Economy of Ghana

Economy of Ghana

Currency	Cedi (GHS, GH₵)
Fiscal year	Calendar year
Trade organisations	AU, AfCFTA, WTO, ECOWAS
Country group	Developing/Emerging[1] Lower-middle income economy[2]
Statistics
Population	33,346,450 (2023)[3]
GDP	$76.628 billion (nominal, 2023 est.)[4] $229.471 billion (PPP, 2023 est.)[5]
GDP rank	90th (nominal, 2023) 68th (PPP, 2023)
GDP growth	1.62% (2023) [6] 2.94% (2024f) [6] 4.85% (2025f) [6]
GDP per capita	$2,024 (nominal, 2023 est.)[7] $5,968 (PPP, 2021 est.)[7]
GDP per capita rank	163rd (nominal, 2021) 165th (PPP, 2021)
GDP by sector	agriculture: 18.3% industry: 24.% services: 57.2% (2017 est.)[8]
Inflation (CPI)	41.2% (2023 est.)[9]
Population below poverty line	23.4% in poverty (2016)[10] 30.5% on less than $3.20/day (2016)[11]
Gini coefficient	43.5 medium (2016)[12]
Human Development Index	0.632 medium (2021-2022)[13] (133rd) 0.458 low IHDI (2022)[14]
Unemployment	3.92% (2021)[15] 3.87% (2022)[16]
Main industries	mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building, petroleum
External
Exports	$14.1 billion (2021 est.)[17]
Export goods	fuels including oil, gems, precious metals, cocoa, fruits, nuts, ores, slag, ash, animal/vegetable fats, oils, waxes, wood, rubber, rubber articles, meat/seafood preparations aluminum
Main export partners	China 16.7%   Switzerland 14.7%  India 14.2%  South Africa 11.8%  Netherlands 5.8%  United Arab Emirates 5.4%  United States of America 4.2%  United Kingdom 2.5%  France 2.2%  Italy 1.84%  Japan 1.81%.  Burkina Faso 1.7% (2020)[18]
Imports	$11.07 billion (December 2022 est.)[19]
Import goods	refined petroleum, cars, rice, delivery trucks, coated-flat rolled iron, other foodstuffs
Main import partners	China 42%  United States 5%  Netherlands 5%  India 5%  United Arab Emirates 3% (2020)[8]
FDI stock	$19.85 billion (31 December 2013 est.)[8] Abroad: $16.62 billion (31 December 2013 est.)[8]
Current account	$318.2billion (2022 est.)[20]
Gross external debt	$22.14 billion (31 December 2017 est.)[8]
Public finances
Government debt	59.3% of GDP (2023 est.)[21]
Budget balance	2.0% (of GDP) (2022 est.)}[20]
Revenues	9.544 billion (2017 est.)[8]
Expenses	24.5% of GDP (2023 est.)[22]
Credit rating	Standard & Poor's:[23] B− (Foreign) Fitch :[24] C Outlook: No outlook at level Moody's :[25] B3 ( Stable)
Foreign reserves	$5.216 billion ( April 2023 est.)
All values, unless otherwise stated, are in US dollars.

The economy of Ghana has a diverse and rich resource base, including the manufacturing and export of digital technology goods, automotive and ship construction and export, and the export of resources such as hydrocarbons and industrial minerals.

The Ghanaian domestic economy in 2012 revolved around services, which accounted for 50% of GDP and employed 28% of the work force. Besides the industrialization associated with minerals and oil, industrial development in Ghana remains basic, often associated with plastics (such as chairs, plastic bags, razors, and pens).^[26] 53.6% of Ghana's workforce were employed in agriculture in 2013.^{[27][28][outdated statistic]}

Ghana embarked on a currency re-denomination exercise from the Cedi (₵) to the new currency, Ghana Cedi (GH₵) in July 2007. The transfer rate is 1 Ghana Cedi for every 10,000 Cedis.

Ghana became the largest gold-producing country in Africa after overtaking South Africa in 2019.^[29] The country is also the second-largest cocoa producer (after Ivory Coast).^[30] Ghana is rich in diamonds, manganese or manganese ore, bauxite, and oil. Most of its debt was cancelled in 2005, but government spending was later allowed to balloon. Coupled with a plunge in oil prices, this led to an economic crisis that forced the government to negotiate a $920 million extended credit facility from the International Monetary Fund (IMF) in April 2015.^[31]