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. 1996 Index
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Ghana Economy 1996
Well endowed with natural resources, Ghana is relatively well off, having
twice the per capita output of the poorer countries in West Africa. Heavily
reliant on international assistance, Ghana has made steady progress in
liberalizing its economy since 1983. Overall growth continued at a rate of
approximately 5% in 1994, due largely to increased gold, timber, and cocoa
production - major sources of foreign exchange. The economy, however,
continues to revolve around subsistence agriculture, which accounts for 45%
of GDP and employs 55% of the work force, mainly small landholders. Public
sector wage increases, regional peacekeeping commitments, and the
containment of internal unrest in the underdeveloped north have placed
substantial demands on the government's budget and have led to inflationary
deficit financing and a 27% depreciation of the cedi in 1994.
GDP - purchasing power parity - $22.6 billion (1994 est.)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$1.2 billion, including capital expenditures of $178 million (1993)
$1 billion (f.o.b., 1993 est.)
cocoa 40%, gold, timber, tuna, bauxite, and aluminum
Germany 31%, US 12%, UK 11%, Netherlands 6%, Japan 5% (1991)
$1.7 billion (c.i.f., 1993 est.)
petroleum 16%, consumer goods, foods, intermediate goods, capital equipment
UK 22%, US 11%, Germany 9%, Japan 6%
$4.6 billion (December 1993 est.)
growth rate 3.4% in manufacturing (1993); accounts for almost 15% of GDP
mining, lumbering, light manufacturing, aluminum, food processing
accounts for almost 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 producer of cannabis for the international drug trade; transit hub
for Southwest and Southeast Asian heroin destined for Europe and the US
US commitments, including Ex-Im (FY70-89), $455 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $2.6 billion; OPEC
bilateral aid (1979-89), $78 million; Communist countries (1970-89) $106
million
1 new cedi (C) = 100 pesewas
new cedis per US$1 - 1,046.74 (December 1994), 936.71 (1994), 649.06 (1993),
437.09 (1992), 367.83 (1991), 326.33 (1990)
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