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Ghana Economy Profile 2014

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Economy - overviewGhana's economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. In late 2010, Ghana was recategorized as a lower middle-income country. 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 producing close to target levels. Additional oil projects are being developed and are expected to come on line in a few years. Estimated oil reserves have jumped to almost 700 million barrels and Ghana’s growing oil industry is expected to boost economic growth as the country faces the consequences of two years of loose fiscal policy, high budget and current account deficits, and a depreciating currency. President MAHAMA faces challenges in managing a population that is unhappy with living standards and that perceives they are not reaping the benefits of oil production because of political corruption.
GDP (purchasing power parity)$90.41 billion (2013 est.)
$83.79 billion (2012 est.)
$77.64 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$45.55 billion (2013 est.)
GDP - real growth rate7.9% (2013 est.)
7.9% (2012 est.)
15% (2011 est.)
GDP - per capita (PPP)$3,500 (2013 est.)
$3,400 (2012 est.)
$3,200 (2011 est.)
note: data are in 2013 US dollars
Gross national saving21.1% of GDP (2013 est.)
17.9% of GDP (2012 est.)
17.5% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 64.2%
government consumption: 14.2%
investment in fixed capital: 31.7%
investment in inventories: 0.7%
exports of goods and services: 50.2%
imports of goods and services: -61%
(2013 est.)
GDP - composition by sectoragriculture: 21.5%
industry: 28.7%
services: 49.8% (2013 est.)
Population below poverty line28.5% (2007 est.)
Labor force12.07 million (2013 est.)
Labor force - by occupationagriculture: 56%
industry: 15%
services: 29% (2005 est.)
Unemployment rate11% (2000 est.)
Unemployment, youth ages 15-24total: 16.6%
male: 16.4%
female: 16.7% (2000)
Household income or consumption by percentage sharelowest 10%: 2%
highest 10%: 32.8% (2006)
Distribution of family income - Gini index39.4 (2005-06)
40.7 (1999)
Budgetrevenues: $10.56 billion
expenditures: $14.87 billion (2013 est.)
Taxes and other revenues23.2% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-9.5% of GDP (2013 est.)
Public debt53.1% of GDP (2013 est.)
50% of GDP (2012 est.)
Inflation rate (consumer prices)11% (2013 est.)
9.2% (2012 est.)
Central bank discount rate18% (31 December 2009)
17% (31 December 2008)
Commercial bank prime lending rate27% (31 December 2013 est.)
22.8% (31 December 2012 est.)
Stock of narrow money$6.256 billion (31 December 2013 est.)
$6.153 billion (31 December 2012 est.)
Stock of broad money$12.59 billion (31 December 2013 est.)
$12.17 billion (31 December 2012 est.)
Stock of domestic credit$13.31 billion (31 December 2013 est.)
$12.56 billion (31 December 2012 est.)
Market value of publicly traded shares$3.465 billion (31 December 2012 est.)
$3.097 billion (31 December 2011)
$3.531 billion (31 December 2010 est.)
Agriculture - productscocoa, rice, cassava (manioc, tapioca), peanuts, corn, shea nuts, bananas; timber
Industriesmining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building, petroleum
Industrial production growth rate10.5% (2013 est.)
Current Account Balance-$5.149 billion (2013 est.)
-$4.778 billion (2012 est.)
Exports$13.37 billion (2013 est.)
$13.54 billion (2012 est.)
Exports - commoditiesoil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products
Exports - partnersFrance 13.6%, Italy 12.4%, Netherlands 8.9%, China 7.4%, Germany 4.3% (2012)
Imports$18.49 billion (2013 est.)
$17.76 billion (2012 est.)
Imports - commoditiescapital equipment, refined petroleum, foodstuffs
Imports - partnersChina 25.6%, Nigeria 11%, US 7%, Netherlands 6.2%, Singapore 4.5%, UK 4.1%, India 4% (2012)
Reserves of foreign exchange and gold$6.016 billion (31 December 2013 est.)
$5.705 billion (31 December 2012 est.)
Debt - external$14.68 billion (31 December 2013 est.)
$12.64 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratescedis (GHC) per US dollar -
2.018 (2013 est.)
1.796 (2012 est.)
1.431 (2010 est.)
1.409 (2009)
1.1 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014