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EconomyEconomy - 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 high prices for gold and cocoa helped sustain GDP growth in 2008-11. Gdp (purchasing power parity) World Ranking: 81
$75.9 billion (2011 est.)
$66.81 billion (2010 est.) $62.02 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$37.16 billion (2011 est.)
Gdp - real growth rate World Ranking: 4
13.6% (2011 est.)
7.7% (2010 est.) 4% (2009 est.) Gdp - per capita (ppp) World Ranking: 171
$3,100 (2011 est.)
$2,800 (2010 est.) $2,700 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 28.3%
Industry 21% Services 50.7% (2011 est.) Labor force World Ranking: 47
11.44 million (2011 est.)
Labor force - by occupation
Agriculture 56%
Industry 15% Services 29% (2005 est.) Unemployment rate World Ranking: 120
11% (2000 est.)
Population below poverty line
28.5% (2007 est.)
Household income or consumption by percentage share
Lowest 10% 2%
Highest 10% 32.8% (2006) Distribution of family income - gini index World Ranking: 64
39.4 (2005-06)
40.7 (1999) Investment (gross fixed) World Ranking: 98
19.9% of GDP (2011 est.)
Budget
Revenues $8.796 billion
Expenditures $10.38 billion (2011 est.) Taxes and other revenues World Ranking: 132
23.7% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 139
-4.3% of GDP (2011 est.)
Public debt World Ranking: 90
36.2% of GDP (2011 est.)
33.9% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 182
8.7% (2011 est.)
10.7% (2010 est.) Central bank discount rate World Ranking: 10
18% (31 December 2009)
17% (31 December 2008) Commercial bank prime lending rate World Ranking: 12
20.6% (31 December 2011 est.)
22.7% (31 December 2010 est.) Stock of narrow money World Ranking: 86
$7.781 billion (31 December 2011 est.) $4.529 billion (31 December 2010 est.) Stock of broad money World Ranking: 99
$11.79 billion (31 December 2011 est.) $9.252 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 96
$10.6 billion (31 December 2011 est.) $8.862 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 90
$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 World Ranking: 66
5% (2010 est.)
Electricity - production World Ranking: 96
8.167 billion kWh (2008 est.)
Electricity - consumption World Ranking: 107
6.06 billion kWh (2008 est.)
Electricity - exports
538 million kWh (2008 est.)
Electricity - imports
263 million kWh (2008 est.)
Oil - production World Ranking: 89
8,880 bbl/day (2010 est.)
Oil - consumption World Ranking: 93
60,000 bbl/day (2010 est.)
Oil - exports World Ranking: 101
5,752 bbl/day (2009 est.)
Oil - imports World Ranking: 78
68,830 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 43
660 million bbl (1 January 2011 est.) Natural gas - production World Ranking: 184
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 179
0 cu m (2009 est.)
Natural gas - exports World Ranking: 103
0 cu m (2009 est.)
Natural gas - imports World Ranking: 195
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 75
22.65 billion cu m (1 January 2011 est.) Current account balance World Ranking: 157
-$2.895 billion (2011 est.)
-$2.701 billion (2010 est.) Exports World Ranking: 82
$12.75 billion (2011 est.)
$7.96 billion (2010 est.) Exports - commodities
Gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products Exports - partners
France 19.5%, Netherlands 10.4%, US 8.8%, Italy 8.3%, UK 4.8% (2011) Imports World Ranking: 84
$15.32 billion (2011 est.)
$10.92 billion (2010 est.) Imports - commodities
Capital equipment, petroleum, foodstuffs Imports - partners
China 20.5%, Nigeria 12.4%, US 7.8%, India 5.1%, Netherlands 5.1%, UK 4.2% (2011) Reserves of foreign exchange and gold World Ranking: 90
$4.81 billion (31 December 2011 est.) $4.725 billion (31 December 2010 est.) Debt - external World Ranking: 102
$7.511 billion (31 December 2011 est.) $6.541 billion (31 December 2010 est.) Stock of direct foreign investment - at home
$NA
Stock of direct foreign investment - abroad
$NA
Exchange rates
Cedis (GHC) per US dollar -
1.512 (2011 est.) 1.431 (2010 est.) 1.409 (2009) 1.1 (2008) 0.95 (2007) Fiscal year
Calendar year
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Ghana (Accra):
 
GPS points from Ghana (Accra)
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Formed from the merger of the British colony of the Gold Coast and the Togoland trust territory, Ghana in 1957 became the first sub-Saharan country in colonial Africa to gain its independence. Ghana endured a long series of coups before Lt. Jerry RAWLINGS took power in 1981 and banned political parties. After approving a new constitution and restoring multiparty politics in 1992, RAWLINGS won presidential elections in 1992 and 1996 but was constitutionally prevented from running for a third term in 2000. John KUFUOR succeeded him and was reelected in 2004. John Atta MILLS took over as head of state in early 2009.