Economy of Ghana
This is a chart of trend of gross domestic product of Ghana at market prices estimated by the International Monetary Fund with figures in millions of Ghanaian Cedis.
| Year | Gross Domestic Product | US Dollar bxchange |
|---|---|---|
| 1980 | 43,229 | 2.74 Cedis |
| 1985 | 361,370 | 54.36 Cedis |
| 1990 | 2,158,213 | 326.30 Cedis |
| 1995 | 7,751,700 | 1,200.51 Cedis |
| 2000 | 27,152,500 | 5,455.59 Cedis |
| 2005 | 97,017,315 | 9,072.12 Cedis |
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Returning refugees
The economy's response to these reforms was initially hampered by the absorption of one million returnees from Nigeria, the onset of the worst drought since independence, which brought on widespread bushfires and forced closure of the aluminium smelter and severe power cuts for industry and decline in foreign aid. In 1985, the country absorbed an additional 100,000 expellees from Nigeria. In 1987, cocoa prices began declining again; however, initial infrastructure repairs, improved weather, and producer incentives and support revived output in the early 1990s. During 1984-88 the economy experienced solid growth for the first time since 1978. Renewed exports, aid inflows, and a foreign exchange auction have eased hard currency constraints.
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IMF support
Since an initial August 1983 IMF standby agreement, the economic recovery program has been supported by three IMF standbys and two other credits totaling $611 million, $1.1 billion from the World Bank, and hundreds of millions of dollars more from other donors. In November 1987, the IMF approved a $318-million, 3-year extended fund facility. The second phase (1987-90) of the recovery program concentrated on economic restructuring and revitalizing social services. The third phase, focused on financial transparency and macroeconomic stability is scheduled for March 1998.
Ghana intends to achieve its goals of accelerated economic growth, improved quality of life for all Ghanaians, and reduced poverty through macroeconomic stability, higher private investment, broad-based social and rural development, as well as direct poverty-alleviation efforts. These plans are fully supported by the international donor community and have been forcefully reiterated in the 1995 government report, Ghana: Vision 2020. Privatization of state-owned enterprises continues, with about two-thirds of 300 parastatal enterprises sold to private owners. Other reforms adopted under the government's structural adjustment program include the elimination of exchange rate controls and the lifting of virtually all restrictions on imports. The establishment of an interbank foreign exchange market has greatly expanded access to foreign exchange.
The medium-term macroeconomic forecast assumes political stability, successful economic stabilization, and the implementation of a policy agenda for private sector growth, and adequate public spending on social services and rural infrastructure. The ninth Consultative Group Meeting for Ghana ended 5 November 1997 after deliberations in Paris. Twenty-four countries and donor entities were represented at this meeting called by the World Bank on behalf of the Ghanaian Government. The World Bank announced that, of the targeted disbursement level of $1.6 billion sought from the donor community for 1998-99, they foresaw only a $150 million shortfall in commitments, and that this shortfall would be easily realized should Ghana rapidly enact its macroeconomic program.
The government repealed a 17.% value-added tax (VAT) shortly after its introduction in 1995, which resulted in wide-spread public protests. The government reverted to several previously imposed taxes, including a sales tax. The government has set in motion a program to reintroduce a VAT bill, with implementation in 1998 after an extensive public education campaign.
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Statistics
GDP - official exchange rate $10.21 billion (2006 est.)
GDP - purchasing power parity $60 billion (2006 est.)
GDP - real growth rate: 6.2% (2006 est.)
GDP - per capita: purchasing power parity - $2,700 (2006 est.)
GDP - composition by sector:
agriculture: 37.3%
industry: 25.3%
services: 37.5% (2006 est.)
Investment (gross fixed): 29% of GDP (2006 est.)
Population below poverty line: 31.4% (1992 est.)
Household income or consumption by percentage share:
lowest 10%: 2.2%
highest 10%: 30.1% (1999)
Distribution of family income - Gini index: 30 (1999)
Inflation rate (consumer prices): 10.9% (2006 est.)
Labor force: 10.87 million (2006 est.)
Labor force - by occupation: agriculture 60%, industry 15%, services 25% (1999 est.)
Unemployment rate: 20% (1997 est.)
Budget:
revenues: $3.616 billion
expenditures: $3.947 billion, including capital expenditures of NA (2006 est.)
Agriculture - products: cocoa, rice, coffee, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber
Industries: mining, lumber, light manufacturing, aluminium smelting, food processing
Industrial production growth rate: 3.8% (2000 est.)
Electricity - production: 6.489 billion kWh (2004)
Electricity - production by source:
fossil fuel: 0.1%
hydro: 99.9%
nuclear: 0%
other: 0% (1998)
Electricity - consumption: 7.095 billion kWh (2004)
Electricity - exports: 900 million kWh (2004)
Electricity - imports: 1.96 billion kWh (2004)
Oil - production: 7,477 barrel/day (2004 est.)
Oil - consumption: 44,000 barrel/day (2004 est.)
Oil - exports: NA (2001)
Oil - imports: NA (2001)
Oil - proved reserves: 8.255 million barrel (1 January 2002)
Natural gas - proved reserves: 23.79 billion m³ (1 January 2005)
Current account balance: -$219 million (2006 est.)
Exports: $3.286 billion f.o.b. (2006 est.)
Exports - commodities: gold, cocoa, timber, tuna, bauxite, aluminium, manganese ore, diamonds
Exports - partners: Netherlands 12.5%, United Kingdom 8.3%, United States 6.7%, Belgium 5.8%, France 5.6%, Germany 4.4%, (2005)
Imports: $5.666 billion f.o.b. (2006 est.)
Imports - commodities: capital equipment, petroleum, foodstuffs
Imports - partners: Nigeria 15.2%, the People's Republic of China 12.5%, United States 6.3%, United Kingdom 5.23%,South Africa 4.5%, Brazil 4.1%, Netherlands 4.0% (2005)
Reserves of foreign exchange & gold: $2.098 billion (2006 est.)
Debt - external: $2.7 billion (April 30, 2007)
Economic aid - recipient: $6.9 billion (1999)
Currency: cedi (GHS)
Exchange rates: cedis per US dollar - 0.9215 (July 2007), 9,174.8 (2006), 9,072.5 (2005), 9,004.6 (2004, 8,677.4 (2003), 7,932.7 (2002), 7,170.76 (2001), 5,455.06 (2000), 2,669.3 (1999)
Fiscal year: calendar year
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See also
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External links
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