COMPONENTS OF OUR NATIONAL SOCIO-ECONOMIC LIFE

The national socio-economic life of every country revolves around three sectors. These are:

1. The primary sector.
2. The secondary sector
3. The tertiary sector 


PRIMARY SECTOR

The primary sector basically deals with the extraction of resources from the natural environment.  The extracted resources are in their raw form or state. agriculture, mining, lumbering etc are some activities in the performed in the primary sector. The primary sector employs more people than any of other sectors.


BENEFITS OF THE PRIMARY SECTOR TO THE ECONOMY OF GHANA
1. Creation of employment opportunities
2. Supply of raw materials
3. Provision of food supply
4. It serves as a source of foreign exchange
5. A source of raw material to the industrial sector
6. It serves as a market for the industrial products


PROBLEMS FACING THE PRIMARY SECTOR
1. Poor road network
2. Inadequate storage facilities
3. Pest and diseases
4. Competition from imported foreign goods
5. Inadequate labour
6. Difficulty in marketing
7. Over reliance on the weather
8. Land tenure system
9. Financial difficulties


ENHANCING EFFICIENCY IN THE PRIMARY SECTOR
1. Adopting modern technology
2. Improved road network
3. Provision of adequate storage facilities
4. Ensuring easy access to loans
5. Adopting irrigation system


THE SECONDARY SECTOR

This sector comprises the manufacturing or processing aspect of the economy which makes use of raw materials and other products to produce final goods and services. 

IMPORTANCE OR BENEFITS OF THE SECONDARY SECTOR
1. Provision of employment
2. Provision of foreign exchange
3. A source of industrial raw material
4. Diversification of the economy
5. Generation of revenue


PROBLEMS OF THE SECONDARY SECTOR
1. Inadequate credit facility
2. Inadequate technology
3. Problems of input
4. High cost of power
5. Depreciation of the currency


MEASURES TO PROMOTE THE DEVELOPMENT OF THE SECONDARY SECTOR
1. Encouraging the use of modern technology
2. Provision of  credit facilities
3. Encouraging the establishment of manufacturing industries
4. Liberalizing tax regime for industries
5. Encouraging public private partnership 


THE TERTIARY SECTOR

The tertiary sector involves the provision of services which will ensure the effective use of the primary and secondary activities. Activities in the tertiary sector include banking, insurance, health, trade, transport and many more.

BENEFITS OF THE TERTIARY SECTOR
1. Generation of revenue
2. Distribution of goods and services to customers
3. Provision of employment
4. Provision of foreign exchange
5. Helping to utilize human resources

PROBLEMS FACING THE TERTIARY OR SERVICE SECTOR
1. Poor working  condition
2. Inadequate education
3. Inadequate training facilities
4. Brain drain