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Ghana Economy 2011
http://www.theodora.com/wfb2011/ghana/ghana_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
Ghana is well endowed with natural resources and agriculture accounts for roughly one-third of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for 50% of GDP. Gold and cocoa production and individual remittances are major sources of foreign exchange. Oil production at Ghana's offshore Jubilee field began in mid-December and is expected to boost economic growth. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. 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. In 2009 Ghana signed a three-year Poverty Reduction and Growth Facility with the IMF to improve 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 2008-10. In early 2010 President John Atta MILLS targeted recovery from high inflation and current account and budget deficits as his priorities.

GDP (purchasing power parity):
$38.24 billion (2010 est.)
country comparison to the world: 99

$36.53 billion (2009 est.)
$35.09 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$18.06 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.7% (2010 est.)
country comparison to the world: 64

4.1% (2009 est.)
7.3% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,600 (2010 est.)
country comparison to the world: 202

$1,500 (2009 est.)
$1,500 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 33.7%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 24.7%
[see also: GDP - composition by sector - industry country ranks ]
services: 41.6% (2006 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
10.56 million (2009 est.)
country comparison to the world: 48
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 56%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15%
[see also: Labor force - by occupation - industry country ranks ]
services: 29% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11% (2000 est.)
country comparison to the world: 122
[see also: Unemployment rate country ranks ]

Population below poverty line:
28.5% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.8% (2006)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
39.4 (2005-06)
country comparison to the world: 65

40.7 (1999)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
39.8% of GDP (2009 est.)
country comparison to the world: 4
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $5.518 billion
[see also: Budget - revenues country ranks ]
expenditures: $7.025 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
59.9% of GDP (2010 est.)
country comparison to the world: 33

55.2% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
10.9% (2010 est.)
country comparison to the world: 200

19.3% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
18% (31 December 2009)
country comparison to the world: 15

17% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
NA% (31 December 2009 est.)

NA% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$6.26 billion (31 December 2010 est)

$5.203 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$9.583 billion (31 December 2010 est.)

$7.823 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$7.155 billion (31 December 2010 est.)
country comparison to the world: 106

$6.987 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$2.508 billion (31 December 2009)
country comparison to the world: 89

$3.394 billion (31 December 2008)
$2.38 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
cocoa, rice, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber

Industries:
mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building

Industrial production growth rate:
5% (2009 est.)
country comparison to the world: 64
[see also: Industrial production growth rate country ranks ]

Electricity - production:
6.746 billion kWh (2007 est.)
country comparison to the world: 102
[see also: Electricity - production country ranks ]

Electricity - consumption:
5.702 billion kWh (2007 est.)
country comparison to the world: 106
[see also: Electricity - consumption country ranks ]

Electricity - exports:
249 million kWh (2007 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
435 million kWh (2007 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
7,081 bbl/day (2009 est.)
country comparison to the world: 88
[see also: Oil - production country ranks ]

Oil - consumption:
57,000 bbl/day (2009 est.)
country comparison to the world: 95
[see also: Oil - consumption country ranks ]

Oil - exports:
4,843 bbl/day (2007 est.)
country comparison to the world: 106
[see also: Oil - exports country ranks ]

Oil - imports:
45,380 bbl/day (2007 est.)
country comparison to the world: 91
[see also: Oil - imports country ranks ]

Oil - proved reserves:
15 million bbl (1 January 2010 est.)
country comparison to the world: 87
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 193
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2008 est.)
country comparison to the world: 182
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 76
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 176
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
22.65 billion cu m (1 January 2010 est.)
country comparison to the world: 75
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$1.871 billion (2010 est.)
country comparison to the world: 155

-$1.199 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$7.326 billion (2010 est.)
country comparison to the world: 99

$5.84 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticulture

Exports - partners:
Netherlands 13.45%, UK 7.87%, France 5.85%, Ukraine 5.84%, Malaysia 3.97% (2009)

Imports:
$10.18 billion (2010 est.)
country comparison to the world: 90

$8.046 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
capital equipment, petroleum, foodstuffs

Imports - partners:
China 16.8%, Nigeria 11.88%, US 6.63%, Cote d'Ivoire 5.99%, India 5.57%, France 5.09%, UK 4.23% (2009)

Reserves of foreign exchange and gold:
$3.8 billion (31 December 2010 est.)
country comparison to the world: 77

$3.165 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$6.483 billion (31 December 2010 est.)
country comparison to the world: 97

$5.427 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
cedis (GHC) per US dollar - 1.4 (2010), 1.4 (2009), 1.1 (2008), 0.95 (2007), 9,174.8 (2006)


NOTE: The information regarding Ghana on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ghana Economy 2011 information contained here. All suggestions for corrections of any errors about Ghana Economy 2011 should be addressed to the CIA.



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