Ghana:
Economy

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Other pages in this profile of Ghana:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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 and cocoa production, and individual remittances, are major sources of foreign exchange. The domestic economy continues to revolve around agriculture, which accounts for about 35% of GDP and employs about 55% of the work force, mainly small landholders. 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. Thematic priorities under its current Growth and Poverty Reduction Strategy, which also provides the framework for development partner assistance, are: macroeconomic stability; private sector competitiveness; human resource development; and good governance and civic responsibility. Sound macro-economic management along with high prices for gold and cocoa helped sustain GDP growth in 2007. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector.
GDP (purchasing power parity)	Definition - World rank and map $31.33 billion (2007 est.)
GDP (official exchange rate)	Definition $14.86 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 6.4% (2007 est.)
GDP - per capita	Definition - World rank and map $1,400 (2007 est.)
GDP - composition by sector	Definition agriculture: 37.3% industry: 25.3% services: 37.5% (2006 est.)
Labor force	Definition 11.29 million (2007 est.)
Labor force - by occupation	Definition agriculture: 56% industry: 15% services: 29% (2005 est.)
Unemployment rate	Definition - World rank and map 11% (2000 est.)
Population below poverty line	Definition 28.5% (2007 est.)
Household income or consumption by percentage share	Definition lowest 10%: 2.2% highest 10%: 30.1% (1999)
Distribution of family income - Gini index	Definition - World rank and map 39.4 (2005-06)
Inflation rate (consumer prices)	Definition - World rank and map 9.6% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 31.6% of GDP (2007 est.)
Budget	Definition revenues: $4.262 billion expenditures: $5.481 billion (2007 est.)
Public debt	Definition - World rank and map 48.4% of GDP (2007 est.)
Agriculture - products	Definition cocoa, rice, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber
Industries	Definition mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building
Industrial production growth rate	Definition - World rank and map 7.4% (2007 est.)
Electricity - production	Definition - World rank and map 7.042 billion kWh (2007 est.)
Electricity - consumption	Definition - World rank and map 6.906 billion kWh (2007 est.)
Electricity - consumption per capita	Definition - World rank and map 295.4 kWh (2007 est.)
Electricity - exports	Definition 256 million kWh (2007 est.)
Electricity - imports	Definition 461 million kWh (2007 est.)
Oil - production	Definition - World rank and map 700 bbl/day (2007 est.)
Oil - consumption	Definition - World rank and map 47,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 2 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 8,041 bbl/day (2004)
Oil - imports	Definition - World rank and map 45,010 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 16.5 million bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 22.81 billion cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$1.896 billion (2007 est.)
Exports	Definition - World rank and map $4.194 billion f.o.b. (2007 est.)
Exports - commodities	Definition gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticulture
Exports - partners	Definition Netherlands 11.1%, UK 8%, France 6.3%, US 6%, Germany 4.6%, Belgium 4.4% (2006)
Imports	Definition - World rank and map $8.073 billion f.o.b. (2007 est.)
Imports - commodities	Definition capital equipment, petroleum, foodstuffs
Imports - partners	Definition Nigeria 15.3%, China 14.9%, UK 5.5%, US 5.1% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $2.837 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $4.898 billion (31 December 2007 est.)
Stock of direct foreign investment - at home	Definition $NA
Stock of direct foreign investment - abroad	Definition $NA
Market value of publicly traded shares	Definition $13.01 billion (2007)
Economic aid - recipient	Definition $1.316 billion in loans and grants (2007)
Currency (code)	Definition Ghana cedi (GHC)
Exchange rates	Definition cedis per US dollar - 0.95 (2007), 9,174.8 (2006), 9,072.5 (2005), 9,004.6 (2004), 8,677.4 (2003) note: in 2007 Ghana revalued its currency with 10,000 old cedis equal to 1 new cedis
Fiscal year	Definition calendar year

Ghana: Economy

Ghana:
Economy