Ghana

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Ghana - In Short.

Overview of Ghana

Formed from the merger of the British colony of the Gold Coast and the Togoland trust territory, Ghana in 1957 became the first Sub-Saharan country in colonial Africa to gain its independence. Ghana endured a series of coups before Lt. Jerry RAWLINGS took power in 1981 and banned political parties. After approving a new constitution and restoring multiparty politics in 1992, RAWLINGS won presidential elections in 1992 and 1996 but was constitutionally prevented from running for a third term in 2000. John KUFUOR of the opposition New Patriotic Party (NPP) succeeded him and was reelected in 2004. John Atta MILLS of the National Democratic Congress won the 2008 presidential election and took over as head of state. MILLS died in July 2012 and was constitutionally succeeded by his vice president, John Dramani MAHAMA, who subsequently won the December 2012 presidential election. In 2016, Nana Addo Dankwa AKUFO-ADDO of the NPP defeated MAHAMA, marking the third time that Ghana’s presidency has changed parties since the return to democracy.
Value
Country Full Name
Ghana
Country Code
GHA
Region
Sub-Saharan Africa
Income Group
Lower middle income
Currency Unit
GDP
68532281806
Population
31072945
Land Area
227540
Net National Income Per Capita
1751.544934
GDP per Capita (PPP)
5744.432344

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Ghana - Economic

Economy of Ghana

Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region, and Ghana is endowed with natural resources. 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.Agriculture accounts for about 20% of GDP and employs more than half of the workforce, mainly small landholders. Gold, oil, 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 fall in oil prices since 2015 reduced by half Ghana’s oil revenue. Production at Jubilee, Ghana’s first commercial offshore oilfield, began in mid-December 2010. Production from two more fields, TEN and Sankofa, started in 2016 and 2017 respectively. The country’s first gas processing plant at Atuabo is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants.As of 2018, key economic concerns facing the government include the lack of affordable electricity, lack of a solid domestic revenue base, and the high debt burden. The AKUFO-ADDO administration has made some progress by committing to fiscal consolidation, but much work is still to be done. 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 require Ghana to reduce the deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, boosting tax revenues, and improving the health of Ghana’s banking sector. Priorities for the new administration include rescheduling some of Ghana’s $31 billion debt, stimulating economic growth, reducing inflation, and stabilizing the currency. Prospects for new oil and gas production and follow through on tighter fiscal management are likely to help Ghana’s economy in 2018.

Unemployment Rate

Inflation Rate

Ghana - GDP Composition

GDP Composiiton & Value Added of Ghana

Last Updated: Jan, 2021, Updated For 2020.

Ghana - GDP, Value Added

Demographics of Ghana

population is concentrated in the southern half of the country, with the highest concentrations being on or near the Atlantic coast as shown in this population distribution map
Geographic Location

Western Africa, bordering the Gulf of Guinea, between Cote d'Ivoire and Togo

Races

Akan 45.7%, Mole-Dagbani 18.5%, Ewe 12.8%, Ga-Dangme 7.1%, Gurma 6.4%, Guan 3.2%, Grusi 2.7%, Mande 2%, other 1.6% (2021 est.)

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

Religion

Christian 71.3% (Pentecostal/Charismatic 31.6%, Protestant 17.4%, Catholic 10%, other 12.3%), Muslim 19.9%, traditionalist 3.2%, other 4.5%, none 1.1% (2021 est.)

Dependency & Expectancy of Ghana

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Ghana - Social Media Briefing

Ghana - Social Media & Social Commerce

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Politics & Policies of Ghana

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AfDB, AU, C, ECOWAS, EITI (compliant country), FAO, G-24, G-77, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINURSO, MINUSMA, MONUSCO, NAM, OAS (observer), OIF, OPCW, UN, UNAMID, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNISFA, UNMIL, UNMISS, UNOCI, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Ghana

Export of Ghana

Import Destination

Export Destination