Discusses key economic indicators and trade statistics, which countries are dominant in the market, the U.S. market share, the political situation if relevant, the top reasons why U.S. companies should consider exporting to this country, and other issues that affect trade, e.g., terrorism, currency devaluations, trade agreements.
Last Published: 7/21/2017
  • With relatively diverse and abundant 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, cocoa, petroleum and individual remittances are major sources of foreign exchange. Agriculture’s contribution to economic activity in Ghana has decreased in recent years, now accounting for approximately 20 percent of GDP and employing about 45 percent of the work force, mainly small landholders.

  • With the 2007 confirmed discovery of commercially viable offshore oil reserves in Ghana (Jubilee Field) and production which began in December 2010, there has been increased international interest in the Ghanaian market by the oil, gas, and auxiliary services sectors – as well as companies from unrelated sectors anticipating future economic growth in the country. New oil and gas discoveries are possible but a pending border dispute court case with the International Tribunal of the Law of the Sea (ITLOS) is holding back any significant exploration. The ITLOS is expected to make its final decision in late 2017 or early 2018.  Ghana’s second active offshore petroleum field (Tweneboah-Enyenra-Ntomme or “TEN”) began production in Q3 2016 and a third in the Offshore Cape Three Points (OCTP) block is ready for commissioning in June.

  • Real GDP growth over the past ten years has averaged 7.2 percent with the most recent (2016) GDP growth figure at 3.5 percent. There is a predicted GDP growth of 6.3% for 2017.

  • The rate of inflation at the end of 2016 was 15.4%. This was one of the highest inflation rates in West Africa in 2016, while the ECOWAS region recorded an average inflation of 12.1%.  Indicators point to inflation reducing to 11.2% by the end of 2017.

  • In April 2015, Ghana entered into a three-year International Monetary Fund (IMF) Extended Credit Facility (ECF) of $918 million with the hope of stabilizing the country’s macroeconomic imbalances.  Implementation of the ECF-supported program by the Ghanaian authorities continues to be broadly satisfactory, but the economic outlook remains challenging.  There has been progress in stabilizing the macroeconomic situation and reducing financial imbalances, but the financial risks remain elevated.

 

  • The Ghana Cedi remained relatively stable against the major currencies, on account of tighter monetary policy and improved foreign exchange inflows. However, the foreign exchange market witnessed some volatility in the run-up to the December 2016 elections, as demand pressures mounted.

  • Ghana’s main import partners include China (18.4 percent of total imports), the United States (8.9 percent), Belgium (5.6 percent), Canada (4.7 percent) and India (4.7 percent).

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.



Ghana Trade Development and Promotion