Ghana - Economy
How is the economy of Ghana? Based on the information we have, Ghana has a West African lower-middle income economy; major gold, oil and cocoa exporter; macroeconomic challenges following nearly four decades of sustained growth; recent progress in debt restructuring, fiscal reforms, financial stability, and curbing runaway inflation under 2023-26 IMF credit facility program. Key agricultural products in this country include: cassava, yams, plantains, maize, oil palm fruit, taro, rice, cocoa beans, oranges, pineapples (2022).
More about the economy of Ghana
| Labor force | 14.887 million (2023 est.) |
|---|---|
| Industrial production growth rate | -1.22% (2023 est.) |
| Industries | mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building, petroleum |
| Population below poverty line | 23.4% (2016 est.) |
| Taxes and other revenues | 12.3% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | cedis (GHC) per US dollar - |
| Exchange rates 2023 | 11.02 (2023 est.) |
| Exchange rates 2022 | 8.272 (2022 est.) |
| Exchange rates 2021 | 5.806 (2021 est.) |
| Exchange rates 2020 | 5.596 (2020 est.) |
| Exchange rates 2019 | 5.217 (2019 est.) |
| Debt - external | |
| Debt - external 2019 | $20.467 billion (2019 est.) |
| Debt - external 2018 | $17.885 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $3.624 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $5.205 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $9.917 billion (2021 est.) |
| Current account balance | |
| Current account balance 2022 | -$1.517 billion (2022 est.) |
| Current account balance 2021 | -$2.541 billion (2021 est.) |
| Current account balance 2020 | -$2.134 billion (2020 est.) |
| Public debt | |
| Public debt 2017 | 71.8% of GDP (2017 est.) |
| Budget | |
| Revenues | $9.492 billion (2018 est.) |
| Expenditures | $14.062 billion (2018 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 6.41% of GDP (2023 est.) |
| Remittances 2022 | 6.24% of GDP (2022 est.) |
| Remittances 2021 | 5.24% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1.6% (2016 est.) |
| Highest 10% | 32.2% (2016 est.) |
| Average household expenditures | |
| On food | 39.2% of household expenditures (2021 est.) |
| On alcohol and tobacco | 0.5% of household expenditures (2021 est.) |
| Imports | |
| Imports 2022 | $26.329 billion (2022 est.) |
| Imports 2021 | $25.967 billion (2021 est.) |
| Imports 2020 | $24.545 billion (2020 est.) |
| Imports (partners) | China 41%, Netherlands 7%, India 5%, US 5%, Cote d'Ivoire 4% (2022) |
| Comodities Imports force | refined petroleum, plastic products, garments, coated flat-rolled iron, ships (2022) |
| Exports | |
| Imports 2022 | $26.329 billion (2022 est.) |
| Imports 2021 | $25.967 billion (2021 est.) |
| Imports 2020 | $24.545 billion (2020 est.) |
| Exports (partners) | UAE 24%, Switzerland 17%, US 14%, India 10%, China 10% (2022) |
| Comodities Exports force | gold, crude petroleum, cocoa beans, coconuts/Brazil nuts/cashews, cocoa paste (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $229.639 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $223.07 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $214.867 billion (2021 est.) |
| GDP (official exchange rate) | $76.37 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $6,700 (2023 est.) |
| Real GDP per capita 2022 | $6,700 (2022 est.) |
| Real GDP per capita 2021 | $6,500 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 18.3% (2017 est.) |
| Industry | 24.5% (2017 est.) |
| Services | 57.2% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 80.1% (2017 est.) |
| Government consumption | 8.6% (2017 est.) |
| Investment in fixed capital | 13.7% (2017 est.) |
| Investment in inventories | 1.1% (2017 est.) |
| Exports of goods and services | 43% (2017 est.) |
| Imports of goods and services | -46.5% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 3.08% (2023 est.) |
| Unemployment rate 2022 | 3.08% (2022 est.) |
| Unemployment rate 2021 | 3.34% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 5.5% (2023 est.) |
| Male | 5.6% (2023 est.) |
| Female | 5.4% (2023 est.) |
All Important Facts about Ghana
Want to know more about Ghana? Check all different factbooks for Ghana below.
