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Ghana became a middle-income country in 2010. In 2011, it was the economy with the world’s highest growth rate. The economy is to a high degree based on commodity production.   


Ghana’s economy is still based on commodity production and is dependent on revenues from cocoa, gold and timber. Other exports include: tuna, aluminium, manganese ore, diamonds and horticulture. With its newly acquired status as an oil producing nation, expected revenues from crude oil are projected to be the most important growth factor in the economy. In late 2010, Ghana became a lower middle income country when a new calculation basis for the country’s national accou8nts was used.

Ghana’s growth rate for 2016 is an impressive 4 % and with an average increase in growth of more than 5 % since 2000.

Ghana’s economic goal for the medium–to-long term is to ensure sustained economic growth and development. Real GDP growth over the medium term is expected to be around 8 per cent on the average, reflecting strong expansion in both the non-oil and oil sectors of the economy. The growth forecast assumes a favourable investment climate and expanded social and economic infrastructure. Monetary policy will be geared at maintaining single-digit inflation over the medium term, and the Bank of Ghana will continue to maintain a flexible exchange rate regime designed to support Ghana’s inflation target.

Over the medium term, the balance of payments is projected to remain in surplus, reflecting high commodity export prices, oil production and exports, and continuing portfolio capital inflows. Under these circumstances, the Bank of Ghana expects to build further reserve cover to provide a larger cushion to manage potential external volatility. Fiscal deficits will be reduced to levels that can be financed in a sustainable manner without crowding out private sector credit and, with the goal of progressively reducing debt-GDP ratios over the medium term.



Country facts


Politics in Ghana


International Monetary Fund - Country info Ghana


Economist Intelligence Unit - Ghana


Ministry of Finance & Economic Planning - Ghana


Bank of Ghana


The Institute for Economic Affairs - Ghana


Ghana Statistical Service (GAS)




Ghana Shared Growth and Development Agenda (GSGDA) 2010-2013




Embassy of Denmark
67, Dr. Isert Road
North Ridge
P.O. Box CT 596
Accra - Ghana

Tel.: +233 (0) 30 220 8730
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