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Ghana:
Economy

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Ghana Page


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, timber, and cocoa production are major sources of foreign exchange. The domestic economy continues to revolve around subsistence agriculture, which accounts for 37% of GDP and employs 60% of the work force, mainly small landholders. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, but was included in a G-8 debt relief program decided upon at the Gleneagles Summit in July 2005. Priorities under its current $38 million Poverty Reduction and Growth Facility (PRGF) include tighter monetary and fiscal policies, accelerated privatization, and improvement of social services. Receipts from the gold sector helped sustain GDP growth in 2006 along with record high prices for Ghana's largest cocoa crop to date. Ghana received a Millennium Challenge Corporation (MCC) grant in 2006, which aims to assist in transforming Ghana's agricultural export sector.
GDP (purchasing power parity)
 $60 billion (2006 est.)
GDP (official exchange rate)
 $10.21 billion (2006 est.)
GDP - real growth rate
 6% (2006 est.)
GDP - per capita
 $2,700 (2006 est.)
GDP - composition by sector
 agriculture: 37.3%
industry: 25.3%
services: 37.5% (2006 est.)
Labor force
 11.07 million (2006 est.)
Labor force - by occupation
 agriculture: 60%
industry: 15%
services: 25% (1999 est.)
Unemployment rate
 20% (1997 est.)
Population below poverty line
 31.4% (1992 est.)
Household income or consumption by percentage share
 lowest 10%: 2.2%
highest 10%: 30.1% (1999)
Distribution of family income - Gini index
 40.8 (1998)
Inflation rate (consumer prices)
 10.9% (2006 est.)
Investment (gross fixed)
 30.9% of GDP (2006 est.)
Budget
 revenues: $3.457 billion
expenditures: $4.323 billion (2006 est.)
Public debt
 48% of GDP (2006 est.)
Agriculture - products
 cocoa, rice, coffee, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber
Industries
 mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building
Electricity - production
 6.648 billion kWh (2005)
Electricity - consumption
 5.849 billion kWh (2005)
Electricity - exports
 639 million kWh (2005)
Electricity - imports
 815 million kWh (2005)
Oil - production
 7,477 bbl/day (2004 est.)
Oil - consumption
 44,000 bbl/day (2004 est.)
Oil - exports
 NA bbl/day
Oil - imports
 NA bbl/day
Oil - proved reserves
 16.51 million bbl (1 January 2006)
Natural Gas - production
 0 cu m (2005 est.)
Natural Gas - consumption
 0 cu m (2005 est.)
Natural Gas - proved reserves
 22.81 billion cu m (1 January 2006 est.)
Current account balance
 $-636 million (2006 est.)
Exports
 $3.763 billion f.o.b. (2006 est.)
Exports - commodities
 gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds
Exports - partners
 Netherlands 11.3%, UK 8.7%, US 6.7%, Spain 5.7%, Belgium 5.2%, France 4.4% (2006)
Imports
 $6.604 billion f.o.b. (2006 est.)
Imports - commodities
 capital equipment, petroleum, foodstuffs
Imports - partners
 Nigeria 16.7%, China 13%, UK 5.7%, Belgium 4.7%, US 4.7%, South Africa 4.1%, France 4.1% (2006)
Reserves of foreign exchange and gold
 $2.268 billion (2006 est.)
Debt - external
 $3.319 billion (2006 est.)
Economic aid - recipient
 $1.12 billion (2005)
Currency (code)
 cedi (GHC)
Exchange rates
 cedis per US dollar - 9,174.8 (2006), 9,072.5 (2005), 9,004.6 (2004), 8,677.4 (2003), 7,932.7 (2002)
Fiscal year
 calendar year


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