Overview: Supported by substantial international assistance, Ghana has been implementing a steady economic rebuilding program since 1983. Good harvests in 1988 featured the 6% growth in GNP. Moves toward privatization and relaxation of government controls continued in 1988-89, although at a slower-than-expected pace. In 1988 service on the $3.3 billion debt was equivalent to 75% of export earnings. As Ghana obtains concessional loans and pays off high-interest debt, however, debt service is expected to fall below 30% of export earnings in the early 1990s. The economic rebuilding program has both helped and harmed the manufacturing sector, for example, by improving the supply of raw materials and by increasing competition from imports. The long-term outlook is favorable provided that the political structure can endure the slow pace at which living standards are improving and can manage the problems stemming from excessive population growth.

GNP: $5.73 billion, per capita $410; real growth rate 5.3% (1986)

Inflation rate (consumer prices): 39.0% (1987)

Unemployment rate: 26% (April 1987)

Budget: revenues $611 million; expenditures $604 million, including capital expenditures of $345 billion (1986 est.)

Exports: $863 million (f.o.b., 1986); @m5commodities--cocoa 60%, timber, gold, tuna, bauxite, and aluminum; @m5partners--US 23%, UK, other EC

Imports: $783 million (c.i.f., 1986); @m5commodities--petroleum 16%, consumer goods, foods, intermediate goods, capital equipment; @m5partners--US 10%, UK, FRG, France, Japan, South Korea, GDR

External debt: $3.3 billion (December 1988)

Industrial production: growth rate 8.3% (1986)

Electricity: 1,172,000 kW capacity; 4,106 million kWh produced, 290 kWh per capita (1988)

Industries: mining, lumbering, light manufacturing, fishing, aluminum, food processing

Agriculture: cocoa, coffee, root crops, corn, sorghum, millet, peanuts; barely self-sufficient in food production, but has good potential; an illegal producer of cannabis for the international drug trade

Aid: NA

Currency: cedi (plural--cedis); 1 cedi (C) = 100 pesewas

Exchange rates: cedis (C) per US$1--232.5581 (December 1988), 200.0000 (1988), 147.0588 (1987), 89.2857 (1986), 54.0541 (1985)

Fiscal year: calendar year

NOTE: The information regarding Ghana on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ghana Economy 1989 information contained here. All suggestions for corrections of any errors about Ghana Economy 1989 should be addressed to the CIA.