Ghana Economy - 2024

Economic overview

West African trade and agrarian economy; COVID-19 reversed nearly 4 decades of continuous growth; major diamond, gold, cocoa, and oil exporter; high public debts; financial and energy sector reform programs adding to fiscal pressures; high remittances

Real GDP (purchasing power parity)

$178.455 billion (2021 est.)
$169.382 billion (2020 est.)
$168.516 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.36% (2021 est.)
0.51% (2020 est.)
6.51% (2019 est.)

Real GDP per capita

$5,400 (2021 est.)
$5,300 (2020 est.)
$5,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$65.363 billion (2019 est.)

Inflation rate (consumer prices)

9.97% (2021 est.)
9.89% (2020 est.)
7.14% (2019 est.)

Credit ratings

Fitch rating: B (2013)

Moody's rating: B3 (2015)

Standard & Poors rating: B- (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 18.3% (2017 est.)

industry: 24.5% (2017 est.)

services: 57.2% (2017 est.)

GDP - composition, by end use

household consumption: 80.1% (2017 est.)

government consumption: 8.6% (2017 est.)

investment in fixed capital: 13.7% (2017 est.)

investment in inventories: 1.1% (2017 est.)

exports of goods and services: 43% (2017 est.)

imports of goods and services: -46.5% (2017 est.)

Agricultural products

cassava, yams, plantains, maize, oil palm fruit, taro, rice, cocoa, oranges, pineapples

Industries

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

Industrial production growth rate

-0.8% (2021 est.)

Labor force

14.095 million (2021 est.)

Unemployment rate

4.7% (2021 est.)
4.65% (2020 est.)
4.32% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 9.6% (2021 est.)

male: 9.7%

female: 9.4%

Population below poverty line

23.4% (2016 est.)

Gini Index coefficient - distribution of family income

43.5 (2016 est.)

Average household expenditures

on food: 41.3% of household expenditures (2018 est.)

on alcohol and tobacco: 1% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2%

highest 10%: 32.8% (2006)

Remittances

6.13% of GDP (2020 est.)
5.93% of GDP (2019 est.)
5.23% of GDP (2018 est.)

Budget

revenues: $9.492 billion (2018 est.)

expenditures: $14.062 billion (2018 est.)

Budget surplus (+) or deficit (-)

-6% (of GDP) (2017 est.)

Public debt

71.8% of GDP (2017 est.)
73.4% of GDP (2016 est.)

Taxes and other revenues

11.34% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$2.541 billion (2021 est.)
-$2.134 billion (2020 est.)
-$1.864 billion (2019 est.)

Exports

$23.901 billion (2021 est.) note: data are in current year dollars
$22.077 billion (2020 est.) note: data are in current year dollars
$25.592 billion (2019 est.)

Exports - partners

Switzerland 23%, United Arab Emirates 12%, China 12%, India 9%, Netherlands 5% (2020)

Exports - commodities

gold, crude petroleum, cocoa products, cashews, manganese  (2021)

Imports

$25.967 billion (2021 est.) note: data are in current year dollars
$24.545 billion (2020 est.) note: data are in current year dollars
$26.908 billion (2019 est.)

Imports - partners

China 42%, Netherlands 5%, United States 5%, India 5%, United Arab Emirates 3% (2020)

Imports - commodities

refined petroleum, cars, rice, delivery trucks, iron (2020)

Reserves of foreign exchange and gold

$9.917 billion (31 December 2021 est.)
$7.884 billion (31 December 2020 est.)
$7.563 billion (31 December 2019 est.)

Debt - external

$20.467 billion (2019 est.)
$17.885 billion (2018 est.)

Exchange rates

cedis (GHC) per US dollar -

Exchange rates:
5.806 (2021 est.)
5.596 (2020 est.)
5.217 (2019 est.)
4.585 (2018 est.)
4.351 (2017 est.)