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Ghana Economy




Ghana    Economy Top of Page
Economy - overview: Well endowed with natural resources, Ghana has twice the per capita output of the poorer countries in West Africa. Even so, Ghana remains heavily dependent on international financial and technical assistance. Gold, timber, and cocoa production are major sources of foreign exchange. The domestic economy continues to revolve around subsistence agriculture, which accounts for 36% of GDP and employs 60% of the work force, mainly small landholders. In 1995-97, Ghana made mixed progress under a three-year structural adjustment program in cooperation with the IMF. On the minus side, public sector wage increases and regional peacekeeping commitments have led to continued inflationary deficit financing, depreciation of the cedi, and rising public discontent with Ghana's austerity measures. Political uncertainty and a depressed cocoa market led to disappointing growth in 2000. A rebound in the cocoa market should push growth over 4% in 2001-02.
GDP: purchasing power parity - $37.4 billion (2000 est.)
GDP - real growth rate: 3% (2000 est.)
GDP - per capita: purchasing power parity - $1,900 (2000 est.)
GDP - composition by sector: agriculture:  36%

industry:  25%

services:  39% (2000 est.)
Population below poverty line: 31.4% (1992 est.)
Household income or consumption by percentage share: lowest 10%:  3.6%

highest 10%:  26.1% (1997)
Inflation rate (consumer prices): 22.8% (2000 est.)
Labor force: 9 million (2000 est.)
Labor force - by occupation: agriculture 60%, industry 15%, services 25% (1999 est.)
Unemployment rate: 20% (1997 est.)
Budget: revenues:  $1.39 billion

expenditures:  $1.47 billion, including capital expenditures of $370 million (1996 est.)
Industries: mining, lumbering, light manufacturing, aluminum smelting, food processing
Industrial production growth rate: 4.2% (1996 est.)
Electricity - production: 5.466 billion kWh (1999)
Electricity - production by source: fossil fuel:  26.82%

hydro:  73.18%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 5.573 billion kWh (1999)
Electricity - exports: 400 million kWh (1999)
Electricity - imports: 890 million kWh (1999)
Agriculture - products: cocoa, rice, coffee, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber
Exports: $1.6 billion (f.o.b., 2000)
Exports - commodities: gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds
Exports - partners: Togo, UK, Italy, Netherlands, Germany, US, France (1998)
Imports: $2.2 billion (f.o.b., 2000)
Imports - commodities: capital equipment, petroleum, foodstuffs
Imports - partners: UK, Nigeria, US, Germany, Italy, Spain (1998)
Debt - external: $7 billion (1999 est.)
Economic aid - recipient: $477.3 million (1995)
Currency: cedi (GHC)
Currency code: GHC
Exchange rates: cedis per US dollar - 6,895.77 (January 2001), 5,321.68 (2000), 2,647.32 (1999), 2,314.15 (1998), 2,050.17 (1997), 1,637.23 (1996)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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