Economy Ghana
Economy - overview:
Well endowed with natural resources, Ghana has roughly twice the
per capita output of the poorer countries in West Africa. Even so,
Ghana remains heavily dependent on international financial and
technical assistance. Gold, timber, and cocoa production are major
sources of foreign exchange. The domestic economy continues to
revolve around subsistence agriculture, which accounts for 35% of
GDP and employs 60% of the work force, mainly small landholders.
Ghana opted for debt relief under the Heavily Indebted Poor Country
(HIPC) program in 2002. Policy priorities include tighter monetary
and fiscal policies, accelerated privatization, and improvement of
social services. Receipts from the gold sector should help sustain
GDP growth in 2004. Inflation should ease, but remain a major
internal problem.
GDP:
purchasing power parity - $44.44 billion (2003 est.)
GDP - real growth rate:
4.7% (2003 est.)
GDP - per capita:
purchasing power parity - $2,200 (2003 est.)
GDP - composition by sector: agriculture: 35.4% industry: 25.4% services: 39.2% (2003 est.)
Investment (gross fixed):
24.5% of GDP (2003)
Population below poverty line:
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)