Economic overview Ghana, in 36 editions.

Supported by substantial international assistance, Ghana has been
implementing a steady economic rebuilding program since 1983, including
moves toward privatization and relaxation of government controls. Heavily
dependent on cocoa, gold, and timber exports, economic growth is threatened by a poor cocoa harvest and higher oil prices in 1991. Rising inflation--unofficially estimated at 50%--could undermine Ghana's relationships with multilateral lenders. Civil service wage increases and so far has not
spread substantially to other areas of the cost economy. The costs of sending
peacekeeping forces sent to Liberia are and preparing for the transition to a
democratic government have been boosting government expenditures and
undercutting structural adjustment reforms. Ghana opened a stock exchange in
1990. Much of the economic improvement in 1991 was caused by favorable
weather (following a severe drought the previous year) that led to plentiful
harvests in Ghana's agriculturally based economy.

Supported by substantial international assistance, Ghana has been
implementing a steady economic rebuilding program since 1983, including
moves toward privatization and relaxation of government controls. Heavily
dependent on cocoa, gold, and timber exports, economic growth so far has not
spread substantially to other areas of the economy. The costs of sending
peacekeeping forces to Liberia and preparing for the transition to a
democratic government have been boosting boosted government expenditures and undercut
undercutting structural adjustment reforms. Ghana opened a stock exchange in
1990. Much of the economic improvement in 1991 was caused by favorable
weather (following a severe drought the previous year) that led to plentiful
harvests in Meanwhile, declining world commodity prices for Ghana's agriculturally based economy. exports has placed
the government under severe financial pressure.

Supported by substantial international assistance, Ghana has been
implementing a steady economic rebuilding program since 1983, including
including moves toward privatization and relaxation of government
controls. Heavily The agriculture sector consists largely of small traditional
farm holdings, rain-fed for the most part. Heavily dependent on cocoa,
gold, and timber exports, economic growth so far has not
spread
substantially to other areas of the economy. The costs of sending
peacekeeping forces to Liberia and preparing for the transition to a
democratic government have boosted government expenditures and undercut
undercut structural adjustment reforms. Ghana opened a stock exchange in 1990.
Meanwhile, declining world commodity prices for Ghana's exports has placed in 1990 and plans to float 5% of its stake in Ashanti Goldfields
Corporation, which would make the government under severe financial pressure. exchange the largest in sub-Saharan
Africa outside of South Africa.

Well endowed with natural resources, Ghana is relatively has
well off, having twice the per capita output of the poorer countries
in West Africa.
Heavily reliant on international assistance, Ghana has
made steady
progress in liberalizing its economy since 1983. Overall
growth
continued at a rate of approximately 5% in 1994, 1995, due largely to
increased gold, timber, and cocoa production - major sources of
foreign exchange. The economy, however, continues to revolve around
subsistence agriculture, which accounts for 45% almost half of GDP and
employs 55%
of the work force, mainly small landholders. Public
sector wage
increases, regional peacekeeping commitments, and the
containment of
internal unrest in the underdeveloped north have
placed substantial
demands on the government's budget and have led
to inflationary
deficit financing and a 27% financing, depreciation of the cedi in 1994. cedi, and
rising public discontent with Ghana's austerity program.

Well endowed with natural resources, Ghana has
twice the per capita output of the poorer countries in West Africa.
Heavily reliant Even so, Ghana remains heavily dependent on international assistance, financial
and technical assistance. Ghana has made steady
progress in
liberalizing its economy since 1983. Overall growth
continued at a
rate of approximately 5% in 1995, 1995 and 1996, due largely to
increased
gold, timber, and cocoa production - major sources of
foreign
exchange. The economy, however, continues to revolve around
subsistence agriculture, which accounts for almost half of GDP and
employs 55% of the work force, mainly small landholders. Public In 1995-96,
Ghana has made mixed progress under a three-year structural adjustment
program in cooperation with the IMF. On the minus side, public sector
wage increases, regional peacekeeping commitments, and the
containment
of internal unrest in the underdeveloped north have
placed substantial demands on the government's budget and have led
to continued
inflationary deficit financing, depreciation of the cedi, and
rising
public discontent with Ghana's austerity program.

Well endowed with natural resources, Ghana has
twice
the per capita output of the poorer countries in West Africa.
Even so,
Ghana remains heavily dependent on international financial
and
technical assistance. Ghana has made steady progress in
liberalizing its economy since 1983. Overall growth continued at a
rate of approximately 5% in 1995 and 1996, due largely to increased
gold, Gold, timber, and cocoa production - are major
sources of foreign
exchange. The economy, however, domestic economy continues to revolve around
around subsistence agriculture, which accounts for almost half 41% of GDP and
employs 55% 60% of the work force, mainly small landholders. In 1995-96, 1995-97,
Ghana has made mixed progress under a three-year structural adjustment
program in cooperation with the IMF. On the minus side, public sector
wage increases, increases and regional peacekeeping commitments, and the containment
of internal unrest in the underdeveloped north commitments have led to continued
continued inflationary deficit financing, depreciation of the cedi,
and rising
public discontent with Ghana's austerity program. measures.

Well endowed with natural resources, Ghana has twice
twice the per capita output of the poorer countries in West Africa.
Even so,
Ghana remains heavily dependent on international financial and
and technical assistance. Gold, timber, and cocoa production are major
major sources of foreign exchange. The domestic economy continues to revolve
revolve around subsistence agriculture, which accounts for 41% of
GDP and
employs 60% of the work force, mainly small landholders. In 1995-97,
1995-97, Ghana made mixed progress under a three-year structural adjustment
adjustment program in cooperation with the IMF. On the minus side,
public sector
wage increases and regional peacekeeping commitments
have led to
continued inflationary deficit financing, depreciation
of the cedi,
and rising public discontent with Ghana's austerity
measures. Power shortages also helped slow growth in 1998.

Well endowed with natural resources, Ghana has
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 41% 40% of
GDP and employs 60% of the work force, mainly small landholders. In
1995-97, Ghana made mixed progress under a three-year structural
adjustment program in cooperation with the IMF. On the minus side,
public sector wage increases and regional peacekeeping commitments
have led to continued inflationary deficit financing, depreciation
of the cedi, and rising public discontent with Ghana's austerity
measures. Power shortages also helped slow A rebound in gold prices is likely to push growth over 5% in 1998. 2000-01.

Well endowed with natural resources, Ghana has 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 40% 36% of GDP and employs 60% of the work force, mainly small landholders. In 1995-97, Ghana made mixed progress under a three-year structural adjustment program in cooperation with the IMF. On the minus side, public sector wage increases and regional peacekeeping commitments have led to continued inflationary deficit financing, depreciation of the cedi, and rising public discontent with Ghana's austerity measures. Political uncertainty and a depressed cocoa market led to disappointing growth in 2000. A rebound in gold prices is likely to the cocoa market should push growth over 5% 4% in 2000-01. 2001-02.

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 36% of GDP and employs 60% of the work force, mainly small landholders. In 1995-97, Ghana made mixed progress under a three-year structural adjustment program in cooperation with the IMF. On the minus side, public sector wage increases Excessively expansionary monetary and regional peacekeeping commitments have led fiscal policy prior to continued inflationary deficit financing, depreciation of the cedi, and rising public discontent with Ghana's austerity measures. Political uncertainty and a 2000 elections led to accelerating inflation in early 2001. A depressed cocoa market and continued weak growth in non-traditional exports led to disappointing growth in 2000. A rebound 2001. The late 2002 crisis in Cote d'Ivoire has boosted cocoa prices markedly. It remains to be seen if this portends a long-term shift in the cocoa market should push growth over 4% market. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2001-02. 2002.

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 36% of GDP and employs 60% of the work force, mainly small landholders. Excessively expansionary monetary and fiscal policy prior to the 2000 elections led to accelerating inflation in early 2001. A depressed cocoa market and continued weak growth in non-traditional exports led to disappointing growth in 2001. The late 2002 crisis in Cote d'Ivoire has boosted cocoa prices markedly. It remains to be seen if this portends a long-term shift in the cocoa market. 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.

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 36% 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.

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% 34% 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 Priorities include tighter monetary and fiscal policies, accelerated privatization, and improvement of social services. Receipts from the gold sector should help helped sustain GDP growth in 2004. Inflation should ease, but remain a major internal problem.

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 34% 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. 2002, but was included in a G-8 debt relief program decided upon at the Gleneagles Summit in July 2005. Priorities under its current $38 million Poverty Reduction and Growth Facility (PRGF) include tighter monetary and fiscal policies, accelerated privatization, and improvement of social services. Receipts from the gold sector helped sustain GDP growth in 2004. 2005 along with record high prices for Ghana's largest cocoa crop to date. Inflation should ease, ease but remain remains a major internal problem. Ghana also remains a candidate country to benefit from Millennium Challenge Corporation (MCC) funding that could assist in transforming Ghana's agricultural export sector. A final decision on its MCC bid is expected in spring 2006.

Well endowed with natural resources, Ghana has roughly twice the per capita output of the poorer poorest 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 34% 37% 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, but was included in a G-8 debt relief program decided upon at the Gleneagles Summit in July 2005. Priorities under its current $38 million Poverty Reduction and Growth Facility (PRGF) include tighter monetary and fiscal policies, accelerated privatization, and improvement of social services. Receipts from the gold sector helped sustain GDP growth in 2005 2006 along with record high prices for Ghana's largest cocoa crop to date. Inflation should ease but remains a major internal problem. Ghana also remains received a candidate country to benefit from Millennium Challenge Corporation (MCC) funding that could grant in 2006, which aims to assist in transforming Ghana's agricultural export sector. A final decision on its MCC bid is expected in spring 2006.

Well endowed with natural resources, Ghana has roughly twice the per capita output of the poorest countries in West Africa. Even so, Ghana remains heavily dependent on international financial and technical assistance. Gold, timber, Gold and cocoa production production, and individual remittances, are major sources of foreign exchange. The domestic economy continues to revolve around subsistence agriculture, which accounts for 37% about 35% of GDP and employs 60% about 55% of the work force, mainly small landholders. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, but was included in a G-8 debt relief program decided upon at and is also benefiting from the Gleneagles Summit Multilateral Debt Relief Initiative that took effect in July 2005. Priorities 2006. Thematic priorities under its current $38 million Poverty Reduction and Growth Facility (PRGF) include tighter monetary and fiscal policies, accelerated privatization, and improvement of social services. Receipts from Poverty Reduction Strategy, which also provides the gold framework for development partner assistance, are: macroeconomic stability; private sector helped sustain GDP growth in 2006 competitiveness; human resource development; and good governance and civic responsibility. Sound macro-economic management along with record high prices for Ghana's largest gold and cocoa crop to date. helped sustain GDP growth in 2007. Ghana received signed a Millennium Challenge Corporation (MCC) grant Compact in 2006, which aims to assist in transforming Ghana's agricultural export sector.

Well endowed with natural resources, Ghana has roughly twice the per capita output of the poorest countries in West Africa. Even so, Ghana remains heavily dependent on international financial and technical assistance. Gold and cocoa production, and individual remittances, are major sources of foreign exchange. The domestic economy continues to revolve around agriculture, which accounts for about 35% of GDP and employs about 55% of the work force, mainly small landholders. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, and is also benefiting from the Multilateral Debt Relief Initiative that took effect in 2006. Thematic priorities under its current Growth and Poverty Reduction Strategy, which also provides the framework for development partner assistance, are: macroeconomic stability; private sector competitiveness; human resource development; and good governance and civic responsibility. Sound macro-economic management along with high prices for gold and cocoa helped sustain GDP growth in 2007. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. 2008.

Well Ghana is well endowed with natural resources, Ghana has resources and agriculture accounts for roughly twice the per capita output one-third of the poorest countries in West Africa. Even so, Ghana remains heavily dependent on international financial GDP and technical assistance. employs more than half of the workforce, mainly small landholders. The services sector accounts for 50% of GDP. Gold and cocoa production, production and individual remittances, remittances are major sources of foreign exchange. The domestic economy continues to revolve around agriculture, which accounts for about 35% of GDP Oil production at Ghana's offshore Jubilee field began in mid-December and employs about 55% of the work force, mainly small landholders. is expected to boost economic growth. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, and is also benefiting from the Multilateral Debt Relief Initiative that took effect in 2006. Thematic priorities under its current Growth and In 2009 Ghana signed a three-year Poverty Reduction Strategy, which also provides and Growth Facility with the framework for development partner assistance, are: IMF to improve macroeconomic stability; stability, private sector competitiveness; competitiveness, human resource development; development, and good governance and civic responsibility. Sound macro-economic management along with high prices for gold and cocoa helped sustain GDP growth in 2008. 2008-10. In early 2010 President John Atta MILLS targeted recovery from high inflation and current account and budget deficits as his priorities.

Ghana is well endowed with natural resources and agriculture accounts for roughly one-third of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for 50% 40% of GDP. Gold and cocoa production and individual remittances are major sources of foreign exchange. Oil production at Ghana's offshore Jubilee field began in mid-December mid-December, 2010, and is expected to boost economic growth. Estimated oil reserves have jumped to almost 700 million barrels. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, and is also benefiting from the Multilateral Debt Relief Initiative that took effect in 2006. In 2009 Ghana signed a three-year Poverty Reduction and Growth Facility with the IMF to improve macroeconomic stability, private sector competitiveness, human resource development, and good governance and civic responsibility. Sound macro-economic management along with high prices for gold and cocoa helped sustain GDP growth in 2008-10. In early 2010 President John Atta MILLS targeted recovery from high inflation and current account and budget deficits as his priorities.

Ghana's economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. Ghana is well endowed with natural resources and agriculture accounts for roughly one-third one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for 40% 50% of GDP. Gold and cocoa production and individual remittances are major sources of foreign exchange. Oil production at Ghana's offshore Jubilee field began in mid-December, 2010, and is expected to boost economic growth. President MILLS faces challenges in managing new oil revenue while maintaining fiscal discipline and resisting debt accumulation. Estimated oil reserves have jumped to almost 700 million barrels. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, and is also benefiting from the Multilateral Debt Relief Initiative that took effect in 2006. In 2009 Ghana signed a three-year Poverty Reduction and Growth Facility with the IMF to improve macroeconomic stability, private sector competitiveness, human resource development, and good governance and civic responsibility. Sound macro-economic management along with high higher prices for oil, gold and and, cocoa helped sustain high GDP growth in 2008-10. In early 2010 President John Atta MILLS targeted recovery from high inflation and current account and budget deficits as his priorities. 2008-12.

Ghana's economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. Ghana is well endowed well-endowed with natural resources and agriculture accounts for roughly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for 50% of GDP. Gold and cocoa production and individual remittances are major sources of foreign exchange. Oil production at Ghana's offshore Jubilee field began in mid-December, 2010, and is expected to boost economic growth. President MILLS MAHAMA faces challenges in managing new oil revenue while maintaining fiscal discipline and resisting debt accumulation. Estimated oil reserves have jumped to almost 700 million barrels. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, and is also benefiting from the Multilateral Debt Relief Initiative that took effect in 2006. In 2009 2009, Ghana signed a three-year Poverty Reduction and Growth Facility with the IMF to improve macroeconomic stability, private sector competitiveness, human resource development, and good governance and civic responsibility. Sound macro-economic management along with higher prices for oil, gold and, cocoa helped sustain high GDP growth in 2008-12. 2008-12, despite the general slowdown in the global economy during that same time period.

Ghana's economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. In late 2010, Ghana was recategorized as a lower middle-income country. Ghana is well-endowed with natural resources and agriculture accounts for roughly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for 50% of GDP. Gold and cocoa production and individual remittances are major sources of foreign exchange. Oil production at Ghana's offshore Jubilee field began in mid-December, 2010, and mid-December 2010,and is expected producing close to boost economic growth. President MAHAMA faces challenges in managing new target levels. Additional oil revenue while maintaining fiscal discipline projects are being developed and resisting debt accumulation. are expected to come on line in a few years. Estimated oil reserves have jumped to almost 700 million barrels. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, barrels and Ghana’s growing oil industry is also benefiting from expected to boost economic growth as the Multilateral Debt Relief Initiative that took effect in 2006. In 2009, Ghana signed a three-year Poverty Reduction and Growth Facility with country faces the IMF to improve macroeconomic stability, private sector competitiveness, human resource development, consequences of two years of loose fiscal policy, high budget and good governance current account deficits, and civic responsibility. Sound macro-economic management along with higher prices for oil, gold and, cocoa helped sustain high GDP growth in 2008-12, despite the general slowdown a depreciating currency. President MAHAMA faces challenges in the global economy during managing a population that same time period. is unhappy with living standards and that perceives they are not reaping the benefits of oil production because of political corruption.

Ghana's economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency. Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region. region, and Ghana is well-endowed with natural resources.
Agriculture accounts for nearly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for about half of GDP. Gold and cocoa exports, and individual remittances, are major sources of foreign exchange. Expansion of Ghana’s nascent oil industry has boosted economic growth, but the recent oil price crash has reduced by half Ghana’s 2015 anticipated oil revenue. Production at Jubilee, Ghana's offshore oil field, oilfield, began in mid-December 2010 and currently produces roughly 110,000 barrels per day. The country’s first gas processing plant at Atubao is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants.
As of 2015, the biggest single economic issue facing Ghana is the lack of consistent electricity. While the MAHAMA administration is taking steps to improve the situation, it will be the third or fourth quarter of 2015 before any relief is visible. little progress has been made. Ghana signed a $920 million extended credit facility with the IMF in April, April 2015 to help it address its growing economic crisis. The IMF fiscal targets will require Ghana to reduce the fiscal deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, and increasing revenues. The challenge for Ghana will come as the MAHAMA Administration approaches the November 2016 election cycle elections, facing public dissatisfaction in the midst of economic austerity.

Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region, and Ghana is well-endowed with natural resources. Ghana's economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency. Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region, and Ghana is well-endowed with natural resources.
Agriculture accounts for nearly one-quarter about 20% of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for about half of GDP. Gold and cocoa exports, and individual remittances, are major sources of foreign exchange. Expansion of Ghana’s nascent oil industry has boosted economic growth, but the recent fall in oil price crash prices since 2015 reduced by half Ghana’s 2015 oil revenue. Production at Jubilee, Ghana's offshore oilfield, began in mid-December 2010 and currently produces roughly 110,000 barrels per day. 2010. The country’s first gas processing plant at Atubao is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants.
As of 2015, the biggest single 2016, key economic issue concerns facing Ghana is the government include the lack of consistent electricity. reliable electricity and the high debt burden, even amid strong GDP growth. While the MAHAMA administration is taking steps attempted to improve the situation, ameliorate these concerns, little progress has been made. made, leaving much work to be done in 2017 by the incoming AKUFO-ADDO administration. Ghana signed a $920 million extended credit facility with the IMF in April 2015 to help it address its growing economic crisis. The IMF fiscal targets will require Ghana to reduce the fiscal deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, and increasing boosting tax revenues. The challenge Priorities for Ghana will come as the MAHAMA Administration approaches the November 2016 elections, facing public dissatisfaction in the midst new administration include rescheduling some of Ghana’s $31 billion debt, stimulating economic austerity. growth, reducing inflation, and stabilizing the currency. Prospects for new oil and gas production, potentially higher global gold prices, and followthrough on tighter fiscal management are likely to help Ghana’s economy in 2017.

Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region, and Ghana is well-endowed endowed with natural resources. Ghana's economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency.
Agriculture accounts for about 20% of GDP and employs more than half of the workforce, mainly small landholders. Gold Gold, oil, and cocoa exports, and individual remittances, are major sources of foreign exchange. Expansion of Ghana’s nascent oil industry has boosted economic growth, but the fall in oil prices since 2015 reduced by half Ghana’s oil revenue. Production at Jubilee, Ghana's first commercial offshore oilfield, began in mid-December 2010. Production from two more fields, TEN and Sankofa, started in 2016 and 2017 respectively. The country’s first gas processing plant at Atubao Atuabo is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants.
As of 2016, 2018, key economic concerns facing the government include the lack of reliable electricity affordable electricity, lack of a solid domestic revenue base, and the high debt burden, even amid strong GDP growth. While the MAHAMA burden. The AKUFO-ADDO administration attempted to ameliorate these concerns, little progress has been made, leaving made some progress by committing to fiscal consolidation, but much work is still to be done in 2017 by the incoming AKUFO-ADDO administration. done. Ghana signed a $920 million extended credit facility with the IMF in April 2015 to help it address its growing economic crisis. The IMF fiscal targets require Ghana to reduce the deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, and boosting tax revenues. revenues, and improving the health of Ghana’s banking sector. Priorities for the new administration include rescheduling some of Ghana’s $31 billion debt, stimulating economic growth, reducing inflation, and stabilizing the currency. Prospects for new oil and gas production, potentially higher global gold prices, production and followthrough follow through on tighter fiscal management are likely to help Ghana’s economy in 2017. 2018.

Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region, and Ghana is endowed with natural resources. Ghana's economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency.
Agriculture accounts for about 20% of GDP and employs more than half of the workforce, mainly small landholders. Gold, oil, and cocoa exports, and individual remittances, are major sources of foreign exchange. Expansion of Ghana’s nascent oil industry has boosted economic growth, but the fall in oil prices since 2015 reduced by half Ghana’s oil revenue. Production at Jubilee, Ghana's first commercial offshore oilfield, began in mid-December 2010. Production from two more fields, TEN and Sankofa, started in 2016 and 2017 respectively. The country’s first gas processing plant at Atuabo is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants.
As of 2018, key economic concerns facing the government include the lack of affordable electricity, lack of a solid domestic revenue base, and the high debt burden. The AKUFO-ADDO administration has made some progress by committing to fiscal consolidation, but much work is still to be done. Ghana signed a $920 million extended credit facility with the IMF in April 2015 to help it address its growing economic crisis. The IMF fiscal targets require Ghana to reduce the deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, boosting tax revenues, and improving the health of Ghana’s banking sector. Priorities for the new administration include rescheduling some of Ghana’s $31 billion debt, stimulating economic growth, reducing inflation, and stabilizing the currency. Prospects for new oil and gas production and follow through on tighter fiscal management are likely to help Ghana’s economy in 2018.