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Ghana

    • Overview:
      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.

    • National product:
      GDP - purchasing power parity - $22.6 billion (1994 est.)

    • National product real growth rate:
      5% (1994 est.)

    • National product per capita:
      $1,310 (1994 est.)

    • Inflation rate (consumer prices):
      25% (1993 est.)

    • Unemployment rate:
      10% (1991)

    • Budget:

        revenues:
        $1.05 billion

        expenditures:
        $1.2 billion, including capital expenditures of $178 million (1993)

    • Exports:
      $1 billion (f.o.b., 1993 est.)

        commodities:
        cocoa 40%, gold, timber, tuna, bauxite, and aluminum

        partners:
        Germany 31%, US 12%, UK 11%, Netherlands 6%, Japan 5% (1991)

    • Imports:
      $1.7 billion (c.i.f., 1993 est.)

        commodities:
        petroleum 16%, consumer goods, foods, intermediate goods, capital equipment

        partners:
        UK 22%, US 11%, Germany 9%, Japan 6%

    • External debt:
      $4.6 billion (December 1993 est.)

    • Industrial production:
      growth rate 3.4% in manufacturing (1993); accounts for almost 15% of GDP

    • Electricity:

        capacity:
        1,180,000 kW

        production:
        6.1 billion kWh

        consumption per capita:
        323 kWh (1993)

    • Industries:
      mining, lumbering, light manufacturing, aluminum, food processing

    • Agriculture:
      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 drugs:
      illicit producer of cannabis for the international drug trade; transit hub for Southwest and Southeast Asian heroin destined for Europe and the US

    • Economic aid:

        recipient:
        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

    • Currency:
      1 new cedi (C) = 100 pesewas

    • Exchange rates:
      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)

    • Fiscal year:
      calendar year






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