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Facts on the Economy of Ghana

 Kwadwo Baah Wiredu . This guy has boyish looks but trust us, he's a good finance minister for Ghana

Finance Minister

Kwadwo Baah Wiredu

Well endowed with natural resources, Ghana has roughly twice the per capita output of countries in West Africa.

The government's aim of achieving a $1,000.00 per capita income of Ghanaians by the year 2010 is almost being realized as it has increased from $450 to over $600, the minister of Finance and Economic Planning, Mr. Kwadwo Baah Wiredu reiterated.

Ghana is seeking it part of the 10 billion dollars required investment for power generation and transmission infrastructure under the West Africa Power Pool Project (WAPP).

   

Facts on Ghanaian Economy

GDP of Ghana West Africa (purchasing power parity)
$48.27 billion (2004 est.)
GDP of Ghana - real growth rate:
5.4% (2004 est.)
GDP per capita of Ghana
purchasing power parity - $2,300 (2004 est.)
GDP of Ghana West Africa - composition by sector of Ghana:
agriculture: 34.3%
industry: 24.2%
services: 41.4% (2004 est.)
Labor force in Ghana Africa:
10.24 million (2004 est.)
Labor force by occupation in Ghana West Africa:
agriculture 60%, industry 15%, services 25% (1999 est.)
Unemployment rate in Ghana:
20% (1997 est.)
Population below poverty line in Ghana West Africa:
31.4% (1992 est.)
Household income or consumption by percentage share:
lowest 10%: 2.2%
highest 10%: 30.1% (1999)
Distribution of family income - Gini index:
40.7 (1999)
Inflation rate (consumer prices):
13% (2004 est.)
Investment (gross fixed):
19.7% of GDP (2004 est.)
Budget of Ghana West Africa:
revenues: $2.17 billion
expenditures: $2.56 billion, including capital expenditures of NA (2004 est.)
Agriculture - products in Ghana West Africa:
cocoa, rice, coffee, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber
Industries in Ghana West Africa:
mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building
Industrial production growth rate:
3.8% (2000 est.)
Electricity production in Ghana:
6.922 billion kWh (2002)
Electricity in Ghana West Africa- production by source:
fossil fuel: 5%
hydro: 95%
nuclear: 0%
other: 0% (2001)
Electricity - consumption:
6.137 billion kWh (2002)
Electricity - exports:
500 million kWh (2002)
Electricity - imports:
200 million kWh (2002)
Oil - production:
7,000 bbl/day (2001 est.)
Oil - consumption:
38,000 bbl/day (2001 est.)
Oil - exports:
NA
Oil - imports:
NA
Oil - proved reserves of Ghana:
8.255 million bbl (1 January 2002)
Natural gas - proved reserves:
11.89 billion cu m (1 January 2002)
Current account balance:
$83.87 million (2004 est.)
Exports from Ghana Africa:
$3.01 billion f.o.b. (2004 est.)
Exports - commodities in Ghana:
gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds
Exports - partners of Ghana:
Mexico 69.8%, Netherlands 3.7%, UK 3% (2004)
Imports to Ghana Africa :
$3.699 billion f.o.b. (2004 est.)
Imports - commodities:
capital equipment, petroleum, foodstuffs
Imports - partners:
Nigeria 12.6%, China 11.4%, UK 6.6%, US 6.4%, France 4.9%, Netherlands 4.2% (2004)
Reserves of foreign exchange and gold:
$1.267 billion (2004 est.)
Debt - external:
$7.396 billion (2004 est.)
Economic aid - recipient:
$6.9 billion (1999)
Currency (code):
cedi (GHC)
Currency code:
GHC
Exchange rates:
cedis per US dollar - 9,004.6 (2004), 8,677.4 (2003), 7,932.7 (2002), 7,170.8 (2001), 5,455.1 (2000)
Fiscal year:
calendar year