Overview
Ghana's economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. Ghana is well endowed with natural resources and agriculture accounts for roughly one-quarter 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, 2010, and is expected to boost economic growth. President MILLS faces challenges in managing new oil revenue while maintaining fiscal discipline and resisting debt accumulation. Estimated oil reserves have jumped to almost 700 million barrels.

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 2008-11.

GDP (purchasing power parity)
$74.77 billion (2011 est.)
$65.89 billion (2010 est.)
$61.2 billion (2009 est.)
note: data are in 2011 US dollars

GDP (official exchange rate)
$38.6 billion (2011 est.)

GDP - real growth rate
13.5% (2011 est.)
7.7% (2010 est.)
4% (2009 est.)

GDP - per capita (PPP)
$3,100 (2011 est.)
$2,800 (2010 est.)
$2,600 (2009 est.)
note: data are in 2011 US dollars

GDP - composition by sector
agriculture: 28.3%
industry: 21%
services: 50.7% (2011 est.)

Population below poverty line
28.5% (2007 est.)

Labor force
11.44 million (2011 est.)

Labor force - by occupation
agriculture: 56%
industry: 15%
services: 29% (2005 est.)

Unemployment rate
11% (2000 est.)

Household income or consumption by percentage share
lowest 10%: 2%
highest 10%: 32.8% (2006)

Distribution of family income - Gini index
39.4 (2005-06)
40.7 (1999)

Investment (gross fixed)
19.9% of GDP (2011 est.)
Budget
revenues: $8.796 billion
expenditures: $10.38 billion (2011 est.)

Taxes and other revenues
19.1% of GDP (2011 est.)
Budget surplus (+) or deficit (-)
-5.4% of GDP (2011 est.)

Public debt
38.7% of GDP (2011 est.)
34% of GDP (2010 est.)

Inflation rate (consumer prices)
8.8% (2011 est.)
10.7% (2010 est.)

Central bank discount rate
18% (31 December 2009)
17% (31 December 2008)

Commercial bank prime lending rate
20.6% (31 December 2011 est.)
22.7% (31 December 2010 est.)

Stock of money
$NA (31 December 2008)
$2.179 billion (31 December 2006)

Stock of narrow money
$9.33 billion (31 December 2011 est.)
$7.102 billion (31 December 2010 est.)

Stock of quasi money
$NA (31 December 2008)
$2.174 billion (31 December 2006)

Stock of broad money
$14.37 billion (31 December 2011 est.)
$10.78 billion (31 December 2010 est.)

Stock of domestic credit
$10.25 billion (31 December 2011 est.)
$8.747 billion (31 December 2010 est.)

Market value of publicly traded shares
$3.531 billion (31 December 2010)
$2.508 billion (31 December 2009)
$3.394 billion (31 December 2008)

Agriculture - products
cocoa, rice, cassava (manioc), peanuts, corn, shea nuts, bananas; timber

Industries
mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building

Industrial production growth rate
5% (2010 est.)

Electricity - production
8.167 billion kWh (2008 est.)

Electricity - production by source
fossil fuel: 5%
hydro: 95%
nuclear: 0%
other: 0% (2001)

Electricity - consumption
6.06 billion kWh (2008 est.)

Electricity - exports
538 million kWh (2008 est.)

Electricity - imports
263 million kWh (2008 est.)

Oil - production
8,880 bbl/day (2010 est.)

Oil - consumption
60,000 bbl/day (2010 est.)

Oil - exports
5,752 bbl/day (2009 est.)

Oil - imports
68,830 bbl/day (2009 est.)

Oil - proved reserves
660 million bbl (1 January 2011 est.)

Natural gas - production
0 cu m (2009 est.)

Natural gas - consumption
0 cu m (2009 est.)

Natural gas - exports
0 cu m (2009 est.)

Natural gas - imports
0 cu m (2009 est.)

Natural gas - proved reserves
22.65 billion cu m (1 January 2011 est.)

Current Account Balance
-$1.438 billion (2011 est.)
-$2.43 billion (2010 est.)

Exports
$13.13 billion (2011 est.)
$7.892 billion (2010 est.)

Exports - commodities
gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products

Exports - partners
Netherlands 11.7%, UK 7%, France 5.7%, US 5.6%, Ukraine 5%, Belgium 4.6% (2009)

Imports
$14.03 billion (2011 est.)
$10.95 billion (2010 est.)

Imports - commodities
capital equipment, petroleum, foodstuffs

Imports - partners
China 16.6%, Nigeria 12.7%, US 8.4%, Cote d'Ivoire 6.2%, UK 4.5%, France 4.2% (2009)

Reserves of foreign exchange and gold
$5.671 billion (31 December 2011 est.)
$4.7 billion (31 December 2010 est.)

Debt - external
$7.779 billion (31 December 2011 est.)
$6.795 billion (31 December 2010 est.)

Stock of direct foreign investment - at home
$NA

Stock of direct foreign investment - abroad
$NA

Exchange rates
cedis (GHC) per US dollar -
1.495 (2011 est.)
1.431 (2010 est.)
1.409 (2009)
1.1 (2008)
0.95 (2007)

Fiscal year

Calendar year

 
source www.mfa.gov.gh