Economy Of Ghana
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Economy overview
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Well endowed with natural resources, Ghana has roughly 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 35% of GDP and employs 60% of the work force, mainly small landholders. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002. Policy priorities include tighter monetary and fiscal policies, accelerated privatization, and improvement of social services. Receipts from the gold sector should help sustain GDP growth in 2004. Inflation should ease, but remain a major internal problem.
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GDP
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purchasing power parity - $44.44 billion (2004 est.)
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GDP - real growth rate
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4.7% (2004 est.)
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GDP - per capita
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purchasing power parity - $2,200 (2004 est.)
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GDP - composition by sector
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agriculture: 35.4%
industry: 25.4%
services: 39.2% (2004 est.)
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Investment gross fixed
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24.5% of GDP (2004 est.)
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Population below poverty line
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31.4% (1992 est.)
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Household income or consumption by percentage share
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lowest 10%: 2.2%
highest 10%: 30.1% (1999)
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Distribution of family income - Gini index
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40.7 (1999)
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Inflation rate consumer prices
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26.7% (2004 est.)
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Labor force
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10 million (2004 est.)
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Labor force by occupation
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agriculture 60%, industry 15%, services 25% (1999 est.)
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Unemployment rate
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20% (1997 est.)
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Budget
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revenues: $1.943 billion
expenditures: $2.192 billion, including capital expenditures of NA (2004 est.)
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Public debt
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Agriculture products
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cocoa, rice, coffee, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber
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Industries
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mining, lumbering, light manufacturing, aluminum smelting, food processing
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Industrial production growth rate
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3.8% (2000 est.)
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Electricity production
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8.801 billion kWh (2001)
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Electricity production by source
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fossil fuel: 5%
hydro: 95%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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8.835 billion kWh (2001)
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Electricity exports
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300 million kWh (2001)
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Electricity imports
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950 million kWh (2001)
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Oil production
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7,000 bbl/day (2001 est.)
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Oil consumption
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38,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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8.255 million bbl (1 January 2002)
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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11.89 billion cu m (1 January 2002)
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Current account balance
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$110 million (2004 est.)
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Exports
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$2.642 billion f.o.b. (2004 est.)
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Exports commodities
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gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds
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Exports partners
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Netherlands 11.2%, UK 10.7%, France 7.7%, Germany 6.2%, Japan 5.2%, Italy 4.6%, Turkey 4.4%, US 4.3% (2003)
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Imports
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$3.24 billion f.o.b. (2003 est.)
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Imports commodities
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capital equipment, petroleum, foodstuffs
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Imports partners
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Nigeria 13.2%, China 9.3%, UK 7.2%, US 6.1%, Germany 4.8%, France 4.5%, South Africa 4% (2003)
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Reserves of foreign exchange gold
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$1.469 billion (2004 est.)
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Debt external
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$7.398 billion (2004 est.)
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Economic aid recipient
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$6.9 billion (1999)
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Currency
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cedi (GHC)
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Currency code
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GHC
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Exchange rates
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cedis per US dollar - NA (2003), 7,932.7 (2002), 7,170.76 (2001), 5,455.06 (2000), 2,669.3 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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