Economy in Ghana

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Economy—overview: 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 41% of GDP and employs 60% of the work force 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.

GDP: purchasing power parity—$36.2 billion (1997 est.)

GDP—real growth rate: 3% (1997 est.)

GDP—per capita: purchasing power parity—$2 01000 (1997 est.)

GDP—composition by sector:

agriculture: 41%

industry: 14%

services: 45% (1996 est.)

Inflation rate—consumer price index: 27.7% (1997 est.)

Labor force:

total: NA

by occupation: agriculture and fishing 61% industry 10% services 29% (1996 est.)

Unemployment rate: 20% (1997 est.)

Budget:

revenues: $1.39 billion

expenditures: $1.47 billion including capital expenditures of $370 million (1996 est.)

Industries: mining lumbering light manufacturing aluminum smelting food processing

Industrial production growth rate: 4.2% (1996 est.)

Electricity—capacity: 1.3 million kW (1997)

Electricity—production: 600 million kWh (1996)

Electricity—consumption per capita: 373 kWh (1996)

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

Exports:

total value: $1.57 billion (f.o.b. 1996 est.)

commodities: gold 39% cocoa 35% timber 9.4% tuna bauxite aluminum manganese ore and diamonds (1996 est.)

partners: UK Germany US Netherlands Japan Nigeria

Imports:

total value: $1.84 billion (c.i.f. 1995)

commodities: capital equipment petroleum consumer goods foods intermediate goods

partners: UK Nigeria US Germany Japan Netherlands

Debt—external: $5.2 billion (1996 est.)

Economic aid:

recipient: ODA $472 million (1993)

Currency: 1 new cedi (C) = 100 pesewas

Exchange rates: new cedis per US$1—2 271.70 (January 1998) 2 050.17 (1997) 1 637.23 (1996) 1 200.43 (1995) 956.71 (1994) 649.06 (1993)

Fiscal year: calendar years

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