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Economic Indicators

BUDGET 2013
Indicators History
2010-2013
More Information

Ghana's economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. Ghana is well endowed with natural resources and agriculture accounts for roughly one-quarter of GDP and employs more than half of the workforce, mainly small landholders.

The services sector accounts for 50% of GDP. Gold and cocoa production and individual remittances are major sources of foreign exchange. Oil production at Ghana's offshore Jubilee field began in mid-December, 2010, and is expected to boost economic growth. The country faces challenges in managing new oil revenue while maintaining fiscal discipline and resisting debt accumulation.

Estimated oil reserves have jumped to almost 700 million barrels. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, and is also benefiting from the Multilateral Debt Relief Initiative that took effect in 2006.

In 2009 Ghana signed a three-year Poverty Reduction and Growth Facility with the IMF to improve macroeconomic stability, private sector competitiveness, human resource development, and good governance and civic responsibility. Sound macro-economic management along with higher prices for oil, gold and, cocoa helped sustain high GDP growth in 2008-12.

  • GDP: $38.94 billion (2012 est.)
  • GDP per Capita: $3,400 (2012 est.)
  • GDP Growth rate: 7% (2012 est.)
  • GNP/Capita: $390
  • GDP - composition by sector: Agriculture: 22.7%, Industry: 27.3%, Services: 50% (2012 est.)
  • Income per capita: US$4800
  • Income per capita growth: 11.6 (2011)
  • Gross national income: $1,550 (2012)
  • Budget Revenue: $9.282 billion
  • Budget Expenditures: $14.13 billion (2012 est.)
  • Budget Deficit: -12.5% of GDP (2012 est.)
  • Total Debt: 49.3% of GDP (2012 est.),  41.8% of GDP (2011 est.)
  • Per Capita Debt: $12.71 billion (31 December 2012 est.)
  • Debt Service Payment: $344,870,000 as of 2011
  • Debt Service Ratio: 49.4%
  • Current account balance: -$4.559 billion (2012 est.)
  • Inflation rate: 11.50 percent in August of 2013
  • Interest rate: 16%
  • Forex reserves:  decreased to 5098.02 USD Million in March of 2013 from 5267.14 USD Million in February of 2013
  • Growth rate (IMF projection): 8.2% (2012 est.)

 Labour

  • Labor force: 11.79 million (2012 est.)
  • Labor force (by occupation): Agriculture: 56%, Industry: 15%, Services: 29% (2005 est.)
  • Unemployment rate: 11% (2000 est.)
  • Minimum daily wage: GHc5.24

Trade

  • Exports: $13.73 billion (2012 est.)
  • Commodities: cocoa 45%, oil, gold, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products
  • Partners: France 13.3%, Italy 12.1%, Netherlands 8.7%, China 7.2%, Germany 4.2% (2012)
  • Imports: $17.56 billion (2012 est.)
  • Commodities: petroleum 16%, capital equipment, foodstuffs
  • Partners: China 25.8%, Nigeria 10.9%, US 7%, Netherlands 6.3%, Singapore 4.5%, UK 4.1%, India 4% (2012)

Electricity

  • Production: 8.764 billion kWh (2009 est.)
  • Production by source: fossil fuel: 40.6% of total installed capacity (2009 est.), hydro: 59.4% of total installed capacity (2009 est.), nuclear: 0% of total installed capacity (2009 est.), other: 0% of total installed capacity (2009 est.)
  • Consumption: 6.122 billion kWh (2009 est.)
  • Exports: 752 million kWh (2009 est.)
  • Imports: 198 million kWh (2009 est.)

Industries

  • Production: growth rate 7% (2012 est.)
  • Main: mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building
  • Agriculture: accounts for about 22.7% 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

Economic aid

  • $1.316 billion in loans and grants (2007)

Currency

  • 1 cedi (C) = 100 pesewas
  • Exchange rates cedi (GHC) per US dollar -
  • 1.796 (2012 est.), 1.512 (2011 est.), 1.431 (2010 est.), 1.409 (2009), 1.1 (2008) ; Today's rates

Depreciation: 8.3% during the first quarter of 2012