Economy of Ghana information

Economy of Ghana
Currency	Cedi (GHS, GH₵)
Fiscal year	Calendar year
Trade organisations	AU, AfCFTA, WTO, ECOWAS
Country group	Developing/Emerging; Lower-middle income economy;
Statistics
Population	33,346,450 (2023)
GDP	$76.628 billion (nominal, 2023 est.); $229.471 billion (PPP, 2023 est.);
GDP rank	90th (nominal, 2023); 68th (PPP, 2023);
GDP growth	1.62% (2023) ; 2.94% (2024f) ; 4.85% (2025f) ;
GDP per capita	$2,024 (nominal, 2023 est.); $5,968 (PPP, 2021 est.);
GDP per capita rank	163rd (nominal, 2021); 165th (PPP, 2021);
GDP by sector	agriculture: 18.3%; industry: 24.%; services: 57.2%; (2017 est.);
Inflation (CPI)	41.2% (2023 est.)
Population below poverty line	23.4% in poverty (2016); 30.5% on less than $3.20/day (2016);
Gini coefficient	43.5 medium (2016)
Human Development Index	0.632 medium (2021-2022) (133rd); 0.458 low IHDI (2022);
Unemployment	3.92% (2021); 3.87% (2022);
Main industries	mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building, petroleum
External
Exports	$14.1 billion (2021 est.)
Export goods	fuels including oil, gems, precious metals, cocoa, fruits, nuts, ores, slag, ash, animal/vegetable fats, oils, waxes, wood, rubber, rubber articles, meat/seafood preparations aluminum
Main export partners	China 16.7%; Switzerland 14.7%; India 14.2%; South Africa 11.8%; Netherlands 5.8%; United Arab Emirates 5.4%; United States of America 4.2%; United Kingdom 2.5%; France 2.2%; Italy 1.84%; Japan 1.81%.; Burkina Faso 1.7%; (2020);
Imports	$11.07 billion (December 2022 est.)
Import goods	refined petroleum, cars, rice, delivery trucks, coated-flat rolled iron, other foodstuffs
Main import partners	China 42%; United States 5%; Netherlands 5%; India 5%; United Arab Emirates 3%; (2020);
FDI stock	$19.85 billion (31 December 2013 est.); Abroad: $16.62 billion (31 December 2013 est.);
Current account	$318.2billion (2022 est.)
Gross external debt	$22.14 billion (31 December 2017 est.)
Public finances
Government debt	59.3% of GDP (2023 est.)
Budget balance	2.0% (of GDP) (2022 est.)}
Revenues	9.544 billion (2017 est.)
Expenses	24.5% of GDP (2023 est.)
Credit rating	Standard & Poor's:; B− (Foreign); Fitch :; C; Outlook: No outlook at level; Moody's :; B3 ( Stable);
Foreign reserves	$5.216 billion ( April 2023 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Ghana has a diverse and rich resource base, including the manufacturing and exportation of digital technology goods, automotive and ship construction and exportation, and the exportation of diverse and rich resources such as hydrocarbons and industrial minerals.

The Ghanaian domestic economy in 2012 revolved around services, which accounted for 50% of GDP and employed 28% of the work force. Besides the industrialization associated with minerals and oil, industrial development in Ghana remains basic, often associated with plastics (such as chairs, plastic bags, razors, and pens).^[26] 53.6% of Ghana's workforce were employed in agriculture in 2013.^[27]^[28]^{[outdated statistic]}

Ghana embarked on a currency re-denomination exercise, from the Cedi (₵) to the new currency, the Ghana Cedi (GH₵) in July 2007. The transfer rate is 1 Ghana Cedi for every 10,000 Cedis.

Ghana is Africa's largest gold producer, after overtaking South Africa in 2019, ^[29] and the second-largest cocoa producer (after Ivory Coast).^[30] It is also rich in diamonds, manganese or manganese ore, bauxite, and oil. Most of its debt was canceled in 2005, but government spending was later allowed to balloon. Coupled with a plunge in oil prices, this led to an economic crisis that forced the government to negotiate a $920 million extended credit facility from the International Monetary Fund (IMF) in April 2015.^[31]

^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
^ "Ghana population (2023) live — Countrymeters".
^ "Report for Selected Countries and Subjects".
^ "International Monetary Fund, April 2023".
^ ^a ^b ^c "Ghana - gross domestic product (GDP) growth rate". statista.com. Retrieved 7 June 2023.
^ ^a ^b "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 19 January 2020.
^ ^a ^b ^c ^d ^e ^f "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 2 February 2019.
^ https://take-profit.org/en/statistics/inflation-rate/ghana/. {{cite web}}: Missing or empty |title= (help)
^ "Poverty headcount ratio at national poverty lines (% of population) – Ghana". data.worldbank.org. World Bank. Retrieved 19 January 2020.
^ "Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population) – Ghana". data.worldbank.org. World Bank. Retrieved 24 November 2019.
^ "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 13 April 2019.
^ http://hdr.undp.org/system/files/documents/global-report-document/hdr2021-22pdf_1.pdf. {{cite web}}: Missing or empty |title= (help)
^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. Retrieved 7 June 2023.
^ "Ghana - unemployment rate 1999-2022".
^ "Ghana - unemployment rate 1999-2022".
^ "Ghana (GHA) Exports, Imports, and Trade Partners".
^ "Ghana's Top Exports 2022".
^ https://www.bog.gov.gh/economic-data/merchandise-trade-flows/. {{cite web}}: Missing or empty |title= (help)
^ ^a ^b "Ghana Current Account Balance: % of GDP". ceicdata.com. Retrieved 7 June 2023.
^ "Debt to GDP Ratio by Country 2023".
^ "Ghana - ratio of government expenditure to gross domestic product (GDP) 2028".
^ "Sovereigns rating list". Standard & Poor's.
^ https://www.fitchratings.com/research/sovereigns/fitch-downgrades-ghana-ltfc-idr-to-c-21-12-2022. {{cite web}}: Missing or empty |title= (help)
^ https://www.https://www.moodys.com/research/Moodys-changes-Ghanas-outlook-to-negative-from-positive-affirms-B3--PR_422847. {{cite web}}: Missing or empty |title= (help)
^ "Obama's Ghana trip sends message across Africa". CNN. 10 July 2009.
^ Food and Agriculture Policy Decision Analysis (FAPDA). "Country Fact sheet on food and agriculture policy trends" (PDF). Food and Agricultural Organisation of the United Nations. FAO. Archived (PDF) from the original on 27 March 2016. Retrieved 13 May 2016.
^ Clark, Nancy L. "Agriculture" (and subchapters). A Country Study: Ghana (La Verle Berry, editor). Library of Congress Federal Research Division (November 1994). This article incorporates text from this source, which is in the public domain.[1]
^ "Top 10 Gold Producing Countries". Archived from the original on 6 March 2021. Retrieved 16 March 2021.
^ "Cocoa in Ivory Coast and Ghana 2017 – African Business". 22 October 2017. Retrieved 12 August 2020.
^ The Heritage Foundation. "Ghana's Economy". Heritage. Retrieved 17 May 2016.

[1] "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.

[2] "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.

[3] "Ghana population (2023) live — Countrymeters".

[IMFWEOORG-4] "Report for Selected Countries and Subjects".

[2023/04-5] "International Monetary Fund, April 2023".

[statista_447479-6] "Ghana - gross domestic product (GDP) growth rate". statista.com. Retrieved 7 June 2023.

[IMFWEOGH-7] "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 19 January 2020.

[CIAWFGH-8] ^ ^a ^b ^c ^d ^e ^f "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 2 February 2019.

[9] ttps://take-profit.org/en/statistics/inflation-rate/ghana/. {{cite web}}: Missing or empty |title= (help)

[10] "Poverty headcount ratio at national poverty lines (% of population) – Ghana". data.worldbank.org. World Bank. Retrieved 19 January 2020.

[11] "Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population) – Ghana". data.worldbank.org. World Bank. Retrieved 24 November 2019.

[12] "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 13 April 2019.

[13] ttp://hdr.undp.org/system/files/documents/global-report-document/hdr2021-22pdf_1.pdf. {{cite web}}: Missing or empty |title= (help)

[14] "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. Retrieved 7 June 2023.

[15] "Ghana - unemployment rate 1999-2022".

[16] "Ghana - unemployment rate 1999-2022".

[17] "Ghana (GHA) Exports, Imports, and Trade Partners".

[18] "Ghana's Top Exports 2022".

[19] ttps://www.bog.gov.gh/economic-data/merchandise-trade-flows/. {{cite web}}: Missing or empty |title= (help)

[CEICDATA-20] "Ghana Current Account Balance: % of GDP". ceicdata.com. Retrieved 7 June 2023.

[21] "Debt to GDP Ratio by Country 2023".

[22] "Ghana - ratio of government expenditure to gross domestic product (GDP) 2028".

[23] "Sovereigns rating list". Standard & Poor's.

[24] ttps://www.fitchratings.com/research/sovereigns/fitch-downgrades-ghana-ltfc-idr-to-c-21-12-2022. {{cite web}}: Missing or empty |title= (help)

[25] ttps://www.https://www.moodys.com/research/Moodys-changes-Ghanas-outlook-to-negative-from-positive-affirms-B3--PR_422847. {{cite web}}: Missing or empty |title= (help)

[26] "Obama's Ghana trip sends message across Africa". CNN. 10 July 2009.

[Food_and_Agriculture_Policy_Decision_Analysis:_Food_and_Agricultural_Organisation_of_the_United_Nations-27] Food and Agriculture Policy Decision Analysis (FAPDA). "Country Fact sheet on food and agriculture policy trends" (PDF). Food and Agricultural Organisation of the United Nations. FAO. Archived (PDF) from the original on 27 March 2016. Retrieved 13 May 2016.

[cs-28] Clark, Nancy L. "Agriculture" (and subchapters). A Country Study: Ghana (La Verle Berry, editor). Library of Congress Federal Research Division (November 1994). This article incorporates text from this source, which is in the public domain.[1]

[29] "Top 10 Gold Producing Countries". Archived from the original on 6 March 2021. Retrieved 16 March 2021.

[30] "Cocoa in Ivory Coast and Ghana 2017 – African Business". 22 October 2017. Retrieved 12 August 2020.

[Ghana's_Economy:_Heritage_Foundation-31] The Heritage Foundation. "Ghana's Economy". Heritage. Retrieved 17 May 2016.

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