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Ghana Economy 2010
http://www.workmall.com/wfb2010/ghana/ghana_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 21, 2010

Economy - overview:
Well endowed with natural resources, Ghana has roughly twice the per capita output of the poorest countries in West Africa. Even so, Ghana remains heavily dependent on international financial and technical assistance. Gold and cocoa production, and individual remittances, are major sources of foreign exchange. Oil roduction is expected to expand in late 2010 or early 2011. The domestic economy continues to revolve around agriculture, which accounts for about 35% of GDP and employs about 55% of the work force, mainly small landholders. 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. Thematic priorities under its current Growth and Poverty Reduction Strategy, which also provides the framework for development partner assistance, are: 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 and 2009.

GDP (purchasing power parity):
$36.58 billion (2009 est.)

$34.94 billion (2008 est.)
$32.56 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$14.76 billion (2009 est.)

GDP - real growth rate:
4.7% (2009 est.)

7.3% (2008 est.)
6.3% (2007 est.)

GDP - per capita (PPP):
$1,500 (2009 est.)

$1,500 (2008 est.)
$1,400 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 37.3%
industry: 25.3%
services: 37.5% (2006 est.)

Labor force:
10.33 million (2009 est.)

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

Unemployment rate:
11% (2000 est.)

Population below poverty line:
28.5% (2007 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):
35% of GDP (2009 est.)

Budget:
revenues: $4.547 billion
expenditures: $6.124 billion (2009 est.)

Public debt:
67.5% of GDP (2009 est.)

53.8% of GDP (2008 est.)

Inflation rate (consumer prices):
19.6% (2009 est.)

16.5% (2008 est.)

Central bank discount rate:
17% (31 December 2008)

13.5% (31 December 2007)

Commercial bank prime lending rate:
NA% (31 December 2008) NA% (31 December 2008)

Stock of money:
$NA (31 December 2008)

$2.179 billion (31 December 2006)

Stock of quasi money:
$NA (31 December 2008)

$2.174 billion (31 December 2006)

Stock of domestic credit:
$4.179 billion (31 December 2006) $NA (31 December 2008)

$4.173 billion (31 December 2006)

Market value of publicly traded shares:
$3.394 billion (31 December 2008)

$2.38 billion (31 December 2007)
$3.233 billion (31 December 2006)

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

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

Industrial production growth rate:
4.5% (2009 est.)

Electricity - production:
6.746 billion kWh (2007 est.)

Electricity - consumption:
5.702 billion kWh (2007 est.)

Electricity - exports:
249 million kWh (2007 est.)

Electricity - imports:
435 million kWh (2007 est.)

Oil - production:
7,399 bbl/day (2008 est.)

Oil - consumption:
56,000 bbl/day (2008 est.)

Oil - exports:
4,843 bbl/day (2007 est.)

Oil - imports:
45,380 bbl/day (2007 est.)

Oil - proved reserves:
15 million bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
22.65 billion cu m (1 January 2009 est.)

Current account balance:
$-2.666 billion (2009 est.)

$-3.471 billion (2008 est.)

Exports:
$5.737 billion (2009 est.)

$5.275 billion (2008 est.)

Exports - commodities:
gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticulture

Exports - partners:
Netherlands 13.5%, Ukraine 11.8%, UK 8%, France 5.7%, US 5.2% (2008)

Imports:
$9.807 billion (2009 est.)

$10.26 billion (2008 est.)

Imports - commodities:
capital equipment, petroleum, foodstuffs

Imports - partners:
China 15.6%, Nigeria 14.7%, India 7.4%, US 5.5%, France 4.4%, UK 4.4% (2008)

Reserves of foreign exchange and gold:
$1.854 billion (31 December 2009 est.)

$2.028 billion (31 December 2008 est.)

Debt - external:
$5.84 billion (31 December 2009 est.)

$5.055 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$NA

Stock of direct foreign investment - abroad:
$NA

Exchange rates:
cedis (GHC) per US dollar - 1.4 (2009), 1.1 (2008), 0.95 (2007), 9,174.8 (2006), 9,072.5 (2005)
note: in 2007 Ghana revalued its currency with 10,000 old cedis equal to 1 new cedis


NOTE: The information regarding Ghana on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ghana Economy 2010 information contained here. All suggestions for corrections of any errors about Ghana Economy 2010 should be addressed to the CIA.



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