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Ghana Economy Profile 2019

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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.

GDP (purchasing power parity)
$134 billion (2017 est.)
$123.6 billion (2016 est.)
$119.2 billion (2015 est.)

note: data are in 2017 dollars

GDP (official exchange rate)
$47.02 billion (2017 est.)
GDP - real growth rate
8.4% (2017 est.)
3.7% (2016 est.)
3.8% (2015 est.)
GDP - per capita (PPP)
$4,700 (2017 est.)
$4,500 (2016 est.)
$4,400 (2015 est.)

note: data are in 2017 dollars

Gross national saving
9% of GDP (2017 est.)
7.8% of GDP (2016 est.)
9% of GDP (2015 est.)
GDP - composition, by end use
household 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.)
GDP - composition by sector
agriculture: 18.3% (2017 est.)
industry: 24.5% (2017 est.)
services: 57.2% (2017 est.)
Population below poverty line
24.2% (2013 est.)
Labor force
12.49 million (2017 est.)
Labor force - by occupation
agriculture: 44.7%
industry: 14.4%
services: 40.9% (2013 est.)
Unemployment rate
11.9% (2015 est.)
5.2% (2013 est.)
Unemployment, youth ages 15-24
total: 15.2%
male: 15.8%
female: 14.6% (2015 est.)
Household income or consumption by percentage share
lowest 10%: 2%
highest 10%: 32.8% (2006)
Distribution of family income - Gini index
42.3 (2012-13)
41.9 (2005-06)
Budget
revenues: 9.544 billion (2017 est.)
expenditures: 12.36 billion (2017 est.)
Taxes and other revenues
20.3% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
-6% (of GDP) (2017 est.)
Public debt
71.8% of GDP (2017 est.)
73.4% of GDP (2016 est.)
Inflation rate (consumer prices)
12.4% (2017 est.)
17.5% (2016 est.)
Central bank discount rate
20% (31 December 2017)
25.5% (31 December 2016)
Commercial bank prime lending rate
30.35% (31 December 2017 est.)
31.26% (31 December 2016 est.)
Stock of narrow money
$7.018 billion (31 December 2017 est.)
$6.472 billion (31 December 2016 est.)
Stock of broad money
$7.018 billion (31 December 2017 est.)
$6.472 billion (31 December 2016 est.)
Stock of domestic credit
$14.25 billion (31 December 2017 est.)
$13.67 billion (31 December 2016 est.)
Market value of publicly traded shares
$13.41 billion (31 December 2017 est.)
$13.48 billion (31 December 2016 est.)
$15.11 billion (31 December 2015 est.)
Agriculture - products
cocoa, rice, cassava (manioc, tapioca), peanuts, corn, shea nuts, bananas; timber
Industries
mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building, petroleum
Industrial production growth rate
16.7% (2017 est.)
Current Account Balance
-$2.131 billion (2017 est.)
-$2.86 billion (2016 est.)
Exports
$13.84 billion (2017 est.)
$11.14 billion (2016 est.)
Exports - commodities
oil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products
Exports - partners
India 23.8%, UAE 13.4%, China 10.8%, Switzerland 10.1%, Vietnam 5.2%, Burkina Faso 4% (2017)
Imports
$12.65 billion (2017 est.)
$12.91 billion (2016 est.)
Imports - commodities
capital equipment, refined petroleum, foodstuffs
Imports - partners
China 16.8%, US 8%, UK 6.2%, Belgium 5.9%, India 4.1% (2017)
Reserves of foreign exchange and gold
$7.555 billion (31 December 2017 est.)
$6.162 billion (31 December 2016 est.)
Debt - external
$22.14 billion (31 December 2017 est.)
$16.5 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 rates
cedis (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 year
calendar year

Source: CIA World Factbook
This page was last updated on December 7, 2019

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