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Ghana's Economy in 2018

According to the world bank report, in 2018 Ghana will suppossedly lead Africa as the fastest growing economy. This lead will be due to oil and gas production, which will boosts domestic electricity production and exports.

The World Bank has forecasted that the growth in Sub-Saharan Africa will pick up at 3.2% in 2018, and Ghana will lead the economies in Africa with 8% followed by Ethiopia and Tanzania, which is expected to grow at 7.2%.

In 2017, Ghana's economic growth recovered from 5.8% in 2016 to 8.7% with the help of macroeconomic stability and implementation of measures to resolve the crippling power crisis. Therefore the forecasted recovery in economic growth in 2018 will depend on fiscal consolidation measures remaining on track, quick resolution of the power crisis, two new oil wells coming on-stream, and improved cocoa harvest and gold production.

 

Ghana GDP Growth Expands the Most Since 2014

Population: 25,009,153 (December 2013 est.) Females- 50.5% Male- 49.5%. Current population of Ghana is 27,499,924 people (July 2017 est.)

Ghana´s economy advanced to 9.3 percent year-on-year in the third quarter of 2017, above 9.0 % rise in the previous period. This has been the highest growth rate since the third quarter of 2014. a boost jump of 72.2% jump in Oil and gas sector played a great role to this rise. On a quarterly basis, the economy expanded 2.5%.

The services sector increased  to 5.7% higher from 5.6%, mainly due to transport (2.0% inrease from 1.9% in Q2) ; Other sectors being real estate, professional, administrative and other (7.0% increase from 4.9%), health (12.6% increase from 10.1%) and education (8.4% increase from 6.6%).

Agriculture rose to 10.0% from 3.4% in Q2, mainly due to a 57.0% gain in fishing (-17.6% in Q2). 
 
The industrial sector was 16.6%, a decrease from a 19.3% rise from the previous period. The mining sector also had a softer pace growth of 40.8 % decrease from 75.0% in Q2;  manufacturing also decreased from 5.2% from 6.6%, while construction rose at faster pace to 2.6% increase from 0.8%. 

 

Ghana's Economic Performance - 2013

Population: 24,791,073 (July 2011 est.) note: estimates for this country explicitly take into account the effects of excess mortality due to AIDS; this can result in lower life expectancy, higher infant mortality, higher death rates, lower population growth rates, and changes in the distribution of population by age and sex than would otherwise be expected

Area: total: 238,533 sq km land: 227,533 sq km water: 11,000 sq km

Natural Resources: gold, timber, industrial diamonds, bauxite, manganese, fish, rubber, hydropower, petroleum, silver, salt, limestone

Capital: name: Accra geographic coordinates: 5 33 N, 0 13 W time difference: UTC 0 (5 hours ahead of Washington, DC during Standard Time)

Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, the Heritage Foundation and Transparency International

Ghana has approximately twice the per capita output of the poorest nation in West Africa, however remains heavily dependent on international financial and technical aid. Gold and cocoa productions, and individual remittance inflows, are primary sources of foreign currency exchange. The domestic economy perpetuates to revolve around agriculture, fisheries and farming.

 

GDP (Constant Prices, National Currency) for Ghana in year 2013 is GHC 67.768 Billion.

GDP Growth (Constant Prices, National Currency) for Ghana in year 2013 is 6.893 %.

GDP (Current Prices, National Currency) for Ghana in year 2013 is GHC 84.544 Billion.

GDP (Current Prices, US Dollars) for Ghana in year 2013 is US$ 42.715 Billion.

GDP Deflator for Ghana in year 2013 is 124.754 (Index, Base Year as per country's accounts = 100).

GDP Per Capita (Constant Prices, National Currency) for Ghana in year 2013 is GHC 2,651.05.

GDP Per Capita (Current Prices, National Currency) for Ghana in year 2013 is GHC 3,307.30.

GDP Per Capita (Current Prices, US Dollars) for Ghana in year 2013 is US$ 1,670.99.

GDP (PPP), US Dollars for Ghana in year 2013 is US$ 89.509 Billion.

GDP Per Capita (PPP), US Dollars for Ghana in year 2013 is US$ 3,501.53.

GDP Share of World Total (PPP) for Ghana in year 2013 is 0.103 %.

Implied PPP Conversion Rate for Ghana in year 2013 is 0.945.

Investment (% of GDP) for Ghana in year 2013 is 21.007 %.

Gross National Savings (% of GDP) for Ghana in year 2013 is 9.442 %.

Inflation, Average Consumer Prices (Indexed to Year 2000) for Ghana in year 2013 is 605.28 (Index, Base Year 2000 = 100).

Inflation (Average Consumer Price Change %) for Ghana in year 2013 is 8.449 %.

Inflation, End of Year (Indexed to Year 2000) for Ghana in year 2013 is 610.369 (Index, Base Year 2000 = 100).

Inflation (End of Year Change %) for Ghana in year 2013 is 8.109 %.

Import Volume of All Items Including Goods and Services (Percent Change) for Ghana in year 2013 is 4.505 %.

Import Volumes of Goods Only (Percent Change) for Ghana in year 2013 is 5.458 %.

Export Volume of All Items Including Goods and Services (Percent Change) for Ghana in year 2013 is 9.475 %.

Export Volumes of Goods Only (Percent Change) for Ghana in year 2013 is 16.029 %.

Value of Oil Imports for Ghana in year 2013 is US$ 3.117 Billion.

Value of Oil Exports for Ghana in year 2013 is US$ 3.169 Billion.

Population for Ghana in year 2013 is 25.563 Million.

General government revenue (National Currency) for Ghana in year 2013 is GHC 17.924 Billion.

General government revenue (% of GDP) for Ghana in year 2013 is 21.201 %.

General government total expenditure (National Currency) for Ghana in year 2013 is GHC 26.504 Billion.

General government total expenditure (% of GDP) for Ghana in year 2013 is 31.35 %.

Total Government Net Lending/ Borrowing (National Currency) for Ghana in year 2013 is GHC -8.58 Billion.

Total Government Net Lending/ Borrowing (% of GDP) for Ghana in year 2013 is -10.149 %.

Total Government Net Debt (National Currency) for Ghana in year 2013 is GHC 45.016 Billion.

Total Government Net Debt (% of GDP) for Ghana in year 2013 is 53.245 %.

Total Government Gross Debt (National Currency) for Ghana in year 2013 is GHC 47.823 Billion.

Total Government Gross Debt (% of GDP) for Ghana in year 2013 is 56.566 %.

Fiscal Year Gross Domestic Product, Current Prices for Ghana in year 2013 is GHC 84.544 Billion.

Current Account Balance (US Dollars) for Ghana in year 2013 is US$ -4.94 Billion.

Current Account Balance (% GDP) for Ghana in year 2013 is -11.565 %.

 

 

Ghana's Economic Performance - 2012

Source: www.indexmundi.com

Economy - overview

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. President Mills faced 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 (purchasing power parity)

$83.18 billion (2012 est.)
$76.89 billion (2011 est.)
$67.22 billion (2010 est.)
note: data are in 2012 US dollars

GDP (official exchange rate)

$40.12 billion (2012 est.)

GDP - real growth rate

8.2% (2012 est.)
14.4% (2011 est.)
8% (2010 est.)

GDP - per capita (PPP)

$3,300 (2012 est.)
$3,200 (2011 est.)
$2,800 (2010 est.)
note: data are in 2012 US dollars

GDP - composition by sector

agriculture: 24.6%
industry: 27.4%
services: 47.9% (2012 est.)

Population below poverty line

28.5% (2007 est.)

Labor force

11.67 million (2012 est.)

Labor force - by occupation

agriculture: 56%
industry: 15%
services: 29% (2005 est.)

Unemployment rate

11% (2000 est.)

Household income or consumption by percentage share

lowest 10%: 2%
highest 10%: 32.8% (2006)

Distribution of family income - Gini index

39.4 (2005-06)
40.7 (1999)

Investment (gross fixed)

25.1% of GDP (2012 est.)

Budget

revenues: $8.375 billion
expenditures: $10.74 billion (2012 est.)

Taxes and other revenues

20.9% of GDP (2012 est.)

Budget surplus (+) or deficit (-)

-5.9% of GDP (2012 est.)

Public debt

47.4% of GDP (2012 est.)
38.2% of GDP (2011 est.)

Inflation rate (consumer prices)

9.1% (2012 est.)
8.7% (2011 est.)

Central bank discount rate

18% (31 December 2009)
17% (31 December 2008)

Commercial bank prime lending rate

25.1% (31 December 2012 est.)
18.2% (31 December 2011 est.)

Stock of money

$NA (31 December 2008)
$2.179 billion (31 December 2006)

Stock of narrow money

$6.042 billion (31 December 2012 est.)
$5.925 billion (31 December 2011 est.)

Stock of broad money

$11.56 billion (31 December 2012 est.)
$11.79 billion (31 December 2011 est.)

Stock of quasi money

$NA (31 December 2008)
$2.174 billion (31 December 2006)

Stock of domestic credit

$10.18 billion (31 December 2012 est.)
$10.6 billion (31 December 2011 est.)

Market value of publicly traded shares

$3.097 billion (31 December 2011)
$3.531 billion (31 December 2010)
$2.508 billion (31 December 2009)

Agriculture - products

cocoa, rice, cassava (manioc), peanuts, corn, shea nuts, bananas; timber

Industries

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

Industrial production growth rate

5% (2010 est.)

Current Account Balance

-$4.559 billion (2012 est.)
-$3.675 billion (2011 est.)

Exports

$13.58 billion (2012 est.)
$12.79 billion (2011 est.)

Exports - commodities

oil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products

Exports - partners

France 19.1%, Netherlands 10.2%, US 8.6%, Italy 8.1%, UK 4.7%, India 4.2% (2011)

Imports

$17.52 billion (2012 est.)
$15.97 billion (2011 est.)

Imports - commodities

capital equipment, petroleum, foodstuffs

Imports - partners

China 20.4%, Nigeria 12.4%, US 7.8%, India 5.6%, Netherlands 5.1%, UK 4.2% (2011)

Reserves of foreign exchange and gold

$5.888 billion (31 December 2012 est.)
$5.805 billion (31 December 2011 est.)

Debt - external

$11.23 billion (31 December 2012 est.)
$9.712 billion (31 December 2011 est.)

Stock of direct foreign investment - at home

$NA

Stock of direct foreign investment - abroad

$NA

Exchange rates

cedis (GHC) per US dollar -
1.815 (2012 est.)
1.512 (2011 est.)
1.431 (2010 est.)
1.409 (2009)
1.1 (2008)

Fiscal year

calendar year