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Ghana:
Economy

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Economy - overview
Definition
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 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 2007. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector.
GDP (purchasing power parity)
Definition - World rank and map
$31.33 billion (2007 est.)
GDP (official exchange rate)
Definition
$14.86 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
6.4% (2007 est.)
GDP - per capita
Definition - World rank and map
$1,400 (2007 est.)
GDP - composition by sector
Definition
agriculture: 37.3%
industry: 25.3%
services: 37.5% (2006 est.)
Labor force
Definition
11.29 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 56%
industry: 15%
services: 29% (2005 est.)
Unemployment rate
Definition - World rank and map
11% (2000 est.)
Population below poverty line
Definition
28.5% (2007 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 2.2%
highest 10%: 30.1% (1999)
Distribution of family income - Gini index
Definition - World rank and map
39.4 (2005-06)
Inflation rate (consumer prices)
Definition - World rank and map
9.6% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
31.6% of GDP (2007 est.)
Budget
Definition
revenues: $4.262 billion
expenditures: $5.481 billion (2007 est.)
Public debt
Definition - World rank and map
48.4% of GDP (2007 est.)
Agriculture - products
Definition
cocoa, rice, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber
Industries
Definition
mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building
Industrial production growth rate
Definition - World rank and map
7.4% (2007 est.)
Electricity - production
Definition - World rank and map
7.042 billion kWh (2007 est.)
Electricity - consumption
Definition - World rank and map
6.906 billion kWh (2007 est.)
Electricity - consumption per capita
Definition - World rank and map
295.4 kWh (2007 est.)
Electricity - exports
Definition
256 million kWh (2007 est.)
Electricity - imports
Definition
461 million kWh (2007 est.)
Oil - production
Definition - World rank and map
700 bbl/day (2007 est.)
Oil - consumption
Definition - World rank and map
47,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
2 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
8,041 bbl/day (2004)
Oil - imports
Definition - World rank and map
45,010 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
16.5 million bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
22.81 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$1.896 billion (2007 est.)
Exports
Definition - World rank and map
$4.194 billion f.o.b. (2007 est.)
Exports - commodities
Definition
gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticulture
Exports - partners
Definition
Netherlands 11.1%, UK 8%, France 6.3%, US 6%, Germany 4.6%, Belgium 4.4% (2006)
Imports
Definition - World rank and map
$8.073 billion f.o.b. (2007 est.)
Imports - commodities
Definition
capital equipment, petroleum, foodstuffs
Imports - partners
Definition
Nigeria 15.3%, China 14.9%, UK 5.5%, US 5.1% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$2.837 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$4.898 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$NA
Stock of direct foreign investment - abroad
Definition
$NA
Market value of publicly traded shares
Definition
$13.01 billion (2007)
Economic aid - recipient
Definition
$1.316 billion in loans and grants (2007)
Currency (code)
Definition
Ghana cedi (GHC)
Exchange rates
Definition
cedis per US dollar - 0.95 (2007), 9,174.8 (2006), 9,072.5 (2005), 9,004.6 (2004), 8,677.4 (2003)
note: in 2007 Ghana revalued its currency with 10,000 old cedis equal to 1 new cedis
Fiscal year
Definition
calendar year


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