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World > Africa > Ghana > Economy (Facts)

Ghana - Economy (Facts)
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 Ghana's largest cocoa crop to date. Ghana received a Millennium Challenge Corporation (MCC) grant in 2006, which aims to assist in transforming Ghana's agricultural export sector.
GDP - real growth rate: 6% (2006 est.)
GDP (purchasing power parity): $60 billion (2006 est.)
GDP (official exchange rate): $10.21 billion (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.)
Population below poverty line: 31.4% (1992 est.)
Household income or consumption by percentage share: lowest 10%: 2.2%
highest 10%: 30.1% (1999)
Inflation rate (consumer prices): 10.9% (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.)
Budget: revenues: $3.616 billion
expenditures: $3.947 billion; including capital expenditures of NA (2006 est.)
Industries: 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.)
Agriculture - products: cocoa, rice, coffee, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber
Exports: $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)
Imports: $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)
Debt - external: $3.546 billion (2006 est.)
Economic aid - recipient: $6.9 billion (1999)
Currency: Ghanaian Cedi (GHC)

Current Ghanaian Cedi Exchange Rates
Historical Ghanaian Cedi Exchange Rates
Chart Ghanaian Cedi Exchange Rates
Currency code: 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)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Ghanaian Cedi Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Ghanaian Cedi Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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