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Introduction - Ghana:
Location - Ghana:
People - Ghana:
Government - Ghana:
Economy - Ghana:

Economy overview

Well endowed with natural resources, Ghana has roughly twice the per capita output of the poorest countries in West Africa. Even so, Ghana remains heavily dependent on international financial and technical assistance. Gold, timber, and cocoa production are major sources of foreign exchange. The domestic economy continues to revolve around subsistence agriculture, which accounts for 37% of GDP and employs 60% of the work force, mainly small landholders. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, but was included in a G-8 debt relief program decided upon at the Gleneagles Summit in July 2005. Priorities under its current $38 million Poverty Reduction and Growth Facility (PRGF) include tighter monetary and fiscal policies, accelerated privatization, and improvement of social services. Receipts from the gold sector helped sustain GDP growth in 2006 along with record high prices for Ghanas largest cocoa crop to date. Ghana received a Millennium Challenge Corporation (MCC) grant in 2006, which aims to assist in transforming Ghanas agricultural export sector.

Gdp purchasing power parity

$60 billion (2006 est.)

Gdp official exchange rate

$10.21 billion (2006 est.)

Gdp real growth rate

6% (2006 est.)

Gdp per capita ppp

$2,700 (2006 est.)

Gdp composition by sector

agriculture: 37.3%
industry: 25.3%
services: 37.5% (2006 est.)

Labor force

10.87 million (2006 est.)

Labor force by occupation

agriculture: 60%
industry: 15%
services: 25% (1999 est.)

Unemployment rate

20% (1997 est.)

Population below poverty line

31.4% (1992 est.)

Household income or consumption by percentage share

lowest 10%: 2.2%
highest 10%: 30.1% (1999)

Distribution of family income gini index

30 (1999)

Inflation rate consumer prices

10.9% (2006 est.)

Investment gross fixed

29% of GDP (2006 est.)


revenues: $3.616 billion
expenditures: $3.947 billion; including capital expenditures of $NA (2006 est.)

Public debt

38.6% of GDP (2006 est.)

Agriculture products

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


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

Industrial production growth rate

3.8% (2000 est.)

Electricity production

6.489 billion kWh (2004)

Electricity consumption

7.095 billion kWh (2004)

Electricity exports

900 million kWh (2004)

Electricity imports

1.96 billion kWh (2004)

Oil production

7,477 bbl/day (2004 est.)

Oil consumption

44,000 bbl/day (2004 est.)

Oil exports

NA bbl/day

Oil imports

NA bbl/day

Oil proved reserves

16.51 million bbl (1 January 2005)

Natural gas production

0 cu m (2004 est.)

Natural gas consumption

0 cu m (2004 est.)

Natural gas proved reserves

23.79 billion cu m (1 January 2005 est.)

Current account balance

-$219 million (2006 est.)


$3.286 billion f.o.b. (2006 est.)

Exports commodities

gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds

Exports partners

Netherlands 11.2%, UK 8.6%, US 6.7%, Spain 5.7%, Belgium 5.2%, France 4.4% (2006)


$5.666 billion f.o.b. (2006 est.)

Imports commodities

capital equipment, petroleum, foodstuffs

Imports partners

Nigeria 16.4%, China 12.8%, UK 5.6%, Belgium 4.7%, US 4.6%, Brazil 4.3%, South Africa 4.1%, France 4% (2006)

Reserves of foreign exchange and gold

$2.098 billion (2006 est.)

Debt external

$3.546 billion (2006 est.)

Economic aid recipient

$6.9 billion (1999)

Currency code

cedi (GHC)

Exchange rates

cedis per US dollar - 9,174.8 (2006), 9,072.5 (2005), 9,004.6 (2004), 8,677.4 (2003), 7,932.7 (2002)

Communications - Ghana:
Transportation - Ghana:
Military - Ghana:
This page was last updated on 16 September, 2007
Source: CIA >>>

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