A boat on the beach in Ghana

Ghana Economic Data & Projections

Ghana's Macroeconomic Analysis:

Nominal GDP of USD 67.5 billion in 2022.

Nominal GDP of USD 72.2 billion in 2023.

GDP per capita of USD 2,195 compared to the global average of USD 10,589.

GDP per capita of USD 2,105 compared to the global average of USD 10,589.

Average real GDP growth of 4.9% over the last decade.

Average real GDP growth of 4.4% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2021, services accounted for 52% of overall GDP, manufacturing 11%, other industrial activity 17%, and agriculture 20%. Looking at GDP by expenditure, private consumption accounted for 70% of GDP in 2021, government consumption 10%, fixed investment 19%, and net exports 1%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2019, manufactured products made up 5% of total merchandise exports, mineral fuels 32%, food 22%, ores and metals 3% and agricultural raw materials 1%, with other categories accounting for 37% of the total. In the same period, manufactured products made up 75% of total merchandise imports, mineral fuels 3%, food 17%, ores and metals 1% and agricultural raw materials 4%, with other goods accounting for 0% of the total. Total exports were worth USD 17 billion in 2022, while total imports were USD 15 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 4.9% in the decade to 2022. To read more about GDP growth in Ghana, go to our dedicated page.

Fiscal policy

Ghana's fiscal deficit averaged 8.6% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 4.0% in the decade to 2022. For more information on Ghana's unemployment click here.

Inflation

Inflation averaged 13.8% in the decade to 2022. Go to our Ghana inflation page for extra insight.

Monetary Policy

Ghana's monetary policy rate ended 2022 at 27.00%, up from 15.00% a decade earlier. See our Ghana monetary policy page for additional details.

Exchange Rate

From end-2012 to end-2022 the cedi weakened by 81.4% vs the U.S. dollar. For more info on the cedi, click here.

Economic situation in Ghana

The data at hand for the third quarter is optimistic: Year-on-year economic activity expanded 2.8%, accelerating from Q2’s 1.9%. Moreover, inflation receded and the Bank of Ghana cut rates, likely bolstering sentiment, spurring private spending and encouraging investment and hiring plans. In addition, goods exports growth skyrocketed to nearly 50% in Q3. In politics, former President John Mahama will return to the country’s top job after winning the 7 December elections. The incoming administration will need to woo investment and tend to the cost-of-living crisis and public finances, and has vowed to renegotiate the USD 3 billion IMF deal. In other news, the IMF greenlit the third review of its loan, disbursing USD 360 million on 2 December.

Ghana Economic Forecasts

Projections out to 2034.

46 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 18 expert analysts.

Want to get insight on the economic outlook for Ghana in the coming years? FocusEconomics collects projections out to 2034 on 46 economic indicators for Ghana from a panel of 18 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Ghana economy. To download a sample report on the Ghana's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Ghana Economic Indicators

2019 2020 2021 2022 2023
Inflation (CPI, ann. var. %, eop) 6.2 10.5 12.6 54.2 23.2
Exchange Rate (GHS per USD, eop) 5.70 5.87 6.18 10.20 11.92
Exchange Rate (GHS per USD, aop) 5.35 5.74 5.92 9.04 11.65
Unemployment (% of active population, aop) 3.2 3.3 3.3 3.1 3.1
Merchandise Trade Balance (USD bn) 2.3 2.0 1.1 2.9 2.7
Inflation (CPI, ann. var. %, aop) 8.4 8.7 10.0 31.9 39.2
Government Consumption (ann. var. %) 5.4 10.1 12.7 0.0 0.5
Current Account Balance (USD bn) -1.9 -2.1 -2.5 -1.7 1.4
Private Consumption (ann. var. %) 14.2 1.7 6.2 5.7 10.1
External Debt (USD bn) 32.6 40.6 43.8 42.7 43.7
Current Account Balance (% of GDP) -2.8 -3.1 -3.3 -2.6 1.9
External Debt (% of GDP) 48.9 59.4 56.2 62.8 60.6
Merchandise Exports (ann. var. %) 4.9 -7.6 1.8 18.8 -4.5
GDP per capita (USD) 2,208 2,220 2,484 2,119 2,195
Money (ann. var. of M2 %) 15.8 35.1 11.9 27.8 37.2
Domestic Demand (ann. var. %) 7.3 2.1 7.2 4.1 1.2
GDP (USD bn) 66.6 68.3 78.0 68.0 72.2
Economic Growth (GDP, ann. var. %) 6.5 0.5 5.1 3.8 2.9
Fiscal Balance (% of GDP) -7.5 -17.4 -12.0 -11.8 -3.6
Merchandise Exports (USD bn) 15.7 14.5 14.7 17.5 16.7
Imports (G&S, ann. var. %) 15.9 -8.8 5.8 1.4 -1.2
Exports (G&S, ann. var. %) 12.7 -12.8 -1.2 0.2 5.1
GDP (GHS bn) 357 392 462 614 842
Economic Growth (Nominal GDP, ann. var. %) 15.5 9.9 17.8 33.1 37.0
International Reserves (months of imports) 7.5 8.3 8.5 5.1 5.1
Merchandise Imports (ann. var. %) 2.1 -7.3 9.7 7.3 -4.2
Fixed Investment (ann. var. %) -10.0 1.8 5.8 0.8 -14.7
Merchandise Imports (USD bn) 13.4 12.4 13.6 14.6 14.0
Industrial Production (ann. var. %) 6.4 -2.5 -0.5 0.6 -1.2
Public Debt (% of GDP) 58.3 72.3 79.2 92.7 82.9
International Reserves (USD bn) 8.4 8.6 9.7 6.3 5.9
Population (million) 30.2 30.8 31.4 32.1 32.9
BOG Policy Rate (%, eop) 16.00 14.50 14.50 27.00 30.00
Foreign Direct Investment (USD bn) 3.9 1.9 2.6 1.5 1.4
Free Sample Report

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