Economy - overview:
Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region, and Ghana is well-endowed with natural resources. Ghana's economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency.Agriculture accounts for about 20% of GDP and employs more than half of the workforce, mainly small landholders. Gold and cocoa exports, and individual remittances, are major sources of foreign exchange. Expansion of Ghana’s nascent oil industry has boosted economic growth, but the fall in oil prices since 2015 reduced by half Ghana’s oil revenue. Production at Jubilee, Ghana's offshore oilfield, began in mid-December 2010. The country’s first gas processing plant at Atubao is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants.As of 2017, key economic concerns facing the government include the lack of reliable electricity and the high debt burden. The AKUFO-ADDO administration has made some progress by committing to fiscal consolidation, but much work is still to be done in 2018. Ghana signed a $920 million extended credit facility with the IMF in April 2015 to help it address its growing economic crisis. The IMF fiscal targets require Ghana to reduce the deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, and boosting tax revenues. Priorities for the new administration include rescheduling some of Ghana’s $31 billion debt, stimulating economic growth, reducing inflation, and stabilizing the currency. Prospects for new oil and gas production and follow through on tighter fiscal management are likely to help Ghana’s economy in 2018.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$130.2 billion (2017 est.)
$123 billion (2016 est.)
$118.8 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 81
$45.46 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
5.9% (2017 est.)
3.5% (2016 est.)
3.8% (2015 est.)
country comparison to the world: 27
[see also: GDP - real growth rate country ranks ]
$4,600 (2017 est.)
$4,500 (2016 est.)
$4,400 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 173
7.9% of GDP (2017 est.)
7.8% of GDP (2016 est.)
9% of GDP (2015 est.)
country comparison to the world: 166
[see also: Gross national saving country ranks ]
household consumption: 82.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 8.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 13.9%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.7%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 40.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -45.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 18.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 24.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 57.2% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
cocoa, rice, cassava (manioc, tapioca), peanuts, corn, shea nuts, bananas; timber
mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building, petroleum
7.4% (2017 est.)
country comparison to the world: 23
[see also: Industrial production growth rate country ranks ]
12.49 million (2017 est.)
country comparison to the world: 47
[see also: Labor force country ranks ]
agriculture: 44.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 14.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 40.9% (2013 est.)
[see also: Labor force - by occupation - services country ranks ]
11.9% (2015 est.)
5.2% (2013 est.)
country comparison to the world: 153
[see also: Unemployment rate country ranks ]
24.2% (2013 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.8% (2006)
42.3 (2012-13)
41.9 (2005-06)
country comparison to the world: 51
[see also: Distribution of family income - Gini index country ranks ]
revenues: $9.236 billion
[see also: Budget - revenues country ranks ]
expenditures: $12.38 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
20.3% of GDP (2017 est.)
country comparison to the world: 151
[see also: Taxes and other revenues country ranks ]
-6.9% of GDP (2017 est.)
country comparison to the world: 184
[see also: Budget surplus (+) or deficit (-) country ranks ]
76.8% of GDP (2017 est.)
78.1% of GDP (2016 est.)
country comparison to the world: 45
[see also: Public debt country ranks ]
calendar year
11.8% (2017 est.)
17.5% (2016 est.)
country comparison to the world: 206
[see also: Inflation rate (consumer prices) country ranks ]
25.5% (31 December 2016)
26% (31 December 2015)
country comparison to the world: 2
[see also: Central bank discount rate country ranks ]
30% (31 December 2017 est.)
31.3% (31 December 2016 est.)
country comparison to the world: 8
[see also: Commercial bank prime lending rate country ranks ]
$6.909 billion (31 December 2017 est.)
$6.472 billion (31 December 2016 est.)
country comparison to the world: 92
[see also: Stock of narrow money country ranks ]
$14.93 billion (31 December 2017 est.)
$13.75 billion (31 December 2016 est.)
country comparison to the world: 99
[see also: Stock of broad money country ranks ]
$14.23 billion (31 December 2017 est.)
$13.67 billion (31 December 2016 est.)
country comparison to the world: 99
[see also: Stock of domestic credit country ranks ]
$12.55 billion (31 December 2016 est.)
$15.05 billion (31 December 2015 est.)
$3.465 billion (31 December 2012 est.)
country comparison to the world: 69
[see also: Market value of publicly traded shares country ranks ]
-$2.643 billion (2017 est.)
-$2.866 billion (2016 est.)
country comparison to the world: 163
[see also: Current account balance country ranks ]
$12.16 billion (2017 est.)
$11.06 billion (2016 est.)
country comparison to the world: 82
[see also: Exports country ranks ]
oil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products
Switzerland 17.6%, India 14.7%, UAE 13.4%, China 8.9%, Vietnam 5.2%, Netherlands 4.2%, Burkina Faso 4% (2016)
$12.73 billion (2017 est.)
$12.75 billion (2016 est.)
country comparison to the world: 90
[see also: Imports country ranks ]
capital equipment, refined petroleum, foodstuffs
China 17.3%, UK 9.7%, US 7.7%, Belgium 5.1%, India 4.6% (2016)
$7.345 billion (31 December 2017 est.)
$6.162 billion (31 December 2016 est.)
country comparison to the world: 83
[see also: Reserves of foreign exchange and gold country ranks ]
$23.1 billion (31 December 2017 est.)
$21.95 billion (31 December 2016 est.)
country comparison to the world: 90
[see also: Debt - external country ranks ]
$19.85 billion (31 December 2013 est.)
$118 million (31 December 2012 est.)
country comparison to the world: 78
[see also: Stock of direct foreign investment - at home country ranks ]
$16.62 billion (31 December 2013 est.)
$109 million (31 December 2012 est.)
country comparison to the world: 56
[see also: Stock of direct foreign investment - abroad country ranks ]
cedis (GHC) per US dollar -
4.385 (2017 est.)
3.909 (2016 est.)
3.909 (2015 est.)
3.712 (2014 est.)
2.895 (2013 est.)