Economy overview: Ghana is generously endowed with natural resources; production per capita is twice that of the poorest countries in West Africa. However, Ghana is still heavily dependent on international financial and technical support. Gold, timber and cocoa are the main sources of foreign exchange. The economy is dominated by the agricultural sector, which accounts for 40% of GDP and employs 60% of the country’s workforce, mostly smallholders. In 1995-97. Ghana has made relative progress thanks to a three-year economic restructuring program implemented jointly with the IMF. A negative role was played by the growth of public sector wages and the ruinous peacekeeping activities in the region, the financing of which led to inflation, the depreciation of the cedi and growing public dissatisfaction with government austerity measures. Political uncertainty and a depressed cocoa market resulted in very little growth in 2000. Good cocoa market conditions should push growth to over 4% in 2001-02. See cheeroutdoor.com to know more about Ghana Business.
GDP: at purchasing power parity – $37.4 billion (2000 est.).
Real GDP growth rate: 3% (2000 est.).
GDP per capita: at purchasing power parity – $1,900 (2000 est.).
The composition of GDP by sectors of the economy: agriculture: 36%; industry: 25%; services: 39% (2000 est.).
Proportion of population below the poverty line: 31.4% (1992 est.).
Percentage distribution of family income or consumption: per 10% of the poorest families: 3.6%; by the top 10% of families: 26.1% (1997).
Inflation rate at consumer prices: 22.8% (2000 est.).
Labor force: 9 million people (2000 est.).
Employment structure: agriculture 60%, industry 15%, services 25% (1999 est.).
Unemployment rate: 20% (1997 est.).
Budget: revenues: $1.39 billion; expenditures: $1.47 billion, including capital expenditures of $370 million (1996 est.).
Spheres of economy: mining, woodworking, light industry, aluminum smelting, food industry.
Growth in industrial production: 4.2% (1996 est.).
Electricity generation: 5.466 billion kWh (1999)
Sources of electricity generation: fossil fuels: 26.82%; hydropower: 73.18%; nuclear fuel: 0%; others: 0% (1999).
Electricity consumption: 5.573 billion kWh (1999)
Electricity export: 400 million kWh (1999).
Electricity import: 890 million kWh (1999).
Agricultural products: cocoa beans, rice, coffee, cassava (tapioca), peanuts, corn, butternuts, bananas; timber.
Export: $1.6 billion (free on board, 2000)
Exports: gold, cocoa beans, timber, tuna, bauxite, aluminium, manganese ore, diamonds.
Export partners: Togo, UK, Italy, Netherlands, Germany, USA, France (1998).
Imports: $2.2 billion (free on board, 2000)
Imports: capital goods, crude oil, foodstuffs.
Import partners: UK, Nigeria, USA, Germany, Italy, Spain (1998).
External debt: $7 billion (1999 est.) Economic aid recipient: $477.3 million (1995)
Economic aid donor:
Currency code: GHC.
Exchange rate: GHC/USD – 6,895.77 (January 2001), 5,321.68 (2000), 2,647.32 (1999), 2,647.32 (1999), 2,314.15 (1998), 2,050 17 (1997), 1637.23 (1996).
Fiscal year: calendar year.
Telecommunications Telephone lines: 200,000 (1998 est.).
Mobile cellular phones: 30,000 (end 1998).
Telephone system: mediocre; there is access to the Internet; many rural settlements do not have a telephone connection; there is an expansion of the range of services; domestic: predominantly microwave radio relay; closed local wireless communication system; international: satellite earth stations – 4 Intelsat (Atlantic Ocean); Microwave radio relay link to the Panaftel system linking Ghana with neighboring countries.
Broadcast stations: AM -0, FM -18, shortwave -3 (1999).
Radio receivers: 4.4 million (1997)
Television broadcast stations: 11 (1999).
TVs: 1.73 million (1997).
Internet country code: gh
Internet service providers: 1 (2000).
Number of users: 20,000 (2000).
Transportation Railways: total length: 953 km (major maintenance work in progress); narrow gauge: 953 km (1.067 m gauge) (32 km dual gauge) (1997 est.).
Roads: total length: 39,409 km; paved: 11,653 km (including 30 km of motorways); unpaved: 27,756 km (1997 est.)
Waterways: 1,293 km; 168 km of routes along the Volta, Ankobra and Tano rivers are navigable all year round for motor boats and lighters; 1,125 km of main and auxiliary routes on Lake Volta.
Ports and harbors: Takoradi, Tema.
Merchant navy: total: 6 ships (displacement 1,000 tons or more) with a total displacement of 13,484 gross register tons / 18,583 long tons of gross tonnage; ships of various types: oil tankers – 2, refrigerated ships – 4 (2000 est.).
Airports: 12 (2000 est.).
Airports with paved runways: total: 6; from 2438 to 3047 m:1; from 1524 to 2437 m:3; from 914 to 1523 m: 2 (2000 est.).
Airports with unpaved runways: total: 6; from 1524 to 2437 m:1; from 914 to 1523 m:3; less than 914 m: 2 (2000 est.).
Branches of the armed forces: army, navy, air force, national police, palace guards, civil defense.
Enlistment age: 18 years old.
Total Military Manpower: Male 15 to 49: 4,890,483 (2001 est.).
Eligible for military service: males aged 15 to 49: 2,713,584 (2001 est.).
Number of persons reaching military age each year: men: 213,237 (2001 est.).
Military spending in dollar terms: $53 million (1999)
Military spending as part of GDP: 0.7% (1999).
International issues International disputes: no.
Illicit drugs: illegal production of cannabis destined for the international drug market; hub for heroin from Southeast and Southwest Asia destined for Europe and the US.