Ghana: Economic Outline

Economic Indicators

After a decade of good economic performance, marked by strong and sustained growth (6% of growth on average), Ghana was affected by the global recession. The GDP growth fell in 2009 to 4.1% and has since slowly increased, to 5% in 2010. An acceleration of the growth is expected for 2011 (10%) along with the world economic recovery, large public investment in the oil sector and the expected income from new petroleum fields.

In the face of the preoccupying declining budget deficit of the current account, which is exposing the Ghanaian economy to strong punishement, the government has adopted a new Credit Law in 2009. This law, which also aims to contain inflation, is in line with the economic policy emphasized by the IMF. A three-year accord under the IMF's Extended Credit Facility also emphasizes spending reduction and a futher boost of income.

Ghana has accomplished significant progres in reducing poverty. It is well on its way to accomplishing the MDGs (Millenium Development Goals) and reaching a medium income country status by 2015. Nevertheless, the unemployment rate remains high.

Main Indicators	2009	2010	2011	2012 (e)	2013 (e)
GDP (billions USD)	25.80	32.32	38.59	45.12	50.26
GDP (Constant Prices, Annual % Change)	4.0	7.7e	13.5e	7.3	6.1
GDP per Capita (USD)	1,116	1,364	1,588	1,810	1,966
General Government Gross Debt (in % of GDP)	36.2	37.4e	38.1	37.5	37.6
Inflation Rate (%)	19.3	10.7	8.7	8.7	8.1
Current Account (billions USD)	-1.03	-2.25	-2.51	-2.22	-1.68
Current Account (in % of GDP)	-4.0	-7.0	-6.5	-3.3	-

Source: IMF - World Economic Outlook Database - Last Available Data.

Note: (e) Estimated Data

Monetary Indicators	2008	2009	2010
Foreign Debt (million USD)	4,927	5,720	-
Ghanean Cedi (GHS) - Average Annual Exchange Rate For 1 USD	1.06	1.41	1.43

Source: World Bank - Last Available Data.

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Main Sectors of Industry

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	-	-	-
Value Added (in % of GDP)	30.2	18.6	51.1
Value Added (Annual % Change)	4.8	6.0	8.2