Ghana Economy Profile 2013

Economy - overview

Ghana's economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. Ghana is well endowed with natural resources and agriculture accounts for roughly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for 50% of GDP. Gold and cocoa production and individual remittances are major sources of foreign exchange. Oil production at Ghana's offshore Jubilee field began in mid-December, 2010, and is expected to boost economic growth. President MILLS faces challenges in managing new oil revenue while maintaining fiscal discipline and resisting debt accumulation. Estimated oil reserves have jumped to almost 700 million barrels. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, and is also benefiting from the Multilateral Debt Relief Initiative that took effect in 2006. In 2009 Ghana signed a three-year Poverty Reduction and Growth Facility with the IMF to improve macroeconomic stability, private sector competitiveness, human resource development, and good governance and civic responsibility. Sound macro-economic management along with higher prices for oil, gold and, cocoa helped sustain high GDP growth in 2008-12.

GDP (purchasing power parity)

$83.18 billion (2012 est.)
$76.89 billion (2011 est.)
$67.22 billion (2010 est.)
note: data are in 2012 US dollars

GDP (official exchange rate)

$40.12 billion (2012 est.)

GDP - real growth rate

8.2% (2012 est.)
14.4% (2011 est.)
8% (2010 est.)

GDP - per capita (PPP)

$3,300 (2012 est.)
$3,200 (2011 est.)
$2,800 (2010 est.)
note: data are in 2012 US dollars

GDP - composition by sector

agriculture: 24.6%
industry: 27.4%
services: 47.9% (2012 est.)

Population below poverty line

28.5% (2007 est.)

Labor force

11.67 million (2012 est.)

Labor force - by occupation

agriculture: 56%
industry: 15%
services: 29% (2005 est.)

Unemployment rate

11% (2000 est.)

Household income or consumption by percentage share

lowest 10%: 2%
highest 10%: 32.8% (2006)

Distribution of family income - Gini index

39.4 (2005-06)
40.7 (1999)

Investment (gross fixed)

25.1% of GDP (2012 est.)

Budget

revenues: $8.375 billion
expenditures: $10.74 billion (2012 est.)

Taxes and other revenues

20.9% of GDP (2012 est.)

Budget surplus (+) or deficit (-)

-5.9% of GDP (2012 est.)

Public debt

47.4% of GDP (2012 est.)
38.2% of GDP (2011 est.)

Inflation rate (consumer prices)

9.1% (2012 est.)
8.7% (2011 est.)

Central bank discount rate

18% (31 December 2009)
17% (31 December 2008)

Commercial bank prime lending rate

25.1% (31 December 2012 est.)
18.2% (31 December 2011 est.)

Stock of money

$NA (31 December 2008)
$2.179 billion (31 December 2006)

Stock of narrow money

$6.042 billion (31 December 2012 est.)
$5.925 billion (31 December 2011 est.)

Stock of broad money

$11.56 billion (31 December 2012 est.)
$11.79 billion (31 December 2011 est.)

Stock of quasi money

$NA (31 December 2008)
$2.174 billion (31 December 2006)

Stock of domestic credit

$10.18 billion (31 December 2012 est.)
$10.6 billion (31 December 2011 est.)

Market value of publicly traded shares

$3.097 billion (31 December 2011)
$3.531 billion (31 December 2010)
$2.508 billion (31 December 2009)

Agriculture - products

cocoa, rice, cassava (manioc), peanuts, corn, shea nuts, bananas; timber

Industries

mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building

Industrial production growth rate

5% (2010 est.)

Current Account Balance

-$4.559 billion (2012 est.)
-$3.675 billion (2011 est.)

Exports

$13.58 billion (2012 est.)
$12.79 billion (2011 est.)

Exports - commodities

oil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products

Exports - partners

France 19.1%, Netherlands 10.2%, US 8.6%, Italy 8.1%, UK 4.7%, India 4.2% (2011)

Imports

$17.52 billion (2012 est.)
$15.97 billion (2011 est.)

Imports - commodities

capital equipment, petroleum, foodstuffs

Imports - partners

China 20.4%, Nigeria 12.4%, US 7.8%, India 5.6%, Netherlands 5.1%, UK 4.2% (2011)

Reserves of foreign exchange and gold

$5.888 billion (31 December 2012 est.)
$5.805 billion (31 December 2011 est.)

Debt - external

$11.23 billion (31 December 2012 est.)
$9.712 billion (31 December 2011 est.)

Stock of direct foreign investment - at home

$NA

Stock of direct foreign investment - abroad

$NA

Exchange rates

cedis (GHC) per US dollar -
1.815 (2012 est.)
1.512 (2011 est.)
1.431 (2010 est.)
1.409 (2009)
1.1 (2008)

Fiscal year

calendar year