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.)
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 $11.684 billion (2022 est.)
Expenditures $16.842 billion (2022 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 38.3% of household expenditures (2022 est.)
On alcohol and tobacco 0.6% of household expenditures (2022 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 21.1% (2023 est.)
Industry 29.5% (2023 est.)
Services 42.5% (2023 est.)
GDP - composition, by end use
Household consumption 84.2% (2023 est.)
Government consumption 5.9% (2023 est.)
Investment in fixed capital 10.7% (2023 est.)
Investment in inventories 0.2% (2023 est.)
Exports of goods and services 34% (2023 est.)
Imports of goods and services -35% (2023 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.

Ghana is found in Western Africa