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Ghana Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Ghana Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
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. 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.Agriculture accounts for about 20% of GDP and employs more than half of the workforce, mainly small landholders. 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 fall in oil prices since 2015 reduced by half Ghana’s oil revenue. Production at Jubilee, Ghana's offshore oilfield, began in mid-December 2010. 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 2017, key economic concerns facing the government include the lack of reliable electricity and the high debt burden. The AKUFO-ADDO administration has made some progress by committing to fiscal consolidation, but much work is still to be done in 2018. 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 require Ghana to reduce the deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, and boosting tax revenues. Priorities for the new administration include rescheduling some of Ghana’s $31 billion debt, stimulating economic growth, reducing inflation, and stabilizing the currency. Prospects for new oil and gas production and follow through on tighter fiscal management are likely to help Ghana’s economy in 2018.

GDP (purchasing power parity):
$130.2 billion (2017 est.) $123 billion (2016 est.) $118.8 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 81

GDP (official exchange rate):
$45.46 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.9% (2017 est.) 3.5% (2016 est.) 3.8% (2015 est.)
country comparison to the world: 27
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$4,600 (2017 est.) $4,500 (2016 est.) $4,400 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 173

Gross national saving:
7.9% of GDP (2017 est.) 7.8% of GDP (2016 est.) 9% of GDP (2015 est.)
country comparison to the world: 166
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 82.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 8.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 13.9%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.7%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 40.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -45.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 18.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 24.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 57.2% (2017 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:
7.4% (2017 est.)
country comparison to the world: 23
[see also: Industrial production growth rate country ranks ]

Labor force:
12.49 million (2017 est.)
country comparison to the world: 47
[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:
11.9% (2015 est.) 5.2% (2013 est.)
country comparison to the world: 153
[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)

Distribution of family income - Gini index:
42.3 (2012-13) 41.9 (2005-06)
country comparison to the world: 51
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $9.236 billion
[see also: Budget - revenues country ranks ]
expenditures: $12.38 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
20.3% of GDP (2017 est.)
country comparison to the world: 151
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.9% of GDP (2017 est.)
country comparison to the world: 184
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
76.8% of GDP (2017 est.) 78.1% of GDP (2016 est.)
country comparison to the world: 45
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
11.8% (2017 est.) 17.5% (2016 est.)
country comparison to the world: 206
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
25.5% (31 December 2016) 26% (31 December 2015)
country comparison to the world: 2
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
30% (31 December 2017 est.) 31.3% (31 December 2016 est.)
country comparison to the world: 8
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$6.909 billion (31 December 2017 est.) $6.472 billion (31 December 2016 est.)
country comparison to the world: 92
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$14.93 billion (31 December 2017 est.) $13.75 billion (31 December 2016 est.)
country comparison to the world: 99
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$14.23 billion (31 December 2017 est.) $13.67 billion (31 December 2016 est.)
country comparison to the world: 99
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$12.55 billion (31 December 2016 est.) $15.05 billion (31 December 2015 est.) $3.465 billion (31 December 2012 est.)
country comparison to the world: 69
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.643 billion (2017 est.) -$2.866 billion (2016 est.)
country comparison to the world: 163
[see also: Current account balance country ranks ]

Exports:
$12.16 billion (2017 est.) $11.06 billion (2016 est.)
country comparison to the world: 82
[see also: Exports country ranks ]

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

Exports - partners:
Switzerland 17.6%, India 14.7%, UAE 13.4%, China 8.9%, Vietnam 5.2%, Netherlands 4.2%, Burkina Faso 4% (2016)

Imports:
$12.73 billion (2017 est.) $12.75 billion (2016 est.)
country comparison to the world: 90
[see also: Imports country ranks ]

Imports - commodities:
capital equipment, refined petroleum, foodstuffs

Imports - partners:
China 17.3%, UK 9.7%, US 7.7%, Belgium 5.1%, India 4.6% (2016)

Reserves of foreign exchange and gold:
$7.345 billion (31 December 2017 est.) $6.162 billion (31 December 2016 est.)
country comparison to the world: 83
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$23.1 billion (31 December 2017 est.) $21.95 billion (31 December 2016 est.)
country comparison to the world: 90
[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: 78
[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: 56
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
cedis (GHC) per US dollar - 4.385 (2017 est.) 3.909 (2016 est.) 3.909 (2015 est.) 3.712 (2014 est.) 2.895 (2013 est.)


NOTE: 1) The information regarding Ghana on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ghana Economy 2018 information contained here. All suggestions for corrections of any errors about Ghana Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 28-Feb-18
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