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The Economy of Ghana

Ghanaian Economy

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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:

GDP - real growth rate: 6.3% (2008 est.) 6.1% (2007 est.) 6.4% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 37.3% industry: 25.3% services: 37.5% (2006 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 2.2% highest 10%: 30.1% (1999)

Distribution of family income - Gini index: 39.4 (2005-06)

Inflation rate (consumer prices):

Labor force: 11.52 million (2008 est.)

Labor force - by occupation: agriculture: 56% industry: 15% services: 29% (2005 est.)

Unemployment rate: 11% (2000 est.)

Budget: revenues: $4.021 billion expenditures: $5.521 billion (2008 est.)

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

Industrial production growth rate: 6.5% (2008 est.)

Electricity - production: 8.204 billion kWh (2006 est.)

Electricity - production by source:

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 - exports: 5,709 bbl/day (2005)

Oil - imports: 45,520 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.)

Agriculture - products: cocoa, rice, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber

Exports: $5.439 billion f.o.b. (2008 est.)

Exports - commodities: gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticulture

Exports - partners: Netherlands 11%, UK 9%, France 6.2%, US 5.9%, Germany 4.6%, Belgium 4.4% (2007)

Imports: $9.816 billion f.o.b. (2008 est.)

Imports - commodities: capital equipment, petroleum, foodstuffs

Imports - partners: Nigeria 15.1%, China 14.9%, UK 5.2%, US 5.1% (2007)

Debt - external: $5.697 billion (31 December 2008 est.)

Economic aid - recipient:

Currency:

Currency code:

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: