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Ghana Economy Profile 2013

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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. 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 MAHAMA 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, despite the general slowdown in the global economy during that same time period.
GDP (purchasing power parity)$83.74 billion (2012 est.)
$78.28 billion (2011 est.)
$68.43 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$38.94 billion (2012 est.)
GDP - real growth rate7% (2012 est.)
14.4% (2011 est.)
8% (2010 est.)
GDP - per capita (PPP)$3,400 (2012 est.)
$3,200 (2011 est.)
$2,900 (2010 est.)
note: data are in 2012 US dollars
Gross national saving18.1% of GDP (2012 est.)
17.5% of GDP (2011 est.)
17.2% of GDP (2010 est.)
GDP - composition, by end usehousehold consumption: 60.9%
government consumption: 13.6%
investment in fixed capital: 29%
investment in inventories: 6.9%
exports of goods and services: 45.9%
imports of goods and services: -56.2%
(2012 est.)
GDP - composition by sectoragriculture: 22.7%
industry: 27.3%
services: 50% (2012 est.)
Population below poverty line28.5% (2007 est.)
Labor force11.79 million (2012 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)
Investment (gross fixed)29% of GDP (2012 est.)
Budgetrevenues: $9.282 billion
expenditures: $14.13 billion (2012 est.)
Taxes and other revenues23.8% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-12.5% of GDP (2012 est.)
Public debt49.3% of GDP (2012 est.)
41.8% of GDP (2011 est.)
Inflation rate (consumer prices)9.2% (2012 est.)
8.7% (2011 est.)
Central bank discount rate18% (31 December 2009)
17% (31 December 2008)
Commercial bank prime lending rate22.2% (31 December 2012 est.)
18.2% (31 December 2011 est.)
Stock of narrow money$5.771 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 domestic credit$12.45 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 - productscocoa, rice, cassava (manioc), peanuts, corn, shea nuts, bananas; timber
Industriesmining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building
Industrial production growth rate7% (2012 est.)
Current Account Balance-$4.559 billion (2012 est.)
-$3.675 billion (2011 est.)
Exports$13.73 billion (2012 est.)
$12.79 billion (2011 est.)
Exports - commoditiesoil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products
Exports - partnersFrance 13.3%, Italy 12.1%, Netherlands 8.7%, China 7.2%, Germany 4.2% (2012)
Imports$17.56 billion (2012 est.)
$15.84 billion (2011 est.)
Imports - commoditiescapital equipment, petroleum, foodstuffs
Imports - partnersChina 25.8%, Nigeria 10.9%, US 7%, Netherlands 6.3%, Singapore 4.5%, UK 4.1%, India 4% (2012)
Reserves of foreign exchange and gold$5.705 billion (31 December 2012 est.)
$5.805 billion (31 December 2011 est.)
Debt - external$12.71 billion (31 December 2012 est.)
$11.29 billion (31 December 2011 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratescedis (GHC) per US dollar -
1.796 (2012 est.)
1.512 (2011 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 February 21, 2013