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Ghana Economy 2017
http://www.theodora.com/wfbcurrent/ghana/ghana_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Ghana Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Ghana's economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency. Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region, and Ghana is well-endowed with natural resources.Agriculture accounts for nearly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for about half of GDP. Gold and cocoa exports, and individual remittances, are major sources of foreign exchange. Expansion of Ghana’s nascent oil industry has boosted economic growth, but the recent oil price crash reduced by half Ghana’s 2015 oil revenue. Production at Jubilee, Ghana's offshore oilfield, began in mid-December 2010 and currently produces roughly 110,000 barrels per day. The country’s first gas processing plant at Atubao is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants.As of 2015, the biggest single economic issue facing Ghana is the lack of consistent electricity. While the MAHAMA administration is taking steps to improve the situation, little progress has been made. Ghana signed a $920 million extended credit facility with the IMF in April 2015 to help it address its growing economic crisis. The IMF fiscal targets will require Ghana to reduce the fiscal deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, and increasing revenues. The challenge for Ghana will come as the MAHAMA Administration approaches the November 2016 elections, facing public dissatisfaction in the midst of economic austerity.

GDP (purchasing power parity):
$120.8 billion (2016 est.) $116.9 billion (2015 est.) $112.5 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 82
[see also: GDP country ranks ]

GDP (official exchange rate):
$42.76 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.3% (2016 est.) 3.9% (2015 est.) 4% (2014 est.)
country comparison to the world: 84
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$4,400 (2016 est.) $4,300 (2015 est.) $4,300 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 174
[see also: GDP - per capita country ranks ]

Gross national saving:
16.1% of GDP (2016 est.) 17.1% of GDP (2015 est.) 17% of GDP (2014 est.)
country comparison to the world: 113
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 66.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.8%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 36.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -48.2% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 19.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 24%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 56.4% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
-0.5% (2016 est.)
country comparison to the world: 176
[see also: Industrial production growth rate country ranks ]

Labor force:
11.99 million (2016 est.)
country comparison to the world: 48
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 44.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 14.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 40.9% (2013 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5.2% (2013 est.)
country comparison to the world: 57
[see also: Unemployment rate country ranks ]

Population below poverty line:
24.2% (2013 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:
42.3 (2012-13) 41.9 (2005-06)
country comparison to the world: 53
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $9.068 billion
[see also: Budget revenues country ranks ]
expenditures: $11.55 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
21.2% of GDP (2016 est.)
country comparison to the world: 141
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.8% of GDP (2016 est.)
country comparison to the world: 174
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
73.7% of GDP (2016 est.) 71.8% of GDP (2015 est.)
country comparison to the world: 40
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
17.8% (2016 est.) 17.2% (2015 est.)
country comparison to the world: 218
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
21% (31 December 2014) 16% (31 December 2013)
country comparison to the world: 4
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
31.8% (31 December 2016 est.) 28.6% (31 December 2015 est.)
country comparison to the world: 6
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$5.914 billion (31 December 2016 est.) $5.736 billion (31 December 2015 est.)
country comparison to the world: 95
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$13.02 billion (31 December 2016 est.) $12.42 billion (31 December 2015 est.)
country comparison to the world: 102
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$13.39 billion (31 December 2016 est.) $12.93 billion (31 December 2015 est.)
country comparison to the world: 98
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$3.465 billion (31 December 2012 est.) $3.097 billion (31 December 2011 est.) $3.531 billion (31 December 2010 est.)
country comparison to the world: 92
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.693 billion (2016 est.) -$2.836 billion (2015 est.)
country comparison to the world: 156
[see also: Current account balance country ranks ]

Exports:
$10.25 billion (2016 est.) $10.36 billion (2015 est.)
country comparison to the world: 87
[see also: Exports country ranks ]

Exports - commodities:
oil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products

Exports - partners:
India 25.2%, Switzerland 12.2%, China 10.6%, France 5.7% (2015)

Imports:
$13.73 billion (2016 est.) $13.47 billion (2015 est.)
country comparison to the world: 87
[see also: Imports country ranks ]

Imports - commodities:
capital equipment, refined petroleum, foodstuffs

Imports - partners:
China 32.6%, Nigeria 14%, Netherlands 5.5%, US 5.4% (2015)

Reserves of foreign exchange and gold:
$6.137 billion (31 December 2016 est.) $5.885 billion (31 December 2015 est.)
country comparison to the world: 88
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$21.17 billion (31 December 2016 est.) $19.15 billion (31 December 2015 est.)
country comparison to the world: 88
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$19.85 billion (31 December 2013 est.) $118 million (31 December 2012 est.)
country comparison to the world: 77
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$16.62 billion (31 December 2013 est.) $109 million (31 December 2012 est.)
country comparison to the world: 55
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
cedis (GHC) per US dollar - 3.992 (2016 est.) 3.712 (2015 est.) 3.712 (2014 est.) 2.895 (2013 est.) 1.8 (2012 est.)


NOTE: The information regarding Ghana on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ghana Economy 2017 information contained here. All suggestions for corrections of any errors about Ghana Economy 2017 should be addressed to the CIA.




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