Ghana has a diverse economy, with the agricultural and industry sectors taking prominence. The agricultural sector contributes about one third of the country’s GDP. The country’s major exports include minerals such as bauxite, manganese ore, diamonds and gold.

Gross domestic product (GDP)

The country’s GDP at current prices in the first two quarters of 2010 amounted to GHS 25.93 billion.

(Source: bog)

GDP growth

The country’s GDP growth rate in 2007 was 6.5%, and increased to 8.4% in 2008.

(Source: statsghana)

GDP per capita

GDP per capita in 2009 was GHS 1,574, as compared to GHS 1,318 in 2008.

(Source: statsghana)

GNI per capita at PPP

While, the GNI per capita at PPP decreased from USD 1,060 in 1980 to USD 868 in 1995, it thereafter increased. In 2010, the country’s GNI per capita was recorded at USD 1,385.

(Source: UNDP)

Income tax rate

In Ghana, personal income tax rates range from 0% to 25%. Annual income up to GHS 2,400,000 is not taxable. Income above GHS 6,000,000 is taxed at 25%.

The tax rate for non-residents is 15%.

(Source: taxrates)

Corporate tax

In Ghana, standard corporate tax is 25%.

(Source: taxrates)

Inflation rate

The inflation rate in Ghana shows unsteady fluctuations, varying from a high of 20.7% in Q2 2009, to a low of 9.5% in Q2 2010. However, the inflation rate has declined since Q2 2009.

(Source: bog)

Foreign direct investment (FDI) inflow

From 2005 to 2008, FDI inflow increased from USD 144.97 million to USD 2,111.59 million. The country’s FDI inflow for the first two quarters of 2010 amounted to USD 1,415.07 million, compared to USD 1,677.84 million in 2009.

(Source: bog)

Banking sector assets

The table below shows the assets of Bank of Ghana:

 

Total Assets (GHS million)
End of Period	August 2010	December 2009	December 2008
Foreign Assets	4,711.9	4,528.1	2,445.5
Claims on Government	2,456.8	2,587.3	3,496.1
Claims on Public Corporations	109.4	54.5	16.5
Claims on DMBs	168.9	549.2	64.1
Other Assets	55.7	247.2	232.9
Total assets	7,502.7	7,966.4	6,255.2

 

(Source: bog)

Consumer Price Index

The consumer price index of Ghana is growing steadily in Q2 2010 was recorded at 344.5 as compared to 328.4 in Q1 2010.

(Source: bog)

Interest Rate on Saving Deposit

In August 2010, the country’s interest rate on saving deposit was 6.75% while in the year 2009 it was highest i.e. 10%.

(Source: bog)

Interest Rate on Time Deposits

(Source: bog)

Money Supply

(Source: bog)

Government Expenditure

Government expenditure in the first two quarters of 2010 amounted to GHS 4,963.56 million as compared to GHS 8,345.52 million in 2009.

(Source: bog)

Public debt

Public debt reflects in 2009 amounted to GHS 9,250 million as compared to GHS 7,989 million in 2008.

(Source: bog)

Official Exchange Rate

GHS/USD official exchange rate was recorded at 1.43 in August 2010.

(Source: bog)

Government Financial well-being

Fiscal balance

Fiscal deficit for the first two quarters of 2010 is GHS 1,118.48 million as compared to a deficit of GHS 1,473.0 million in 2009.

(Source: bog)

Total Revenue

Total revenue in the first two quarters of 2010 amounted to GHS 3,845.08 million as compared to GHS 6,775.17 million in 2009.

(Source: bog)

Tax Revenue

Tax revenue for the first two quarters of 2010 amounted to GHS 2,860.41 million as compared to GHS 4,803.65 million in 2009.

(Source: bog)

Total Grants

The country’s total grants reflects maximum in 2009 i.e. 1,101.18 and minimum in 2005 i.e. 510.02.

(Source: bog)

Current Account Balance

The current account deficit of Ghana in 2010 is estimated to be 11.59% of the GDP as compared to a deficit of 5.16% in 2009.

(Source: IMF)

Balance of Payments

Balance of payments (USD million)
	2010 (Till Q2)	2009	2008	2007
Current account	-1385.84	-1,200.75	-3,543.14	-2,121.82
Capital and Financial account	1803.77	3,067.06	2,806.41	2,652.30
Net Errors and Omissions	-218.26	-707.53	-204.02	-117.37
Overall Balance	199.67	1,158.78	-940.75	413.11

(Source: bog)

Labour force

The labour force of Ghana in 2008 was 10.65 million.

(Source: World Bank)

Unemployment rate

In 2010, the unemployment rate in Ghana, for the age group of 20 to 24 year olds, is 21%.

(Source: allafrica)

Minimum wages

The daily minimum wage at the end of August 2010 was GHS 3.11, compared to GHS 2.65 at the end of 2009.

(Source: statsghana)

Level of unionisation

The major trade unions in the country are:

• Ghana Federation of Labour (GFL)
• Trades Union Congress (TUC)

(Source: ituc-csi.org)

Government stability

Ghana operates under a presidential democracy. Thus, the President is the head of state and also the head of government. The executive powers in the country are vested in the government. The legislative powers are with the government and the parliament.

The parliament is unicameral and is comprised of 230 members, who are directly elected for a term of four years.

(Source: mofep, IPU)

Regulatory environment

Ghana’s economic freedom score is 59.4, making it 95^th freest country in 2011 Index of Economic Freedom. In the Sub-Saharan African region, the country is ranked 11^th out of the 46 countries.

(Source: heritage.org)

Corruption perception

The Corruption Perceptions Index (CPI) measures the perceived level of corruption across countries worldwide. Ghana is ranked 62^nd on the index indicating a low level of corruption in public departments.

(Source: transparency.org)

Freedom of information

Ghana is ranked 26^th in the World Press Freedom Index 2010 with a score of 8.00.  This indicates that the country’s press operates without many restrictions.

Major newspapers in Ghana are:

• The Ghanaian Chronicle
• Daily Graphic
• Daily Guide
• Ghanaian Times
• The Mail
• The Mirror
• The Independent
• Ghana Palaver
• Sunday Herald

(Source: BBC, rsf)

Judicial system

The judiciary of Ghana was established under the 1992 Constitution. This constitution established the judicial system as independent. The judiciary includes the Superior Courts of Judicature and the Inferior Courts, which adjudicate in both civil and criminal matters.

(Source: judicial.gov.gh)

The total population of Ghana in 2010 was estimated at 24.33 million, increasing 2.10% over 2009.

(Source: UNDP, World Bank)

In 2010, the gender ratio of the country was 102.8 males per 100 females.

(Source: UN)

In 2008, the under-five mortality rate in Ghana was registered at 80 (per ‘000).

The life-expectancy in Ghana, for males, is estimated at 56 years, and for females is 57 years.

(Source: mofep)

The crude birth rate of Ghana in 2009 is 32%.

(Source: UNICEF)

In 2009, individuals aged below 14  accounted for 38.4% of the total population. Alternatively, males and females above 60 accounted for 5.4% and 6% of the total population.

The major ethnic groups in Ghana are Akan, Mole Dagbon, Ewe, and Ga-Dangme. Additonally, the majority of the population follows Christianity and Islam.

(Source: state.gov)

In 2007, 49.3% of the population lived in urban areas. The urban population's growth rate from 2005-2010 was 3.5%, while the growth of rural population in the same period was 0.5%.

(Source: UN)

The country ranks 130^th out of 169 countries on the Human Development Index (HDI) 2010 conducted by the United Nations. The HDI provides a composite measure of three dimensions of human development: living a long and healthy life (measured by life expectancy), being educated (measured by adult literacy and gross enrolment in education). 

(Source: UNDP)

Education

The adult literacy rate is estimated at 67.3%. Additonally, the gross enrolment rate in education is 56.5%. The primary-secondary gross enrolment rate in the period  of 2005-2008, for females is 77.3%, and for males was 80.9%.

The expenditure on education in the period of 2005-2008 was 5.4% of the country’s GDP.

(Source: UNDP, UN)

Health care resources

The health care system in the country is supervised by the Ministry of Health. Thus, the various branches of the Ministry work in co-ordination with councils in cities, towns, and villages.

Additoanlly, the Ghana Health Service (GHS) is an independent organisation under the Ministry of Health, which is responsible for providing health services, focusing on primary health care at regional, district and sub-district levels.

The common causes of death in the country include, malaria, upper respiratory tract infections, diarrhoeal diseases, skin diseases and hypertension.

(Source: statsghana, ghanahealthservice.org)

Mass public transit

Public transport in the country is through roads, railways and airways.

Roadways

The total length of roadways in Ghana is about 62,221 km.

(Source:bymap)

Ports

The major ports in Ghana are: Port of Elmina, Port of Saltpond, Port of Takoradi, and Port of Tema.

(Source:worldportsoue)

Airports

The airports in the country are as follows:

(Source:aircraft-charter-world)

Telecommunications networks

In 2009 the total number of internet users were 997,000, increasing 13.30% over 2008.

(Source:internetworldstats)