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Ghana Economy Profile 2018

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Economy - overviewGhana 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 well-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 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 offshore oilfield, began in mid-December 2010. The country’s first gas processing plant at Atubao is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants.

As of 2017, key economic concerns facing the government include the lack of reliable electricity 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 in 2018. 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, and boosting tax revenues. 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.
GDP (purchasing power parity)$130.2 billion (2017 est.)
$123 billion (2016 est.)
$118.8 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$45.46 billion (2016 est.)
GDP - real growth rate5.9% (2017 est.)
3.5% (2016 est.)
3.8% (2015 est.)
GDP - per capita (PPP)$4,600 (2017 est.)
$4,500 (2016 est.)
$4,400 (2015 est.)
note: data are in 2017 dollars
Gross national saving7.9% of GDP (2017 est.)
7.8% of GDP (2016 est.)
9% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 82.1%
government consumption: 8.7%
investment in fixed capital: 13.9%
investment in inventories: 0.7%
exports of goods and services: 40.3%
imports of goods and services: -45.7% (2017 est.)
GDP - composition by sectoragriculture: 18.3%
industry: 24.5%
services: 57.2% (2017 est.)
Population below poverty line24.2% (2013 est.)
Labor force12.49 million (2017 est.)
Labor force - by occupationagriculture: 44.7%
industry: 14.4%
services: 40.9% (2013 est.)
Unemployment rate11.9% (2015 est.)
5.2% (2013 est.)
Unemployment, youth ages 15-24total: 11.2%
male: 10.2%
female: 12% (2010 est.)
Household income or consumption by percentage sharelowest 10%: 2%
highest 10%: 32.8% (2006)
Distribution of family income - Gini index42.3 (2012-13)
41.9 (2005-06)
Budgetrevenues: $9.236 billion
expenditures: $12.38 billion (2017 est.)
Taxes and other revenues20.3% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-6.9% of GDP (2017 est.)
Public debt76.8% of GDP (2017 est.)
78.1% of GDP (2016 est.)
Inflation rate (consumer prices)11.8% (2017 est.)
17.5% (2016 est.)
Central bank discount rate25.5% (31 December 2016)
26% (31 December 2015)
Commercial bank prime lending rate30% (31 December 2017 est.)
31.3% (31 December 2016 est.)
Stock of narrow money$6.909 billion (31 December 2017 est.)
$6.472 billion (31 December 2016 est.)
Stock of broad money$14.93 billion (31 December 2017 est.)
$13.75 billion (31 December 2016 est.)
Stock of domestic credit$14.23 billion (31 December 2017 est.)
$13.67 billion (31 December 2016 est.)
Market value of publicly traded shares$12.55 billion (31 December 2016 est.)
$15.05 billion (31 December 2015 est.)
$3.465 billion (31 December 2012 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 rate7.4% (2017 est.)
Current Account Balance-$2.643 billion (2017 est.)
-$2.866 billion (2016 est.)
Exports$12.16 billion (2017 est.)
$11.06 billion (2016 est.)
Exports - commoditiesoil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products
Exports - partnersSwitzerland 17.6%, India 14.7%, UAE 13.4%, China 8.9%, Vietnam 5.2%, Netherlands 4.2%, Burkina Faso 4% (2016)
Imports$12.73 billion (2017 est.)
$12.75 billion (2016 est.)
Imports - commoditiescapital equipment, refined petroleum, foodstuffs
Imports - partnersChina 17.3%, UK 9.7%, US 7.7%, Belgium 5.1%, India 4.6% (2016)
Reserves of foreign exchange and gold$7.345 billion (31 December 2017 est.)
$6.162 billion (31 December 2016 est.)
Debt - external$23.1 billion (31 December 2017 est.)
$21.95 billion (31 December 2016 est.)
Stock of direct foreign investment - at home$19.85 billion (31 December 2013 est.)
$118 million (31 December 2012 est.)
Stock of direct foreign investment - abroad$16.62 billion (31 December 2013 est.)
$109 million (31 December 2012 est.)
Exchange ratescedis (GHC) per US dollar -
4.385 (2017 est.)
3.909 (2016 est.)
3.909 (2015 est.)
3.712 (2014 est.)
2.895 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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