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Ghana Economy 2014
http://www.theodora.com/wfbcurrent/ghana/ghana_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

Economy - overview:
Ghana's economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. Ghana is well-endowed with natural resources and agriculture accounts for roughly one-quarter 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, 2010, and is expected to boost economic growth. President MAHAMA faces challenges in managing new oil revenue while maintaining fiscal discipline and resisting debt accumulation. Estimated oil reserves have jumped to almost 700 million barrels. 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 higher prices for oil, gold and, cocoa helped sustain high GDP growth in 2008-12, despite the general slowdown in the global economy during that same time period.

GDP (purchasing power parity):
$82.65 billion (2012 est.)
country comparison to the world: 79

$76.59 billion (2011 est.)
$66.6 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$39.89 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7.9% (2012 est.)
country comparison to the world: 21

15% (2011 est.)
8% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,300 (2012 est.)
country comparison to the world: 173

$3,200 (2011 est.)
$2,800 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
17.9% of GDP (2012 est.)
country comparison to the world: 86

17.5% of GDP (2011 est.)
17.2% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 60.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.6%
investment in fixed capital: 29%
investment in inventories: 6.9%
exports of goods and services: 45.9%
imports of goods and services: -56.2%

(2011)

GDP - composition, by sector of origin:
agriculture: 22.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 27.3%
services: 50% (2012 est.)

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

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

Industrial production growth rate:
7% (2012 est.)
country comparison to the world: 34
[see also: Industrial production growth rate country ranks ]

Labor force:
11.79 million (2012 est.)
country comparison to the world: 46
[see also: Labor force country ranks ]

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

Unemployment rate:
11% (2000 est.)
country comparison to the world: 116
[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)

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 ]

Budget:
revenues: $9.282 billion
[see also: Budget revenues country ranks ]
expenditures: $14.13 billion (2012 est.)

Taxes and other revenues:
23.3% of GDP (2012 est.)
country comparison to the world: 140
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-12.2% of GDP (2012 est.)
country comparison to the world: 208
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
50% of GDP (2012 est.)
country comparison to the world: 66

41.8% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
9.2% (2012 est.)
country comparison to the world: 194

8.7% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
18% (31 December 2009)
country comparison to the world: 8

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

Commercial bank prime lending rate:
22.8% (31 December 2012 est.)
country comparison to the world: 25

18.2% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$6.153 billion (31 December 2012 est.)
country comparison to the world: 92

$5.925 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$11.56 billion (31 December 2012 est.)
country comparison to the world: 102

$11.79 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$12.56 billion (31 December 2012 est.)
country comparison to the world: 92

$10.6 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$3.097 billion (31 December 2011)
country comparison to the world: 91

$3.531 billion (31 December 2010)
$2.508 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-4.778 billion (2012 est.)
country comparison to the world: 163

$-3.504 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$13.54 billion (2012 est.)
country comparison to the world: 82

$12.79 billion (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
France 13.6%, Italy 12.4%, Netherlands 8.9%, China 7.4%, Germany 4.3% (2012)

Imports:
$17.76 billion (2012 est.)
country comparison to the world: 81

$15.84 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
capital equipment, petroleum, foodstuffs

Imports - partners:
China 25.6%, Nigeria 11%, US 7%, Netherlands 6.2%, Singapore 4.5%, UK 4.1%, India 4% (2012)

Reserves of foreign exchange and gold:
$5.705 billion (31 December 2012 est.)
country comparison to the world: 89

$5.805 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$12.64 billion (31 December 2012 est.)
country comparison to the world: 93

$11.29 billion (31 December 2011 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 -

1.796 (2012 est.)
1.512 (2011 est.)
1.431 (2010 est.)
1.409 (2009)
1.1 (2008)


NOTE: The information regarding Ghana on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ghana Economy 2014 information contained here. All suggestions for corrections of any errors about Ghana Economy 2014 should be addressed to the CIA.



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