Diplomatic representation: Ambassador Eric K. OTOO; Chancery at 2460 16th Street NW, Washington DC 20009; telephone (202) 462-0761; there is a Ghanaian Consulate General in New York; US—Ambassador Raymond C. EWING; Embassy at Ring Road East, East of Danquah Circle, Accra (mailing address is P. O. Box 194, Accra); telephone 775347 through 775349
Flag: three equal horizontal bands of red (top), yellow, and green with a large black five-pointed star centered in the gold band; uses the popular pan-African colors of Ethiopia; similar to the flag of Bolivia which has a coat of arms centered in the yellow band
- Economy Overview: Supported by substantial international assistance, Ghana has been implementing a steady economic rebuilding program since 1983. Good harvests in 1988 featured the 6% growth in GNP. Moves toward privatization and relaxation of government controls continued in 1988-89, although at a slower-than-expected pace. In 1988 service on the $2.8 billion debt was equivalent to 75% of export earnings. As Ghana obtains concessional loans and pays off high-interest debt, however, debt service is expected to fall below 30% of export earnings in the early 1990s. The economic rebuilding program has both helped and harmed the manufacturing sector, for example, by improving the supply of raw materials and by increasing competition from imports. The long-term outlook is favorable provided that the political structure can endure the slow pace at which living standards are improving and can manage the problems stemming from excessive population growth.
GNP: $5.2 billion, per capita $400; real growth rate 6% (1988)
Inflation rate (consumer prices): 32.7% (1988)
Unemployment rate: 26% (April 1987)
Budget: revenues $769 million; expenditures $749 million, including capital expenditures of $179 million (1988 est.)
Exports: $977 million (f.o.b., 1987); commodities—cocoa 60%, timber, gold, tuna, bauxite, and aluminum; partners—US 23%, UK, other EC
Imports: $988 million (c.i.f., 1987); commodities—petroleum 16%, consumer goods, foods, intermediate goods, capital equipment; partners—US 10%, UK, FRG, France, Japan, South Korea, GDR
External debt: $3.0 billion (December 1989 est.)