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, oranges, pineapples, cocoa beans (2023).
More about the economy of Ghana
| Labor force | 13.928 million (2024 est.) |
|---|---|
| Industrial production growth rate | 7.1% (2024 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 2023 | $29.241 billion (2023 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 2023 | $1.407 billion (2023 est.) |
| Current account balance 2022 | -$1.741 billion (2022 est.) |
| Current account balance 2021 | -$2.541 billion (2021 est.) |
| Public debt | |
| Public debt 2016 | 73.4% of GDP (2016 est.) |
| Budget | |
| Revenues | $11.684 billion (2022 est.) |
| Expenditures | $19.102 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 3% of GDP (2023 est.) |
| Remittances 2022 | 2.8% of GDP (2022 est.) |
| Remittances 2021 | 2.4% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1.6% (2016 est.) |
| Highest 10% | 32.2% (2016 est.) |
| Average household expenditures | |
| On food | 39.1% of household expenditures (2023 est.) |
| On alcohol and tobacco | 0.4% of household expenditures (2023 est.) |
| Imports | |
| Imports 2023 | $26.024 billion (2023 est.) |
| Imports 2022 | $26.329 billion (2022 est.) |
| Imports 2021 | $25.967 billion (2021 est.) |
| Imports (partners) | China 30%, Netherlands 8%, India 5%, USA 5%, Russia 5% (2023) |
| Comodities Imports force | refined petroleum, cars, plastics, plastic products, footwear (2023) |
| Exports | |
| Imports 2023 | $26.024 billion (2023 est.) |
| Imports 2022 | $26.329 billion (2022 est.) |
| Imports 2021 | $25.967 billion (2021 est.) |
| Exports (partners) | Switzerland 24%, UAE 18%, India 8%, South Africa 7%, China 7% (2023) |
| Comodities Exports force | gold, crude petroleum, cocoa beans, manganese ore, cocoa paste (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $243.124 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $230.046 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $223.043 billion (2022 est.) |
| GDP (official exchange rate) | $82.825 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $7,100 (2024 est.) |
| Real GDP per capita 2023 | $6,800 (2023 est.) |
| Real GDP per capita 2022 | $6,700 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 20.7% (2024 est.) |
| Industry | 28.8% (2024 est.) |
| Services | 43.9% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 84.1% (2024 est.) |
| Government consumption | 4.8% (2024 est.) |
| Investment in fixed capital | 9.8% (2024 est.) |
| Investment in inventories | 0.2% (2024 est.) |
| Exports of goods and services | 35.3% (2024 est.) |
| Imports of goods and services | -34.1% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 3.1% (2024 est.) |
| Unemployment rate 2023 | 3.1% (2023 est.) |
| Unemployment rate 2022 | 3.1% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 5.4% (2024 est.) |
| Male | 5.5% (2024 est.) |
| Female | 5.3% (2024 est.) |
All Important Facts about Ghana
Want to know more about Ghana? Check all different factbooks for Ghana below.
