Posted by GhanaNation on
Well endowed with natural resources, Ghana has twice the per capita output of the poorer countries in West Africa. Even so, Ghana remains heavily depe...
Well endowed with natural resources, Ghana has twice the per capita output of the poorer countries in West Africa. Even so, Ghana remains heavily dependent on international financial and technical assistance. Gold, timber, and cocoa production are major sources of foreign exchange. The domestic economy continues to revolve around subsistence agriculture, which accounts for 36% of GDP and employs 60% of the work for ce, mainly small landholders. In 1995-97, Ghana made mixed progress under a three-year structural adjustment program in cooperation with the IMF. On the minus side, public sector wage increases and regional peacekeeping commitments have led to continued inflationary deficit financing, depreciation of the cedi, and rising public discontent with Ghana's austerity measures. Political uncertainty and a depressed cocoa market led to disappointing growth in 2000. A rebound in the cocoa market should push growth over 4% in 2001-02.
GDP: $5.9 billion (2002)
GDP per Capita: $1,980 (2002)
GDP Growth rate: 5.2 (2004 by Gov't) ...more
GNP/Capita: $1,900 (2000 est.) -A measure of per capita income that takes into account relative purchasing power across countries.
GDP - composition by sector: : agriculture: 36% industry: 25% services: 39% (2000 est.)
1 cedi (C) = 100 pesewas
Exchange rates: cedis per US dollar - 6,895.77 (January 2001), 5,321.68 (2000), 2,647.32 (1999), 2,314.15 (1998), 2,050.17 (1997), 1,637.23 (1996) ; Today's rates
Depreciation: 4.7% against the US dollar (2003)