Browse a full set of economic indicators

Ghana

Includes Ghana real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Ghana economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Ghana best banks and safest banks are also available.

Basic Information

Government Type: Presidential republic

Capital City: Accra

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Bank of Ghana
Currency Cedis (GHC)

International Reserves USD 6.3 billion (2018)

International Monetary Fund (IMF), data retrieved October 2019
Gross Domestic Product – GDP USD 65.2 billion (2018, estimate)
GDP (Purchasing Power Parity) Intl$ 190.7 billion (2018, estimate)

GDP Data

Real GDP growth 2007: 4%
2008: 9.3%
2009: 5.5%
2010: 7.9%
2011: 17.4%
2012: 9%
2013: 7.9%
2014: 2.9%
2015: 2.2%
2016: 3.4%
2017*: 8.1%
2018*: 5.6%
*Estimate
GDP per capita – current prices USD 2,205.8 (2018, estimate)
GDP per capita – PPP Intl$ 6,451.7 (2018, estimate)
GDP (PPP) – share of world total 1980: 0.06%
1990: 0.07%
2000: 0.07%
2010: 0.08%
2019*: 0.15%
*Estimate
GDP – composition by sector agriculture: 19.7%
industry: 30.8%
services: 42.3%
(2017 estimate)
Gross domestic expenditure on R&D; (% of GDP) N/A
Inflation 2015: 17.2%
2016: 17.5%
2017: 12.4%
2018*: 9.8%
2019*: 19.3%

*Estimate

Inflation & Debt

Inflation 2015: 17.2%
2016: 17.5%
2017: 12.4%
2018*: 9.8%
2019*: 19.3%

*Estimate
Government Bond Ratings Standard & Poor’s: B

Moody’s: B3

Standard & Poor’s / Moody’s
Unemployment rate N/A
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2015: 54.8%
2016: 57.1%
2017: 57.3%
2018*: 59.3%
2019*: 63.8%
*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2015: -4.1%
2016: -6.9%
2017: -4.1%
2018: -7%
2019*: -7.1%
*Estimate
Market value of publicly traded shares N/A
Largest Companies N/A

Import/Export

Exports as percent of GDP (Exports of goods and services) 35.3% (2017)
Shares in world total merchandising export 0.08% (2018)
Shares in world total commercial services export
0.13% (2018)
Total exports USD 22.4 billion (2018 estimate)
Export commodities
Oil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products
Total imports USD 23.2 billion (2018 estimate)
Import commodities Capital equipment, refined petroleum, foodstuffs
Exports – major partners India 23.8%, UAE 13.4%, China 10.8%, Switzerland 10.1%, Vietnam 5.2%, Burkina Faso 4%(2017)
Imports – major partners China 16.8%, US 8%, UK 6.2%, Belgium 5.9%, India 4.1% (2017)

Competitiveness & Trade

Current account balance USD -2.0 billion (2018 estimate)
Current account balance by percentage of GDP
-3.1 % (2018 estimate)
FDI inflows 2016: USD 3,485 million
2017: USD 3,255 million
2018: USD 2,989 million
FDI Outflows 2016: USD 15 million
2017: USD 16 million
2018: USD 81 million
Value of cross-border M&A, by country of purchaser 2015: N/A
2016: N/A
2017: USD 4.3 million
2018: N/A
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking:

118 out of 190 countries

​Subcategories:
Starting a Business: 116 out of 190 countries
Dealing with Construction Permits: 104 out of 190 countries
Getting Electricity: 79 out of 190 countries
Registering Property: 111 out of 190 countries
Getting Credit: 80 out of 190 countries
Protecting Minority Investors: 72 out of 190 countries
Paying Taxes: 152 out of 190 countries
Trading across Borders: 158 out of 190 countries
Enforcing Contracts: 117 out of 190 countries
Resolving Insolvency: 161 out of 190 countries
Global competitiveness ranking
111 out of 141 countries

(2019)
Index of Economic Freedom Ranking: 109 / Score: 57.5 (Mostly unfree)

(100=totally free 0=totally repressed)

Population & Geographic Data

Time Zone UTC 0

Total Area 238,533 sq km
Total Population 1990*: 14.11 million
2000*: 18.91 million
2010*: 24.66 million
2015*: 27.71 million
2020*: 30.78 million
*Estimate
Urban population as % of total population 1960: 23.3%
1980: 31.2%
2000: 43.9%
2018: 56.1%
Population median age 21.2 years
Population growth rate 2.16% (2018 estimate)
Life expectancy 67.4 years (2018 estimate)
% of population living on less than $3.10 a day
30.5% (last available estimate, 2016)
Inequality of wealth distribution (Gini index)
43.5 (last available estimate, 2016)
Freedom House rating
Free
Political Rights: 1
Civil Liberties: 2 (2019)

(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population
Fixed: 0.9% Mobile: 137.5% (2018)
(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 39 % (2017)

Language & Religon

Languages Asante 16%, Ewe 14%, Fante 11.6%, Boron (Brong) 4.9%, Dagomba 4.4%, Dangme 4.2%, Dagarte (Dagaba) 3.9%, Kokomba 3.5%, Akyem 3.2%, Ga 3.1%, other 31.2% (2010 est.)Note: English is the official language (2010 est.)
Literacy
Total population: 76.6%
Male: 82%
Female: 71.4%
Definition: age 15 and over can read and write (2015 est.)
Religions Christian 71.2% (Pentecostal/Charismatic 28.3%, Protestant 18.4%, Catholic 13.1%, other 11.4%), Muslim 17.6%, traditional 5.2%, other 0.8%, none 5.2% (2010 est.)

World Rankings

Population 30.78 M
Mercer Cost of living index Accra: 63rd (2019)

C02 Emissions per capita 0.53 metric tons per capita (2014)

Global Finance Rankings & Awards: Ghana

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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