| Economy | Ghana |
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Economy - 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):
|
$74.77 billion (2011 est.)
$65.89 billion (2010 est.)
$61.2 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$3,100 (2011 est.)
$2,800 (2010 est.)
$2,600 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$38.6 billion (2011 est.) |
GDP - real growth rate:
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13.5% (2011 est.)
7.7% (2010 est.)
4% (2009 est.) |
GDP - composition by sector:
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agriculture: 28.3%
industry: 21%
services: 50.7% (2011 est.) |
Investment (gross fixed):
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20.1% of GDP (2011 est.) |
Population below poverty line:
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28.5% (2007 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2%
highest 10%: 32.8% (2006) |
Distribution of family income - Gini index:
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39.4 (2005-06)
40.7 (1999) |
Inflation rate (consumer prices):
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8.8% (2011 est.)
10.7% (2010 est.) |
Central bank discount rate:
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18% (31 December 2009)
17% (31 December 2008) |
Commercial bank prime lending rate:
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20.6% (31 December 2011 est.)
22.7% (31 December 2010 est.) |
Stock of money:
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$NA (31 December 2008)
$2.179 billion (31 December 2006) |
Stock of money - per capita:
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1 USD per capita |
Stock of quasi money:
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$NA (31 December 2008)
$2.174 billion (31 December 2006) |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$10.25 billion (31 December 2011 est.)
$8.747 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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414 USD per capita |
Stock of narrow money:
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$9.33 billion (31 December 2011 est.)
$7.102 billion (31 December 2010 est.) |
Stock of broad money:
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$14.37 billion (31 December 2011 est.)
$10.78 billion (31 December 2010 est.) |
Labor force:
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10.77 million (2011 est.) |
Labor force participation rate:
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43.44 % of population |
Labor force - by occupation:
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agriculture: 56%
industry: 15%
services: 29% (2005 est.) |
Unemployment rate:
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11% (2000 est.) |
Unemployment, youth ages 15-24:
|
void |
Budget:
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revenues: $7.358 billion
expenditures: $9.431 billion (2011 est.) |
Budget revenues per capita:
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297 USD per capita |
Taxes and other revenues:
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19.1% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-5.4% of GDP (2011 est.) |
Public debt:
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38.7% of GDP (2011 est.)
34% of GDP (2010 est.) |
Industries:
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mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building |
Industrial production growth rate:
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5% (2010 est.) |
Electricity - production:
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8.167 billion kWh (2008 est.) |
Electricity - production per capita:
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330 kWh per capita |
Electricity - consumption:
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6.06 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
245 kWh per capita |
Electricity - exports:
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538 million kWh (2008 est.) |
Electricity - imports:
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263 million kWh (2008 est.) |
Oil - production:
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8,880 bbl/day (2010 est.) |
Oil - production per capita:
|
359 bbl/day per capita |
Oil - consumption:
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60,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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0.88 bbl/year per capita |
Oil - exports:
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5,752 bbl/day (2009 est.) |
Oil - imports:
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68,830 bbl/day (2009 est.) |
Oil - proved reserves:
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660 million bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
22.65 billion cu m (1 January 2011 est.) |
Agriculture - products:
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cocoa, rice, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber |
Current account balance:
|
-$1.438 billion (2011 est.)
-$2.43 billion (2010 est.) |
Current account balance - per capita:
|
-58 USD per capita |
Exports:
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$13.13 billion (2011 est.)
$7.892 billion (2010 est.) |
Exports per capita:
|
530 USD per capita |
Exports - commodities:
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gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticulture |
Exports - partners:
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Netherlands 11.7%, UK 7%, France 5.7%, US 5.6%, Ukraine 5%, Belgium 4.6% (2010) |
Imports:
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$14.03 billion (2011 est.)
$10.95 billion (2010 est.) |
Imports per capita:
|
566 USD per capita |
Imports - commodities:
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capital equipment, petroleum, foodstuffs |
Imports - partners:
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China 16.6%, Nigeria 12.7%, US 8.4%, Cote dIvoire 6.2%, UK 4.5%, France 4.2% (2010) |
Reserves of foreign exchange and gold:
|
$5.671 billion (31 December 2011 est.)
$4.7 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
229 USD per capita |
Debt - external:
|
$7.779 billion (31 December 2011 est.)
$6.795 billion (31 December 2010 est.) |
Debt - external - per capita:
|
314 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$3.531 billion (31 December 2010)
$2.508 billion (31 December 2009)
$3.394 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
143 USD per capita |
Currency (code):
|
Ghana cedi (GHC) |
Exchange rates:
|
cedis (GHC) per US dollar -
1.495 (2011 est.)
1.431 (2010 est.)
1.409 (2009)
1.1 (2008)
0.95 (2007) |
Fiscal year:
|
calendar year |
|
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