Economic Indicators

Posted by GhanaNation on 2009/02/14 | Views: 32 |

Popular Menu

Economic Indicators

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.)


Income per capita: US$290 (2002)
Income per capita growth: 1.3 (1999-2000)
Gross national income: 6.6 billion (ranking 102)
Budget Revenue: $1.603 billion (2001)
Budget Expenditures: $1.975 billion (2001 est.)
Budget Deficit: 3.4 percent of GDP (2004)
Total Debt: US$5.5bn (2000); $6.9bn (2001); $7.2bn (2002 est.); 6.1bn (2004)
Per Capita Debt: 2.7million (2001)
Debt Service Payment: $261.7 (Oct '99)
Debt Service Ratio: 24.3% (1996)
Current account balance: -$0.5 billion (2000 est.)
Inflation rate: 11.3% (Feb '04); 22.4 (Jan '04); 23. 6 (Dec '03); 30% (Apr. '03); 29.6% (June '03)
Interest rate: 26% (Jan 2004)
HIPC Foreign Debt $5.96bn (2003) -imf/world bank
Forex reserves $226m (2003) -imf/world bank
Growth rate (IMF projection): 4.5% (Jan. '99)


Labour
Labor force: 9 million (2000 est.)
Labor force (by occupation): agriculture 60%, industry 15%, services 25% (1999 est.)
Unemployment rate: 20.3% (est. 2001)
Minimum daily wage: 10,500 Cedis (Jan. 2004)

Trade
Exports: US$2,297.2 million (2003); US$1,867.1m (2001); US$2,015.2m (2002) Commodities: cocoa 45%, gold, timber, tuna, bauxite, and aluminum
Partners: Germany 29%, UK 12%, US 12%, Japan 5% -- Pie Chart
Imports: US$2.83bn (2002)
Commodities: petroleum 16%, consumer goods,foods,intermediate goods, capital equipment
Partners: UK 23%, US 11%, Germany 10%, Japan 6% Pie Chart

Electricity
Production: 5.466 billion kWh (1999)
Production by source: fossil fuel: 26.82% hydro: 73.18% nuclear: 0% other: 0% (1999)
Consumption: 5.573 billion kWh (1999)
Exports: 400 million kWh (1999)
Imports: 890 million kWh (1999)

Industries
Production: growth rate 5.7% in manufacturing (1997); accounts for almost 15% of GDP
Main: mining, lumbering, light manufacturing, aluminum, food processing
Agriculture: accounts for about 50% of GDP (including fishing and forestry);
the major cash crop is cocoa; other principal crops - rice, coffee, cassava, peanuts, corn,  shea nuts timber; normally self-sufficient in food


Economic aid
US commitments, including Ex-Im (FY70-89), $455 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89),  $2.6 billion; OPEC bilateral aid (1979-89), $78 million;
Eastern european countries (1970-89), $106 million

Currency
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)
 

Leave Comment Here :




Comments

No comments yet.

Add Comment

* Required information
(never displayed)
 
Bold Italic Underline Strike Superscript Subscript Quote Line Bullet Numeric Link Email Image Video
 
Smile Sad Huh Laugh Mad Tongue Crying Grin Wink Scared Cool Sleep Blush Unsure Shocked
 
1000
Captcha
Refresh
 
Enter code:
 
Notify me of new comments via email.
 
Remember my form inputs on this computer.
 

Latest News: