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Ghana vs. Cote d'Ivoire

Economy

GhanaCote d'Ivoire
Economy - overview

Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region, and Ghana is endowed with natural resources. Ghana's economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency.

Agriculture accounts for about 20% of GDP and employs more than half of the workforce, mainly small landholders. Gold, oil, and cocoa exports, and individual remittances, are major sources of foreign exchange. Expansion of Ghana's nascent oil industry has boosted economic growth, but the fall in oil prices since 2015 reduced by half Ghana's oil revenue. Production at Jubilee, Ghana's first commercial offshore oilfield, began in mid-December 2010. Production from two more fields, TEN and Sankofa, started in 2016 and 2017 respectively. The country's first gas processing plant at Atuabo is also producing natural gas from the Jubilee field, providing power to several of Ghana's thermal power plants.

As of 2018, key economic concerns facing the government include the lack of affordable electricity, lack of a solid domestic revenue base, and the high debt burden. The AKUFO-ADDO administration has made some progress by committing to fiscal consolidation, but much work is still to be done. Ghana signed a $920 million extended credit facility with the IMF in April 2015 to help it address its growing economic crisis. The IMF fiscal targets require Ghana to reduce the deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, boosting tax revenues, and improving the health of Ghana's banking sector. Priorities for the new administration include rescheduling some of Ghana's $31 billion debt, stimulating economic growth, reducing inflation, and stabilizing the currency. Prospects for new oil and gas production and follow through on tighter fiscal management are likely to help Ghana's economy in 2018.

For the last 5 years Cote d'Ivoire's growth rate has been among the highest in the world. Cote d'Ivoire is heavily dependent on agriculture and related activities, which engage roughly two-thirds of the population. Cote d'Ivoire is the world's largest producer and exporter of cocoa beans and a significant producer and exporter of coffee and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products and to climatic conditions. Cocoa, oil, and coffee are the country's top export revenue earners, but the country has targeted agricultural processing of cocoa, cashews, mangoes, and other commodities as a high priority. Mining gold and exporting electricity are growing industries outside agriculture.

Following the end of more than a decade of civil conflict in 2011, Cote d'Ivoire has experienced a boom in foreign investment and economic growth. In June 2012, the IMF and the World Bank announced $4.4 billion in debt relief for Cote d'Ivoire under the Highly Indebted Poor Countries Initiative.

GDP (purchasing power parity)$164.64 billion (2019 est.)

$154.623 billion (2018 est.)

$145.509 billion (2017 est.)

note: data are in 2017 dollars
$134.048 billion (2019 est.)

$126.185 billion (2018 est.)

$118.051 billion (2017 est.)

note: data are in 2017 dollars
GDP - real growth rate8.4% (2017 est.)

3.7% (2016 est.)

3.8% (2015 est.)
7.8% (2017 est.)

8.3% (2016 est.)

8.8% (2015 est.)
GDP - per capita (PPP)$5,413 (2019 est.)

$5,194 (2018 est.)

$4,997 (2017 est.)

note: data are in 2017 dollars
$5,213 (2019 est.)

$5,033 (2018 est.)

$4,831 (2017 est.)

note: data are in 2017 dollars
GDP - composition by sectoragriculture: 18.3% (2017 est.)

industry: 24.5% (2017 est.)

services: 57.2% (2017 est.)
agriculture: 20.1% (2017 est.)

industry: 26.6% (2017 est.)

services: 53.3% (2017 est.)
Population below poverty line23.4% (2016 est.)39.5% (2018 est.)
Household income or consumption by percentage sharelowest 10%: 2%

highest 10%: 32.8% (2006)
lowest 10%: 2.2%

highest 10%: 31.8% (2008)
Inflation rate (consumer prices)8.4% (2019 est.)

9.8% (2018 est.)

12.3% (2017 est.)
-1.1% (2019 est.)

0.3% (2018 est.)

0.6% (2017 est.)
Labor force12.49 million (2017 est.)8.747 million (2017 est.)
Labor force - by occupationagriculture: 44.7%

industry: 14.4%

services: 40.9% (2013 est.)
agriculture: 68% (2007 est.)
Unemployment rate11.9% (2015 est.)

5.2% (2013 est.)
9.4% (2013 est.)
Distribution of family income - Gini index43.5 (2016 est.)

42.3 (2012-13)
41.9 (2005-06)
41.5 (2015 est.)

36.7 (1995)
Budgetrevenues: 9.544 billion (2017 est.)

expenditures: 12.36 billion (2017 est.)
revenues: 7.749 billion (2017 est.)

expenditures: 9.464 billion (2017 est.)
Industriesmining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building, petroleumfoodstuffs, beverages; wood products, oil refining, gold mining, truck and bus assembly, textiles, fertilizer, building materials, electricity
Industrial production growth rate16.7% (2017 est.)4.2% (2017 est.)
Agriculture - productscassava, yams, plantains, maize, oil palm fruit, taro, rice, cocoa, oranges, pineapplesyams, cassava, cocoa, oil palm fruit, sugar cane, rice, plantains, maize, cashew nuts, rubber
Exports$13.84 billion (2017 est.)

$11.14 billion (2016 est.)
$16.326 billion (2018 est.)

$16.274 billion (2017 est.)
Exports - commoditiesgold, crude petroleum, cocoa products, manganese, cashews (2019)cocoa beans, gold, rubber, refined petroleum, crude petroleum (2019)
Exports - partnersSwitzerland 23%, India 17%, China 12%, United Arab Emirates 8%, South Africa 8% (2019)Netherlands 10%, United States 6%, France 6%, Spain 5%, Malaysia 5%, Switzerland 5%, Germany 5%, Vietnam 5% (2019)
Imports$12.65 billion (2017 est.)

$12.91 billion (2016 est.)
$14.248 billion (2018 est.)

$13.486 billion (2017 est.)
Imports - commoditiesmetal tubing, ships, cars, refined petroleum, rice (2019)crude petroleum, rice, frozen fish, refined petroleum, packaged medicines (2019)
Imports - partnersChina 24%, Nigeria 22%, United States 5% (2019)China 18%, Nigeria 13%, France 11% (2019)
Debt - external$20.467 billion (2019 est.)

$17.885 billion (2018 est.)
$13.07 billion (31 December 2017 est.)

$11.02 billion (31 December 2016 est.)
Exchange ratescedis (GHC) per US dollar -

5.86 (2020 est.)

5.68 (2019 est.)

4.9 (2018 est.)

3.712 (2014 est.)

2.895 (2013 est.)
Communaute Financiere Africaine francs (XOF) per US dollar -

594.3 (2017 est.)

593.01 (2016 est.)

593.01 (2015 est.)

591.45 (2014 est.)

494.42 (2013 est.)
Fiscal yearcalendar yearcalendar year
Public debt71.8% of GDP (2017 est.)

73.4% of GDP (2016 est.)
47% of GDP (2017 est.)

47% of GDP (2016 est.)
Reserves of foreign exchange and gold$7.555 billion (31 December 2017 est.)

$6.162 billion (31 December 2016 est.)
$6.257 billion (31 December 2017 est.)

$4.935 billion (31 December 2016 est.)
Current Account Balance-$2.131 billion (2017 est.)

-$2.86 billion (2016 est.)
-$1.86 billion (2017 est.)

-$414 million (2016 est.)
GDP (official exchange rate)$65.363 billion (2019 est.)$42.498 billion (2018 est.)
Credit ratingsFitch rating: B (2013)

Moody's rating: B3 (2015)

Standard & Poors rating: B- (2020)
Fitch rating: B+ (2015)

Moody's rating: Ba3 (2015)
Ease of Doing Business Index scoresOverall score: 60 (2020)

Starting a Business score: 85 (2020)

Trading score: 54.8 (2020)

Enforcement score: 54 (2020)
Overall score: 60.7 (2020)

Starting a Business score: 93.7 (2020)

Trading score: 52.4 (2020)

Enforcement score: 57.6 (2020)
Taxes and other revenues20.3% (of GDP) (2017 est.)19.1% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-6% (of GDP) (2017 est.)-4.2% (of GDP) (2017 est.)
Unemployment, youth ages 15-24total: 9.1%

male: 9.4%

female: 8.7% (2017 est.)
total: 5.5%

male: 4.7%

female: 6.5% (2017 est.)
GDP - composition, by end usehousehold consumption: 80.1% (2017 est.)

government consumption: 8.6% (2017 est.)

investment in fixed capital: 13.7% (2017 est.)

investment in inventories: 1.1% (2017 est.)

exports of goods and services: 43% (2017 est.)

imports of goods and services: -46.5% (2017 est.)
household consumption: 61.7% (2017 est.)

government consumption: 14.9% (2017 est.)

investment in fixed capital: 22.4% (2017 est.)

investment in inventories: 0.3% (2017 est.)

exports of goods and services: 30.8% (2017 est.)

imports of goods and services: -30.1% (2017 est.)
Gross national saving20.9% of GDP (2018 est.)

22.4% of GDP (2017 est.)

9% of GDP (2015 est.)
15.7% of GDP (2018 est.)

17.4% of GDP (2017 est.)

19.5% of GDP (2015 est.)

Source: CIA Factbook