Ghana: Economy

Economy - overview

Well endowed with natural resources, Ghana has roughly twice the per capita output of the poorer 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 35% 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. Policy priorities include tighter monetary and fiscal policies, accelerated privatization, and improvement of social services. Receipts from the gold sector should help sustain GDP growth in 2004. Inflation should ease, but remain a major internal problem.

GDP

purchasing power parity - $44.49 billion (2003 est.)

GDP - real growth rate

4.8% (2003 est.)

GDP - per capita

purchasing power parity - $2,200 (2003 est.)

GDP - composition by sector

agriculture: 35.2%
industry: 25.4%
services: 39.4% (2001 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

40.7 (1999)

Inflation rate (consumer prices)

26.4% (2003 est.)

Labor force

9 million (2000 est.)

Labor force - by occupation

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

Unemployment rate

20% (1997 est.)

Budget

revenues: $1.603 billion
expenditures: $1.975 billion, including capital expenditures of $NA (2001 est.)

Industries

mining, lumbering, light manufacturing, aluminum smelting, food processing

Industrial production growth rate

3.8% (2000 est.)

Electricity - production

8.801 billion kWh (2001)

Electricity - production by source

fossil fuel: 5%
hydro: 95%
other: 0% (2001)
nuclear: 0%

Electricity - consumption

8.835 billion kWh (2001)

Electricity - exports

300 million kWh (2001)

Electricity - imports

950 million kWh (2001)

Oil - production

7,000 bbl/day (2001 est.)

Oil - consumption

38,000 bbl/day (2001 est.)

Oil - exports

NA

Oil - imports

NA

Oil - proved reserves

8.255 million bbl (1 January 2002)

Natural gas - proved reserves

11.89 billion cu m (1 January 2002)

Agriculture - products

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

Exports

$2.642 billion f.o.b. (2003 est.)

Exports - commodities

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

Exports - partners

Netherlands 14.6%, UK 9.7%, US 6.9%, Germany 6.4%, France 5.7%, Nigeria 4.7%, Belgium 4.4%, Italy 4.1% (2002)

Imports

$3.24 billion f.o.b. (2003 est.)

Imports - commodities

capital equipment, petroleum, foodstuffs

Imports - partners

Nigeria 20.8%, UK 7%, US 6.4%, China 6%, Italy 6%, Cote d'Ivoire 6%, Germany 4.6% (2002)

Debt - external

$7.4 billion (2003 est.)

Economic aid - recipient

$6.9 billion (1999)

Currency

cedi (GHC)

Currency code

GHC

Exchange rates

cedis per US dollar - NA (2003), 7,932.7 (2002), 7,170.76 (2001), 5,455.06 (2000), 2,669.3 (1999)

Fiscal year

calendar year