24339838
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%
Kumasi 2.599 million; ACCRA (capital) 2.277 million (2015)
- Conventional long form
- Republic of Ghana
- Conventional short form
- Ghana
- Local long form
- Local short form
presidential republic
- Name
- Accra
- Geographic coordinates
- 5 33 N, 0 13 W
- Time difference
- UTC 0 (5 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
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 well-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.
- Inflation
- 17.474%
- External debt stocks
- US$ 20,676,785,000
- Total tax rate (% of commercial profits)
- 32.7%
- Real Interest Rate
- -5.862%
- Manufacturing, value added (% of GDP)
- 5.631%
- Current Account Balance
- US$ -2,809,291,858
- Labor Force, Total
- 13,335,128
- Employment in Agriculture
- 44.70%
- Employment in Industry
- 14.40%
- Employment in Services
- 40.90%
- Unemployment Rate
- 5.77%
- Imports of goods and services
- US$ 20,432,494,131
- Exports of goods and services
- US$ 17,391,706,552
- Total Merchandise Trade
- 57.71%
- FDI, net inflows
- US$ 3,192,320,531
- Commercial Service Exports
- US$ 6,013,912,424
cocoa, rice, cassava (manioc, tapioca), peanuts, corn, shea nuts, bananas; timber
mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building, petroleum
- Commodities
- oil, gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products
- Partners
- India 27.4%, Switzerland 11.8%, China 10.2%, France 5.5% (2015)
- Commodities
- capital equipment, refined petroleum, foodstuffs
- Partners
- China 32.6%, Nigeria 14.1%, Netherlands 5.5%, US 5.5% (2015)
- Country Risk Rating
- B
- Political and economic uncertainties and an occasionally difficult business environment can affect corporate payment behavior. Corporate default probability is appreciable.
- Business Climate Rating
- B
- The business environment is mediocre. The availability and the reliability of corporate financial information vary widely. Debt collection can sometimes be difficult. The institutional framework has a few troublesome weaknesses. Intercompany transactions run appreciable risks in the unstable, largely inefficient environments rated B.
- Significant mining (gold), agricultural (coca) and now oil resources
- Democracy installed, political and social stability
- Attractive business climate, favorable to foreign direct investment
- Support from multilateral (IMF, World Bank, EU) and bilateral (United States, United Kingdom and China) donors
- Rapid increase in the deficit and public debt
- Infrastructure shortcomings (energy, transport)
- Dependence on raw material prices (gold, oil, cocoa)
- Weak public banks, which affect the entire banking sector
Growth in the Ghanaian economy should receive a boost from the oil and gas sector in 2017, as the TEN oil field gradually comes fully online following the start of production at the end of 2016, together with the arrival of the Sankofa field (scheduled for mid-2017). The industrial sector could also further improve thanks to gradual improvements in electricity supplies, with the increased production of gas to fire electricity power plants (Atuabo in particular). Services (financial, telecommunications) are expected to remain positive. Agricultural production, specifically that of cocoa, is likely to benefit from improved climatic conditions from those experienced in 2016, when there was a severe drought.
The government will stick to its commitments to consolidate public finances as part of an IMF agreement, with the aim of reducing the deficit to 3% of GDP in 2018. The measures aimed at reducing spending on wages (at around 35% for several years), are likely to be implemented by the government following the elections in December 2016. Other current expenditure items are also expected to be cut. The State is also expected to receive a slight boost to its tax revenues thanks to the increases, even small, in oil and gas prices and the faster rate of economic growth. The budget deficit is therefore expected to gradually shrink, allowing a slow reduction in the level of public debt. The financial situation of a number of state-owned companies (mainly in the energy sector) could however present a problem for the public finances, if these get any worse.
Regularly held up as an example in the region in terms of democracy, Ghana held in early December 2016 its general elections, which were conducted in a peaceful and quiet manner. The leader of the opposition, Nana Akufo-Addo (New Patriotic Party - NPP) has replaced the incumbent President, Mahama (National Democratic Congress - NDC). The Ghanaian population relies on the new president to get the country out of the crisis.