A boat on the beach in Ghana

Ghana Economy

Ghana's economy in numbers:

Nominal GDP of USD 67.5 billion in 2022.

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.

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

Economic structure:

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

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.
Our Consensus is that annual GDP growth cooled in Q1 after accelerating in Q4. Available data supports the projection: Economic activity expanded less year on year than in Q4 in January, and the PMI averaged below Q4 in Q1 and fell into contractionary territory. Moreover, investment and household consumption likely felt the pinch of a weaker cedi, inflation remaining notably above the Central Bank’s target, and a still-restrictive monetary policy stance. In addition, annual merchandise export growth waned from Q4 in January–February. In particular, the value of cocoa exports fell by over a third year on year, continuing to suffer from crop disease, aging trees and unfavorable weather; these dynamics are likely to continue ahead. More positively, annual oil output expanded at the strongest pace since April 2020 in January.
Projections out to 2033.

46 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 21 expert analysts.

Want to get insight on the economic outlook for Ghana in the coming years? FocusEconomics collects projections out to 2033 on 46 economic indicators for Ghana from a panel of 21 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 Data

2018 2019 2020 2021 2022
Population (million) 29.6 30.2 30.8 31.4 32.1
GDP (USD bn) 65.8 66.6 68.3 78.0 68.0
GDP per capita (USD) 2,225 2,208 2,220 2,484 2,119
GDP (GHS bn) 309 357 392 462 614
Economic Growth (Nominal GDP, ann. var. %) 17.4 15.5 9.9 17.8 33.1
Economic Growth (GDP, ann. var. %) 6.2 6.5 0.5 5.1 3.8
Domestic Demand (ann. var. %) 5.7 7.3 2.1 7.2 4.1
Private Consumption (ann. var. %) 3.8 14.2 1.7 6.2 5.7
Government Consumption (ann. var. %) 1.8 5.4 10.1 12.7 0.0
Fixed Investment (ann. var. %) 13.2 -10.0 1.8 5.8 0.8
Exports (G&S, ann. var. %) 6.6 12.7 -12.8 -1.2 0.2
Imports (G&S, ann. var. %) 5.0 15.9 -8.8 5.8 1.4
Industrial Production (ann. var. %) 10.5 6.4 -2.5 -0.5 0.6
Unemployment (% of active population, aop) 3.3 3.2 3.4 3.6 3.5
Fiscal Balance (% of GDP) -6.8 -7.5 -17.4 -12.0 -11.8
Public Debt (% of GDP) 62.0 58.3 72.3 79.2 93.3
Money (ann. var. of M2 %) 16.1 15.8 35.1 11.9 27.8
Inflation (CPI, ann. var. %, eop) 9.4 6.2 10.5 12.6 54.2
Inflation (CPI, ann. var. %, aop) 9.8 8.4 8.7 10.0 31.9
BoG Policy Rate (%, eop) 17.00 16.00 14.50 14.50 27.00
Exchange Rate (GHS per USD, eop) 4.86 5.70 5.87 6.18 10.20
Exchange Rate (GHS per USD, aop) 4.69 5.35 5.74 5.92 9.04
Current Account Balance (USD bn) -2.0 -1.9 -2.1 -2.5 -1.5
Current Account Balance (% of GDP) -3.1 -2.8 -3.1 -3.3 -2.2
Merchandise Trade Balance (USD bn) 1.8 2.3 2.0 1.1 2.9
Merchandise Exports (USD bn) 14.9 15.7 14.5 14.7 17.5
Merchandise Imports (USD bn) 13.1 13.4 12.4 13.6 14.6
Merchandise Exports (ann. var. %) 8.0 4.9 -7.6 1.8 18.8
Merchandise Imports (ann. var. %) 3.8 2.1 -7.3 9.7 7.3
Foreign Direct Investment (USD bn) 2.9 3.3 1.3 2.4 1.5
International Reserves (USD bn) 7.0 8.4 8.6 9.7 6.3
International Reserves (months of imports) 6.4 7.5 8.3 8.5 5.1
External Debt (USD bn) 35.6 32.6 40.6 44.7 44.8
External Debt (% of GDP) 54.1 48.9 59.5 57.4 66.0

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