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Ghana: Economy#

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. 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 well-endowed with natural resources.

Agriculture accounts for nearly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for about half of GDP. 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 recent oil price crash reduced by half Ghana’s 2015 oil revenue. Production at Jubilee, Ghana's offshore oilfield, began in mid-December 2010 and currently produces roughly 110,000 barrels per day. 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 2015, the biggest single economic issue facing Ghana is the lack of consistent electricity. While the MAHAMA administration is taking steps to improve the situation, little progress has been made. 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 will require Ghana to reduce the fiscal deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, and increasing revenues. The challenge for Ghana will come as the MAHAMA Administration approaches the November 2016 elections, facing public dissatisfaction in the midst of economic austerity.

Economic Facts#

GDP (purchasing power parity)$120.8 billion (2016 est.)
$116.9 billion (2015 est.)
$112.5 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$42.76 billion (2015 est.)
GDP - real growth rate3.3% (2016 est.)
3.9% (2015 est.)
4% (2014 est.)
GDP - per capita (PPP)$4,400 (2016 est.)
$4,300 (2015 est.)
$4,300 (2014 est.)
note: data are in 2016 dollars
Gross national saving16.1% of GDP (2016 est.)
17.1% of GDP (2015 est.)
17% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 66.6%
government consumption: 19.6%
investment in fixed capital: 24.5%
investment in inventories: 0.8%
exports of goods and services: 36.7%
imports of goods and services: -48.2% (2016 est.)
GDP - composition, by sector of originagriculture: 19.5%
industry: 24%
services: 56.4% (2016 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 rate-0.5% (2016 est.)
Labor force11.99 million (2016 est.)
Labor force - by occupationagriculture: 44.7%
industry: 14.4%
services: 40.9% (2013 est.)
Unemployment rate5.2% (2013 est.)
Population below poverty line24.2% (2013 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: $9.068 billion
expenditures: $11.55 billion (2016 est.)
Taxes and other revenues21.2% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-5.8% of GDP (2016 est.)
Public debt73.7% of GDP (2016 est.)
71.8% of GDP (2015 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)17.8% (2016 est.)
17.2% (2015 est.)
Central bank discount rate21% (31 December 2014)
16% (31 December 2013)
Commercial bank prime lending rate31.8% (31 December 2016 est.)
28.6% (31 December 2015 est.)
Stock of narrow money$5.914 billion (31 December 2016 est.)
$5.736 billion (31 December 2015 est.)
Stock of broad money$13.02 billion (31 December 2016 est.)
$12.42 billion (31 December 2015 est.)
Stock of domestic credit$13.39 billion (31 December 2016 est.)
$12.93 billion (31 December 2015 est.)
Market value of publicly traded shares$3.465 billion (31 December 2012 est.)
$3.097 billion (31 December 2011 est.)
$3.531 billion (31 December 2010 est.)
Current account balance-$2.693 billion (2016 est.)
-$2.836 billion (2015 est.)
Exports$10.25 billion (2016 est.)
$10.36 billion (2015 est.)
Exports - commoditiesoil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products
Exports - partnersIndia 25.2%, Switzerland 12.2%, China 10.6%, France 5.7% (2015)
Imports$13.73 billion (2016 est.)
$13.47 billion (2015 est.)
Imports - commoditiescapital equipment, refined petroleum, foodstuffs
Imports - partnersChina 32.6%, Nigeria 14%, Netherlands 5.5%, US 5.4% (2015)
Reserves of foreign exchange and gold$6.137 billion (31 December 2016 est.)
$5.885 billion (31 December 2015 est.)
Debt - external$21.17 billion (31 December 2016 est.)
$19.15 billion (31 December 2015 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 -
3.992 (2016 est.)
3.712 (2015 est.)
3.712 (2014 est.)
2.895 (2013 est.)
1.8 (2012 est.)