampong. Ashanti Region industrial crops include cocoa, palm oil, tobacco, bast fibre, cotton, citrus, cashew, sweet potatoes, millet, beans, onions, peanuts and tomatoes.

Panorama of Crater Lake Lake Bosumtwi (also spelled Bosomtwe) situated within an ancient meteorite impact crater, is approximately 8 kilometres (5.0 mi) across and the only natural lake in Ashanti. There is a plentiful supply of fish in Lake Bosumtwi, which is located just southeast of Kumasi. There are about 30 villages (human settlements) near Crater Lake Lake Bosumtwi, with a combined population of about 70,000 Ashanti people. Lake Bosumtwi is an economic and popular resort area with Ashanti people for fishing, swimming and boating.

Economic history

Foundation (1670 to 1957)

The Ashanti people prepared the fields by burning before the rainy season and cultivated with an iron hoe. Fields are left fallow for usually two to four years after cultivation. Manioc and corn are New World transplants introduced during the Atlantic slave trade. Many of these vegetable crops could be harvested twice a year. The Ashanti transformed palm wine, maize and millet into beer, and made use of the oil from palm for many culinary and domestic uses. Road transport and communication throughout the Ashanti Kingdom were maintained via a network of well-kept roads from the Ashanti Kingdom to the Niger River while linking other trade cities together. The Ashanti people invented the Fontomfrom, an Asante talking drum, and the Akan Drum.

Post-war era (1957 to present)

The predominant means of travel within Ashanti region and Kumasi metropolis is by road. Ashanti capital Kumasi metropolis has been planned with arterial roads and collector roads. Kumasi's metropolitan road network is radial, with Kejetia and Adum being the hub of the network.

The Kumasi Metropolitan Assembly's railway lines and train service has been suspended for several years because of damaged tracks, bridges and locomotives. Currently, no train is running from and to Ashanti capital Kumasi due to the collapse of the Railway Corporation some years back. A$6 billion project to upgrade the railways, was due to start in 2011 as the project is yet to be completed. The construction of the Boankra Inland Port in Ashanti region, about 25 kilometres (16 mi) away from the Subin submetro of Kumasi was expected to be completed in 2015.

References

  1. ^ "Kumasi Metropolis Economy". Kumasi Metropolitan Assembly. Archived from the original on 28 September 2015. Retrieved 1 August 2015.
  2. "Ashanti Region CEPS targets 172 billion cedis in revenue this year". Retrieved 1 August 2015.
  3. ^ "Ghandgold Case". Archived from the original on 25 September 2015. Retrieved 1 August 2015.
  4. "The Historic And Present Importance of Asante- Its Culture And Economy". asantekingdom.org. Archived from the original on 25 September 2015. Retrieved 1 August 2015.
  5. ^ "Mineral exploration & Mining industry". drabeny.com. Retrieved 1 August 2015.
  6. ^ "Overview: Agricultural Sector in the Ashanti region". investinkumasi.com. Archived from the original on 4 February 2017. Retrieved 1 August 2015.
  7. ^ "Kumasi Metropolis Agricultural Extension". Kumasi Metropolitan Assembly. Retrieved 1 August 2015.
  8. "Meet-the-Press: Ashanti Region". Retrieved 1 August 2015.
  9. "Profitability Analysis of all-male Tilapia Farming in Sekyere South and Bosomtwe Districts of Ashanti Region". researchgate.net (PDF). Retrieved 1 August 2015.
  10. "Ashanti Academic Showcase". nd.digication.com.
  11. ^ Davidson (1991), p. 240.
  12. ^ Collins and Burns (2007), pp. 140–141.
  13. "Signing of railway contract". 30 November 2010. Archived from the original on 11 June 2011. Retrieved 1 August 2015.
  14. "Baonkra Inland Port Project, stuck?". Kapital News. Kapital Radio 97.1 FM. 7 February 2011. Archived from the original on 18 January 2012. Retrieved 1 August 2015.
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