Ghana Economy Profile 2009

Economy - overview

Well endowed with natural resources, Ghana has roughly twice the per capita output of the poorest countries in West Africa. Even so, Ghana remains heavily dependent on international financial and technical assistance. Gold and cocoa production, and individual remittances, are major sources of foreign exchange. The domestic economy continues to revolve around agriculture, which accounts for about 35% of GDP and employs about 55% of the work force, mainly small landholders. 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. Thematic priorities under its current Growth and Poverty Reduction Strategy, which also provides the framework for development partner assistance, are: 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.

GDP (purchasing power parity)

$34.2 billion (2008 est.)
$31.87 billion (2007 est.)
$30.14 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$16.12 billion (2008 est.)

GDP - real growth rate

7.3% (2008 est.)
5.7% (2007 est.)
6.3% (2006 est.)

GDP - per capita (PPP)

$1,500 (2008 est.)
$1,400 (2007 est.)
$1,300 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 37.3%
industry: 25.3%
services: 37.5% (2006 est.)

Population below poverty line

28.5% (2007 est.)

Labor force

10.12 million (2008 est.)

Labor force - by occupation

agriculture: 56%
industry: 15%
services: 29% (2005 est.)

Unemployment rate

11% (2000 est.)

Household income or consumption by percentage share

lowest 10%: 2%
highest 10%: 32.8% (2006)

Distribution of family income - Gini index

39.4 (2005-06)
40.7 (1999)

Investment (gross fixed)

32.1% of GDP (2008 est.)

Budget

revenues: $5.256 billion
expenditures: $7.492 billion (2008 est.)

Public debt

62.3% of GDP (2008 est.)
58.5% of GDP (2007 est.)

Inflation rate (consumer prices)

16.5% (2008 est.)
10.7% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
13.5% (31 December 2007)

Commercial bank prime lending rate

NA

Stock of money

$NA (31 December 2008)
$2.179 billion (31 December 2006)

Stock of quasi money

$NA (31 December 2008)
$2.174 billion (31 December 2006)

Stock of domestic credit

$4.179 billion (31 December 2006)

Industries

mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building

Industrial production growth rate

8.1% (2008 est.)

Electricity - production

8.204 billion kWh (2006 est.)

Electricity - production by source

fossil fuel: 5%
hydro: 95%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

6.76 billion kWh (2006 est.)

Electricity - exports

755 million kWh (2006 est.)

Electricity - imports

629 million kWh (2006 est.)

Oil - production

7,571 bbl/day (2007 est.)

Oil - consumption

49,300 bbl/day (2006 est.)

Oil - imports

45,520 bbl/day (2005)

Oil - exports

5,709 bbl/day (2005)

Oil - proved reserves

15 million bbl (1 January 2008 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

22.65 billion cu m (1 January 2008 est.)

Current Account Balance

-$2.62 billion (2008 est.)
-$1.717 billion (2007 est.)

Agriculture - products

cocoa, rice, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber

Exports

$5.245 billion (2008 est.)
$4.172 billion (2007 est.)

Exports - commodities

gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticulture

Exports - partners

Netherlands 15.3%, UK 9.1%, France 6.5%, US 5.8% (2008)

Imports

$10.24 billion (2008 est.)
$8.066 billion (2007 est.)

Imports - commodities

capital equipment, petroleum, foodstuffs

Imports - partners

China 15.9%, Nigeria 15.8%, US 5.9%, France 4.7%, UK 4.7% (2008)

Reserves of foreign exchange and gold

$2 billion (31 December 2008 est.)
$2.831 billion (31 December 2007 est.)

Debt - external

$5.419 billion (31 December 2008 est.)
$4.891 billion (31 December 2007 est.)

Stock of direct foreign investment - at home

$NA

Stock of direct foreign investment - abroad

$NA

Market value of publicly traded shares

$3.394 billion (31 December 2008)
$2.38 billion (31 December 2007)
$3.233 billion (31 December 2006)

Economic aid - recipient

$1.316 billion in loans and grants (2007)

Currency (code)

GHC

Currency (code)

Ghana cedi (GHC)

Exchange rates

cedis (GHC) per US dollar - 1.1 (2008 est.), 0.95 (2007), 9,174.8 (2006), 9,072.5 (2005), 9,004.6 (2004)
note: in 2007 Ghana revalued its currency with 10,000 old cedis equal to 1 new cedis

Fiscal year

calendar year