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 long 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 succeeded him and was reelected in 2004. John Atta MILLS won the 2008 presidential election and took over as head of state, but he died in July 2012 and was constitutionally succeeded by his vice president John Dramani MAHAMA, who subsequently won the December 2012 presidential election.

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.

Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region. Ghana is well-endowed with natural resources. Agriculture accounts for nearly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for about half of GDP. Gold and cocoa exports, and individual remittances, are major sources of foreign exchange. Expansion of Ghana’s oil industry is expected to boost economic growth. Production at Jubilee, Ghana’s offshore oil field, began in mid-December 2010 and is expected to double Ghana’s oil output between 2014 and 2017. The administration faces dissent from a population that is unhappy with the high cost of living and perceives that the gains from oil are going to the politically corrupt.

A new IMF assistance program, expected to start in 2015, will guide the government’s economic policies and help reduce the fiscal deficit by cutting subsidies, reducing the bloated public sector wage bill, and strengthening revenue administration, but related austerity measures will be unwelcomed by the public.

Ghana GDP (purchasing power parity):
$109.4 billion (2014 est.)
$104.7 billion (2013 est.)
$97.73 billion (2012 est.)
note: data are in 2014 US dollars
* country comparison to the world: 80

Ghana GDP (official exchange rate):
$35.48 billion (2014 est.)

Ghana GDP – real growth rate:
4.5% (2014 est.)
7.1% (2013 est.)
48.8% (2012 est.)
* country comparison to the world: 61

Ghana GDP – per capita (PPP):
$4,200 (2014 est.)
$4,100 (2013 est.)
$3,900 (2012 est.)
note: data are in 2013 US dollars
* country comparison to the world: 176

Ghana Gross national saving:
14.7% of GDP (2014 est.)
25.3% of GDP (2013 est.)
33.5% of GDP (2012 est.)
* country comparison to the world: 116

Ghana GDP – composition, by end use:
household consumption: 61.3%
government consumption: 17.7%
investment in fixed capital: 23.6%
investment in inventories: 1.4%
exports of goods and services: 42.1%
imports of goods and services: -46.2%
(2014 est.)

Ghana GDP – composition, by sector of origin:
agriculture: 21.4%
industry: 29.2%
services: 49.4% (2014 est.)

 Agriculture – products:
cocoa, rice, cassava (manioc, tapioca), peanuts, corn, shea nuts, bananas; timber

 Industries:
mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building, petroleum

 Industrial production growth rate:
1% (2014 est.)
* country comparison to the world: 154

 Labor force:
11.25 million (2014 est.)
* country comparison to the world: 50

 Labor force – by occupation:
agriculture: 56%
industry: 15%
services: 29%

 Unemployment rate:
11% (2000 est.)
* country comparison to the world: 118

Population below poverty line:
28.5% (2007 est.)

Ghana Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 32.8% (2006)

Ghana Distribution of family income – Gini index:
39.4 (2005-06)
40.7 (1999)
* country comparison to the world: 62

Ghana Budget:
revenues: $8.226 billion
expenditures: $11.63 billion (2014 est.)

Ghana Taxes and other revenues:
23.2% of GDP (2014 est.)
* country comparison to the world: 135

Ghana Budget surplus (+) or deficit (-):
-9.6% of GDP (2014 est.)
* country comparison to the world: 200

Ghana Public debt:
72.7% of GDP (2014 est.)
55.8% of GDP (2013 est.)
* country comparison to the world: 36

Ghana Fiscal year:
calendar year

Ghana Inflation rate (consumer prices):
15% (2014 est.)
11.7% (2013 est.)

Ghana Central bank discount rate:
18% (31 December 2009)
17% (31 December 2008)
* country comparison to the world: 4

Ghana Commercial bank prime lending rate:
30% (31 December 2014 est.)
25.6% (31 December 2013 est.)
* country comparison to the world: 5

Ghana Stock of narrow money:
$5.119 billion (31 December 2014 est.)
$6.232 billion (31 December 2013 est.)
* country comparison to the world: 100

Ghana Stock of broad money:
$10.82 billion (31 December 2014 est.)
$12.65 billion (31 December 2013 est.)
country comparison to the world: 105

Ghana Stock of domestic credit:
$13.32 billion (31 December 2014 est.)
$15.1 billion (31 December 2013 est.)
* country comparison to the world: 97

Market value of publicly traded shares:
$3.465 billion (31 December 2012 est.)
$3.097 billion (31 December 2011)
$3.531 billion (31 December 2010 est.)
* country comparison to the world: 93

Current account balance:
-$4.009 billion (2014 est.)
-$5.671 billion (2013 est.)
* country comparison to the world: 162

Exports:
$13.53 billion (2014 est.)
$13.76 billion (2013 est.)
* country comparison to the world: 84

Exports – commodities:
oil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products

Exports – partners:
France 12%, Italy 9.3%, China 8.2%, Netherlands 7.6%, Germany 4.4%, UK 4.3%, South Africa 4.2%, US 4% (2013)

Imports:
$16 billion (2014 est.)
$17.57 billion (2013 est.)
* country comparison to the world: 88

Imports – commodities:
capital equipment, refined petroleum, foodstuffs

Imports – partners:
China 22.3%, Nigeria 11.7%, Netherlands 6.4%, Cote dIvoire 6.3%, US 6%, India 4.8% (2013)

Reserves of foreign exchange and gold:
$5.482 billion (31 December 2014 est.)
$5.449 billion (31 December 2013 est.)
country comparison to the world: 93

Debt – external:
$16.02 billion (31 December 2014 est.)
$14.49 billion (31 December 2013 est.)
* country comparison to the world: 91

Stock of direct foreign investment – at home:
N/A

Stock of direct foreign investment – abroad:
N/A

Exchange rates:
cedis (GHC) per US dollar –
2.881 (2014 est.)
1.98 (2013 est.)
1.8 (2012 est.)
1.512 (2011 est.)
1.431 (2010 est.)

Location:
Western Africa, bordering the Gulf of Guinea, between Cote d’Ivoire and Togo

Geographic coordinates:
8 00 N, 2 00 W

Map references:
Africa

Area:
total: 238,533 sq km
land: 227,533 sq km
water: 11,000 sq km
* country comparison to the world: 82

Area – comparative:
slightly smaller than Oregon

Land boundaries:
total: 2,420 km
border countries (3): Burkina Faso 602 km, Cote d’Ivoire 720 km, Togo 1,098 km

Coastline:
539 km

Maritime claims:
territorial sea: 12 nm
contiguous zone: 24 nm
exclusive economic zone: 200 nm
continental shelf: 200 nm

Climate:
tropical; warm and comparatively dry along southeast coast; hot and humid in southwest; hot and dry in north

Terrain:
mostly low plains with dissected plateau in south-central area

Elevation extremes:
lowest point: Atlantic Ocean 0 m
highest point: Mount Afadjato 885 m

Natural resources:
gold, timber, industrial diamonds, bauxite, manganese, fish, rubber, hydropower, petroleum, silver, salt, limestone

Land use:
arable land: 20.66%
permanent crops: 11.87%
other: 67.48% (2012 est.)

Irrigated land:
309 sq km (2003)

Total renewable water resources:
53.2 cu km (2011)

Freshwater withdrawal (domestic/industrial/agricultural):
total: 0.98 cu km/yr (24%/10%/66%)
per capita: 48.82 cu m/yr (2000)

Natural hazards:
dry, dusty, northeastern harmattan winds from January to March; droughts

Environment – current issues::
recurrent drought in north severely affects agricultural activities; deforestation; overgrazing; soil erosion; poaching and habitat destruction threatens wildlife populations; water pollution; inadequate supplies of potable water

Environment – international agreements::
party to: Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands
signed, but not ratified: Marine Life Conservation

Geography – note:
Lake Volta is the world’s largest artificial lake (manmade reservoir) by surface area (8,482 sq km; 3,275 sq mi)