About Ghana and Key Financial Statistics

About Ghana and Key Financial Statistics

Overview of Economy:

Ghana's economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency. Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region. Ghana is well-endowed with natural resources. Agriculture accounts for nearly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for about half of GDP. Gold and cocoa exports, and individual remittances, are major sources of foreign exchange. Expansion of Ghana’s nascent oil industry has boosted economic growth, but the recent oil price crash has reduced by half Ghana’s 2015 anticipated oil revenue. Production at Jubilee, Ghana's offshore oil field, began in mid-December 2010 and currently produces roughly 110,000 barrels per day. The country’s first gas processing plant at Atubao is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants. As of 2015, the biggest single economic issue is the lack of consistent electricity. While the MAHAMA administration is taking steps to improve the situation, it will be the third or fourth quarter of 2015 before any relief is visible. Ghana signed a $920 million extended credit facility with the IMF in April, 2015 to help it address its growing economic crisis. The IMF fiscal targets will require Ghana to reduce the fiscal deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, and increasing revenues. The challenge for Ghana will come as the MAHAMA Administration approaches the 2016 election cycle facing public dissatisfaction in the midst of economic austerity.

Gross Domestic Product (In USD):

$108.5 billion (2014 est.)

$104.3 billion (2013 est.)

$97.19 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 22

% Industry: 28.4

% Services: 49.6

Composition of Labor Force by Occupation:

% Agriculture: 44.7

% Industry: 14.4

% Services: 40.9

Per Capita Income:

$4,100 (2014 est.)

$4,000 (2013 est.)

$3,700 (2012 est.)

Exports:

$13.22 billion (2014 est.)

$13.75 billion (2013 est.)

Key Export Commodities:

oil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products

Export Partners:

China 10.7%, France 9%, Netherlands 7.3%, India 7.3%, South Africa 6.6%, Italy 6.5% (2014)

Imports:

$14.57 billion (2014 est.)

$17.6 billion (2013 est.)

Key Import Commodities:

capital equipment, refined petroleum, foodstuffs

Import Partners:

China 25.5%, Nigeria 13.1%, Netherlands 8.2%, Cote d'Ivoire 7.2%, US 6.9%, India 4.1% (2014)

Inflation Rate (Consumer Price Index):

15.5% (2014 est.)

11.7% (2013 est.)

Exchange Rate to USD:

cedis (GHC) per US dollar -

2.895 (2014 est.)

2.895 (2013 est.)

1.8 (2012 est.)

1.512 (2011 est.)

1.431 (2010 est.)

Unemployment Rate:

5.2% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings