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. The country 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 higher prices for oil, gold and, cocoa helped sustain high GDP growth in 2008-12.
- Gross Domestic Product (GDP) in purchasers'value: GHS 8,557.8 millions (2017 Q1 est.)
- Gross Domestic Product (GDP) in purchasers'value: GHS 167,315.5 millions (2016 Q1 est.)
- Gross Domestic Product (GDP) in purchasers'value: GHS 136,957 millions (2015 est.)
- Gross Domestic Product (GDP) in purchasers'value: GHS 113,343 millions (2014 est.)
- Gross Domestic Product (GDP) in purchasers'value: GHS 93,416 millions (2013 est.)
- Gross Domestic Product (GDP): in purchasers'value: GHS 75,315 millions (2012 est.)
- GDP per Capita: $3,400 (2012 est.)
- GDP Growth rate: 7% (2012 est.)
- GNP/Capita: $390
- GDP - composition by sector: Agriculture: 22.7%, Industry: 27.3%, Services: 50% (2012 est.)
- Income per capita: US$4800
- Income per capita growth: 11.6 (2011)
- Gross national income: $1,550 (2012)
- Budget Revenue: $9.282 billion
- Budget Expenditures: $14.13 billion (2012 est.)
- Budget Deficit: -12.5% of GDP (2012 est.)
- Total Debt: 49.3% of GDP (2012 est.), 41.8% of GDP (2011 est.)
- Per Capita Debt: $12.71 billion (31 December 2012 est.)
- Debt Service Payment: $344,870,000 as of 2011
- Debt Service Ratio: 49.4%
- Current account balance: -$4.559 billion (2012 est.)
- Inflation rate: 11.50 percent in August of 2013
- Interest rate: 16%
- Forex reserves: decreased to 5098.02 USD Million in March of 2013 from 5267.14 USD Million in February of 2013
- Growth rate (IMF projection): 8.2% (2012 est.)
- Labor force: 28.21 million (2016 est).
- Labor force (by occupation): In 2015, 67.6% are employed and 23.3% are unemployed. Click here for more detailed information.
- Unemployment rate: 5.20 (Actual), 5.96 (Previous), 12.90 (Lowest), 5.20 (Highest).
- Minimum daily wage: 7 National Minimum Wage (Cedis) (2015). Click here for more detailed information.
- Exports: 3948.50 Millions USD (2017 Q1 est.)
- Commodities: Cocoa Beans (15% at 1.98 Billions USD), Cocoa Paste (2.3%), gold (44% at 4.33 Billions USD), Crude Petroleum (18% at 1.7 Billions), Manganese Ore (1.3% at 239 Millions USD). Other products include timber, tuna, bauxite, aluminum, diamonds, horticultural products. Click here for more information.
- Partners: France 13.3%, Italy 12.1%, Netherlands 8.7%, China 7.2%, Germany 4.2% (2012)
- Imports: 2974.47 Millions USD (2017 Q1 est.).
- Commodities: Top 5 products imported by Ghana : Cars (5.5 Percent at 282 Millions USD), Delivery Trucks (4.5 Percent), Refined Petroleum (3.8 Percent at $938 Millions), Large Construction Vehicles (2.4 Percent), Rice (2.2 Percent at 270 Millions USD). Click here for more information.
- Partners: India (3.21 Billions USD), Switzerland (1.39 Billions USD), China (1.06 Billions USD), the Netherlands (669 Millions USD) and France (607 Millions USD).
- Production: 2.847 million kW (2015 est.), Ghana held 99th position in comparison to the world. The total electricity made available for gross transmission in 2015 was 11,692 GWh, in 2014 was 13,071 GWh and 2013 in 12,927 GWh in 2013; i.e. 1,379 GWh (app 12%) less than in 2014 and 1,235 GWh (app 11%) less in 2013. The net grid electricity transmitted to the country was 11,678 GWh as against 12,906 GWh in 2014.
- Production by source: Ghana has 2,930 megawatts (MW) of installed generation capacity, 1,380 MW of hydro generation (with 700 MW available) and 1,550 MW of thermal generation. (September 2016)
- Consumption:In 2009, it was an estimate of 6.122 billion kWh. Currently, the total daily usage is 10,580 million kWh per year. Per capita usage is 420 kWh per person, per year.
- Exports: 552 million kWh (2015 est.). Click here for more information.
- Imports: 185 megawatts of power (Oct 2016 est.)
- Production: growth rate 6.6 percent (2017 Q1 est.)
- Main: mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building
- Agriculture: accounts for about 22.7% of GDP (including fishing and forestry);
the major cash crop is cocoa; other principal crops - rice, coffee, cassava, peanuts, corn, shea nuts timber; normally self-sufficient in food
- The debt stock was 29.4 billion USD as per the end of the first quarter of 2017.
- Exchange rates cedi (GHC) per US dollar -
- 0.23 (2017), 1.796 (2012 est.), 1.512 (2011 est.), 1.431 (2010 est.), 1.409 (2009), 1.1 (2008) ; Today's rates
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Depreciation:Latest figures by the Bank of Ghana have shown that the cedi’s depreciation against the dollar for March 2017, is five times more than the rate of depreciation recorded in the same period in 2016.
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