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 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, oil, 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 first commercial offshore oilfield, began in mid-December 2010. Production from two more fields, TEN and Sankofa, started in 2016 and 2017 respectively. The country’s first gas processing plant at Atuabo is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants.

As of 2018, key economic concerns facing the government include the lack of affordable electricity, lack of a solid domestic revenue base, 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. 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, boosting tax revenues, and improving the health of Ghana’s banking sector. 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):
$134 billion (2017 est.)
$123.6 billion (2016 est.)
$119.2 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 80
[see also: GDP country ranks ]

GDP (official exchange rate):
$47.02 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
8.4% (2017 est.)
3.7% (2016 est.)
3.8% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 7
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$4,700 (2017 est.)
$4,500 (2016 est.)
$4,400 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 172
[see also: GDP - per capita country ranks ]

Gross national saving:
9% of GDP (2017 est.)
7.8% of GDP (2016 est.)
9% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 167
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 80.1% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 8.6% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 13.7% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.1% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 43% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -46.5% (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% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 24.5% (2017 est.)
[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:
16.7% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 2
[see also: Industrial production growth rate country ranks ]

Labor force:
12.49 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 158
[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)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 9.544 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 12.36 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
20.3% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 149
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 183
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
71.8% of GDP (2017 est.)
73.4% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 46
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
12.4% (2017 est.)
17.5% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 206
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
20% (31 December 2017)
25.5% (31 December 2016)
country comparison to the world (CIA rank, may be based on non-current data): 5
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
30.35% (31 December 2017 est.)
31.26% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 4
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$7.018 billion (31 December 2017 est.)
$6.472 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 91
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$7.018 billion (31 December 2017 est.)
$6.472 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 93
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$14.25 billion (31 December 2017 est.)
$13.67 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 99
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$13.41 billion (31 December 2017 est.)
$13.48 billion (31 December 2016 est.)
$15.11 billion (31 December 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 69
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.131 billion (2017 est.)
-$2.86 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 168
[see also: Current account balance country ranks ]

Exports:
$13.84 billion (2017 est.)
$11.14 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 77
[see also: Exports country ranks ]

Exports - partners:
India 23.8%, UAE 13.4%, China 10.8%, Switzerland 10.1%, Vietnam 5.2%, Burkina Faso 4% (2017)

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

Imports:
$12.65 billion (2017 est.)
$12.91 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 92
[see also: Imports country ranks ]

Imports - commodities:
capital equipment, refined petroleum, foodstuffs

Imports - partners:
China 16.8%, US 8%, UK 6.2%, Belgium 5.9%, India 4.1% (2017)

Reserves of foreign exchange and gold:
$7.555 billion (31 December 2017 est.)
$6.162 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 81
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$22.14 billion (31 December 2017 est.)
$16.5 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 79
[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 (CIA rank, may be based on non-current data): 59
[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.)