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Ghana

Ghana Economy Stats

Overview:

Ghana is well endowed with natural resources and agriculture accounts for roughly one-third of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for 50% of GDP. Gold and cocoa production and individual remittances are major sources of foreign exchange. Oil production at Ghana's offshore Jubilee field began in mid-December and is expected to boost economic growth. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. 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. In 2009 Ghana signed a three-year Poverty Reduction and Growth Facility with the IMF to improve 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 2008-10. In early 2010 President John Atta MILLS targeted recovery from high inflation and current account and budget deficits as his priorities.

Definitions

  • Debt > External: Total public and private debt owed to non-residents repayable in foreign currency, goods, or services.
  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller.
  • GDP > Real growth rate: GDP growth on an annual basis adjusted for inflation and expressed as a percent.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Tourist arrivals: International inbound tourists (overnight visitors) are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited. When data on number of tourists are not available, the number of visitors, which includes tourists, same-day visitors, cruise passengers, and crew members, is shown instead. Sources and collection methods for arrivals differ across countries. In some cases data are from border statistics (police, immigration, and the like) and supplemented by border surveys. In other cases data are from tourism accommodation establishments. For some countries number of arrivals is limited to arrivals by air and for others to arrivals staying in hotels. Some countries include arrivals of nationals residing abroad while others do not. Caution should thus be used in comparing arrivals across countries. The data on inbound tourists refer to the number of arrivals, not to the number of people traveling. Thus a person who makes several trips to a country during a given period is counted each time as a new arrival."
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Debt > External $12.64 billion 2012 91st out of 172
Exports $13.54 billion 2012 80th out of 189
Fiscal year calendar year 2013
GDP $40.71 billion 2012 80th out of 177
GDP > Composition by sector > Industry 27.4% 2012 100th out of 217
GDP > Per capita $1,577.98 per capita 2010 95th out of 118
GDP > Per capita > PPP $3,300.00 2012 137th out of 188
GDP > Purchasing power parity $82.65 billion 2012 76th out of 190
GDP > Real growth rate 7.9% 2012 21st out of 191
GDP per capita $1,604.91 2012 130th out of 177
Gross National Income $5.75 billion 2001 91st out of 158
Population below poverty line 28.5% 2007 9th out of 28
Public debt 50% of GDP 2012 64th out of 149
Tourist arrivals 587,000 2007 107th out of 174
Unemployment rate 11% 2000 8th out of 9

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; All CIA World Factbooks 18 December 2003 to 18 December 2008; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011; World Tourism Organisation, Yearbook of Tourism Statistics, Compendium of Tourism Statistics and data files.

Citation

"Ghana Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Ghana/Economy

NationMaster

Ghana Economy Profiles (Subcategories)

Adjusted savings 3 Interest payments 3
Aid 5 International tourism 13
Balance of payments 34 Labor force 3
Bank and trade-related lending 4 Long-term debt 4
Budget 10 Market capitalization of listed companies 4
Changes in net 4 Merchandise 4
Commercial service 4 Merchandise imports 4
Commercial service imports 4 Micro 4
Companies 40 National accounts 103
Consumption 10 Natural gas 8
Currency 14 Net capital account 4
Current account balance 5 Net current transfers 4
Current transfers 4 Net current transfers from abroad 6
Debt 98 Net errors and omissions 4
Economic aid 3 Net financial flows 28
Electricity 8 Net income 4
Entrepreneurship 12 Net income from abroad 6
Exports 3 Net trade in goods 4
External balance on goods and services 7 Net trade in goods and services 4
External debt 215 Official development assistance and official aid 4
Final 20 Oil 10
Financial sector 35 Portfolio investment 4
Foreign aid 43 Poverty 29
Foreign direct investment 9 Poverty and inequality 16
GDP 42 Private investment 3
GDP growth 3 Private nonguaranteed debt 4
GDP per capita 4 Public and publicly guaranteed debt service 6
GNI 12 Public and publicly guaranteed (PPG) debt 3
Goods 4 Purchasing power parity 11
Goods imports 4 Reserves 6
Government 11 Retail 3
Government debt 6 Royalty and license fees 4
Government spending 5 Savings 44
Gross capital formation 10 Service 4
Gross domestic savings 6 Service imports 4
Gross fixed capital formation 10 Services 10
Gross national expenditure 9 Spending 72
Gross savings 6 Stocks traded 5
Gross value added at factor cost 9 Tax 66
High-technology 4 Total 9
Household final 23 Total debt service 6
IBRD loans and IDA credits 4 Tourism 19
Income 24 Tourism expenditures 5
Income distribution 4 Tourism receipts 5
Income payments 4 Tourist arrivals by region of origin 7
Income receipts 4 Trade 1324
Inequality 8 Trademark applications 4
Inflation 9 Use of IMF credit 4
Innovation 29 Welfare 5
Description Ghana Economy – Inflation.jpg
Structure of economy in Ghana, %, 2012
Description Ghana Economy – GDP.jpg
Malawi’s missing economic growth
Ghana ranked first for GDP > composition, by end use > investment in inventories amongst Hot countries in 2013.
Ghana ranked third for GDP > real growth rate amongst Former British colonies in 2012.
Ghana ranked #6 for GDP amongst Sub-Saharan Africa in 2012.
Ghana ranked second for GDP deflator amongst Christian countries in 2005.
Ghana ranked second for GDP > composition by sector > agriculture amongst Religious countries in 2012.

0

In response to Mitsi;

The government of Ghana is a constitutional democracy. The president and vice president are elected on the same ticket by popular vote for four-year terms. The most recent election was held on 7 December 2004 resulting in the president John Agyekum Kufuor maintaining his position with 52.75% of the vote.

For more information on the government of Ghana, see the government page of the detailed public profile for Ghana.

Posted on 18 Apr 2005

Edria Murray, Staff Editor

Edria Murray, Staff Editor

0

Agriculture is the backbone of our dear country.i will be glad if the government make the agricultural colleges which are into training of personal to ensure food security and wealth creation for our mother Ghana, one of his major priorities.

Posted on 22 Nov 2013

Boateng Raphael

Boateng Raphael

0

I would like to know the contribution of the industrial sector of Ghana to economic growth.Figures are relevant in this regard.

Posted on 29 Jan 2010

Afetor Fred Senyo

Afetor Fred Senyo

0

I THINK AGRICULTURE can cause an increment in GDP of Ghana if
the government could make all the small scale farmers and those on subsistence to work together on larger lands.The govt would set a target which all the farming groups must achieve when given the necessary inputs.Then the govt would buy all the farm produce and distribute them to the public on sales.In this way I think none of the farm produce would remain as waste.Then a special award scheme could be designed for the group which would achieve the target at every season and those who would produce beyond the target .Using the piece rate farmers could be paid and also have a pension scheme designed for them. It would create employment opportunity and also make the youth interested in agriculture.

Posted on 19 Jan 2010

Essuon Emmanuel

Essuon Emmanuel

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