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 $2.8 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: $5.2 billion, per capita $400; real growth rate 6% (1988)

Inflation rate (consumer prices): 32.7% (1988)

Unemployment rate: 26% (April 1987)

Budget: revenues $769 million; expenditures $749 million, including capital expenditures of $179 million (1988 est.)

Exports: $977 million (f.o.b., 1987); commodities--cocoa 60%, timber, gold, tuna, bauxite, and aluminum; partners--US 23%, UK, other EC

Imports: $988 million (c.i.f., 1987); commodities--petroleum 16%, consumer goods, foods, intermediate goods, capital equipment; partners--US 10%, UK, FRG, France, Japan, South Korea, GDR

External debt: $3.0 billion (December 1989 est.)

Industrial production: growth rate 0.5% in manufacturing (1987)

Electricity: 1,172,000 kW capacity; 4,110 million kWh produced, 280 kWh per capita (1989)

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

Agriculture: accounts for more than 50% of GDP (including fishing and forestry); the major cash crop is cocoa; other principal crops--rice, coffee, cassava, peanuts, corn, shea nuts, timber; normally self-sufficient in food

Illicit drugs: illicit producer of cannabis for the international drug trade

Aid: US commitments, including Ex-Im (FY70-88), $424 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $1.9 billion; OPEC bilateral aid (1979-89), $78 million; Communist countries (1970-88), $84 million

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

Exchange rates: cedis (C) per US$1--301.68 (December 1989), 270.00 (1989), 202.35 (1988), 153.73 (1987), 89.20 (1986), 54.37 (1985)

Fiscal year: calendar year

NOTE: The information regarding Ghana on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ghana Economy 1990 information contained here. All suggestions for corrections of any errors about Ghana Economy 1990 should be addressed to the CIA.