Overview: Supported by substantial international assistance, Ghana has been implementing a steady economic rebuilding program since 1983, including moves toward privatization and relaxation of government controls. Heavily dependent on cocoa, gold, and timber exports, economic growth is threatened by a poor cocoa harvest and higher oil prices in 1991. Rising inflation--unofficially estimated at 50%--could undermine Ghana's relationships with multilateral lenders. Civil service wage increases and the cost of peacekeeping forces sent to Liberia are boosting government expenditures and undercutting structural adjustment reforms. Ghana opened a stock exchange in 1990.

GNP: $5.8 billion, per capita $380; real growth rate 2.7% (1990 est.)

Inflation rate (consumer prices): 50% (1990 est.)

Unemployment rate: 1.9% (1989)

Budget: revenues $821 million; expenditures $782 million, including capital expenditures of $151 million (1990 est.)

Exports: $826 million (f.o.b., 1990 est.); commodities--cocoa 45%, gold, timber, tuna, bauxite, and aluminum; partners--US 23%, UK, other EC

Imports: $1.2 billion (c.i.f., 1990 est.); commodities--petroleum 16%, consumer goods, foods, intermediate goods, capital equipment; partners--US 10%, UK, FRG, France, Japan, South Korea, GDR

External debt: $3.1 billion (1990 est.)

Industrial production: growth rate 7.4% in manufacturing (1989); accounts for almost 1.5% of GDP

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

Economic aid: US commitments, including Ex-Im (FY70-89), $455 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $2.3 billion; OPEC bilateral aid (1979-89), $78 million; Communist countries (1970-89), $106 million

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

Exchange rates: cedis (C) per US$1--342.91 (November 1990), 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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ghana Economy 1991 information contained here. All suggestions for corrections of any errors about Ghana Economy 1991 should be addressed to the CIA.