Economic Indicators

Well endowed with natural resources, Ghana has twice the per capita output of the poorer countries in West Africa. Even so, Ghana remains heavily dependent on international financial and technical assistance. Gold, timber, and cocoa production are major sources of foreign exchange. The domestic economy continues to revolve around subsistence agriculture, which accounts for 36% of GDP and employs 60% of the work for ce, mainly small landholders. In 1995-97, Ghana made mixed progress under a three-year structural adjustment program in cooperation with the IMF. On the minus side, public sector wage increases and regional peacekeeping commitments have led to continued inflationary deficit financing, depreciation of the cedi, and rising public discontent with Ghana's austerity measures. Political uncertainty and a depressed cocoa market led to disappointing growth in 2000. A rebound in the cocoa market should push growth over 4% in 2001-02. • GDP: $5.9 billion (2002) • GDP per Capita: $1,980 (2002) • GDP Growth rate: 5.2 (2004 by Gov't) ... • GNP/Capita: $1,900 (2000 est.) -A measure of per capita income that takes into account relative purchasing power across countries. • GDP - composition by sector: : agriculture: 36% industry: 25% services: 39% (2000 est.) • Income per capita: US$290 (2002) • Income per capita growth: 1.3 (1999-2000) • Gross national income: 6.6 billion (ranking 102) • Budget Revenue: $1.603 billion (2001) • Budget Expenditures: $1.975 billion (2001 est.) • Budget Deficit: 3.4 percent of GDP (2004) • Total Debt: US$5.5bn (2000); $6.9bn (2001); $7.2bn (2002 est.); 6.1bn (2004) • Per Capita Debt: 2.7million (2001) • Debt Service Payment: $261.7 (Oct '99) • Debt Service Ratio: 24.3% (1996) • Current account balance: -$0.5 billion (2000 est.) • Inflation rate: 11.3% (Feb '04); 22.4 (Jan '04); 23. 6 (Dec '03); 30% (Apr. '03); 29.6% (June '03) • Interest rate: 26% (Jan 2004) • HIPC Foreign Debt $5.96bn (2003) -imf/world bank • Forex reserves $226m (2003) -imf/world bank • Growth rate (IMF projection): 4.5% (Jan. '99) Labour • Labor force: 9 million (2000 est.) • Labor force (by occupation): agriculture 60%, industry 15%, services 25% (1999 est.) • Unemployment rate: 20.3% (est. 2001) • Minimum daily wage: 10,500 Cedis (Jan. 2004) Trade • Exports: US$2,297.2 million (2003); US$1,867.1m (2001); US$2,015.2m (2002) Commodities: cocoa 45%, gold, timber, tuna, bauxite, and aluminum • Partners: Germany 29%, UK 12%, US 12%, Japan 5% -- • Imports: US$2.83bn (2002) • Commodities: petroleum 16%, consumer goods,foods,intermediate goods, capital equipment • Partners: UK 23%, US 11%, Germany 10%, Japan 6% Electricity • Production: 5.466 billion kWh (1999) • Production by source: fossil fuel: 26.82% hydro: 73.18% nuclear: 0% other: 0% (1999) • Consumption: 5.573 billion kWh (1999) • Exports: 400 million kWh (1999) • Imports: 890 million kWh (1999) Industries • Production: growth rate 5.7% in manufacturing (1997); accounts for almost 15% of GDP • Main: mining, lumbering, light manufacturing, aluminum, food processing • Agriculture: accounts for about 50% of GDP (including fishing and forestry); the major cash crop is cocoa; other principal crops - rice, coffee, cassava, peanuts, corn, shea nuts timber; normally self-sufficient in food Economic aid • US commitments, including Ex-Im (FY70-89), $455 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $2.6 billion; OPEC bilateral aid (1979-89), $78 million; Eastern european countries (1970-89), $106 million Currency • 1 cedi (C) = 100 pesewas Exchange rates: cedis per US dollar - 6,895.77 (January 2001), 5,321.68 (2000), 2,647.32 (1999), 2,314.15 (1998), 2,050.17 (1997), 1,637.23 (1996) ; Depreciation: 4.7% against the US dollar (2003)