Ghana’s economy has ranked 73rd in the world in terms of Gross Domestic Product (GDP) for the year 2019 making it the 8th largest economy in Africa. The 2020 figures are not expected for another one year.
According to the World Bank, Ghana’s economy stood at about US$67 billion in size in 2019, making it the 8th biggest economy on the African continent.
The country’s economy was also ranked 141st in the world in terms of GDP per capita and the 143rd most complex economy, according to the Bretton Wood institution’s Economic Complexity Index.
The wide disparity between Ghana’s ranking by size of the economy and its ranking by per capita is worrying economists as it implies that residents are not benefitting enough from the economy compared averagely with the other countries of the world. The rankings also imply that Ghana’s economy is not complex enough to match its size; indeed, it still relies on primary commodities – gold, cocoas and crude oil – for most of its export revenues leaving it vulnerable to external price shocks. It is also over-reliant on imports for most of its consumer goods and industrial inputs.
On the upside however, Ghana is one of the faster growing economies in the world, ranking 34th with its 5.6 percent growth rate in 2019 and 46th for its five-year average growth rate of 4.6 percent over the period 2015 to 2019.
Due to the adverse economic impacts of Covid-19, the total value of goods and services in the economy shrank to about US$63 billion dollars last year, though there are expectations that it will expand to US$70 billion by the end of this year as economic growth resumes.
The economy is expected to grow at a rate of 4.6 percent this year according to the World Bank (although government expects it to grow even faster, by 5.0 percent) and this will be driven by sub sectors such as Information and Communication, Real Estate, Crops and Livestock.
Presently, the services sector is the biggest sector with an estimated size of a little above GH¢172 billion. It is followed by industry which is about GH¢140 billion in size and agriculture which is estimated at about GH¢73.8 billion.
Globally, the United States of America is the biggest economy with a size of US$21.43 trillion.
China and Japan follow in 2nd and 3rd with economic sizes of about US$14 and US$5 trillion dollars respectively.
But beyond the fundamental economic indicators, Ghana has been ranked across a pot-pourri of indicators covering economic performance, fiscal performance, international trade performance, competitiveness of the operating environment for business, socio-economic loving standards and the likes.
The world’s 10 biggest economies in 2020
|Country||Nominal GDP (US$)||Per Capita Income (US$)|
|United Kingdom||2.83 trillion||42,300|
Ghana World Economy Ranking:
Find below Ghana’s rankings in the world by an array of indicators Economic indicators provided by The World Bank. Freedom indexes by The Heritage and Cato Institute. Human development data from the United Nations Office of Drugs and Crime. Rankings are out of 230 countries.
Gross Domestic Product & Income
|GDP growth, 1 year||5.6%||34|
|GDP growth, 5-years average||4.5%||46|
|GDP per capita||$2.2k||142|
|GDP per capita growth||3.96%||39|
|Purchasing Power Parity conversion factor||2.13||113|
|Price level ratio of PPP conversion factor GDP to market exchange rate||0.46||101|
|GDP per capita, PPP adjusted||$6.5k||136|
|GNI, Atlas method||$63.4B||73|
|GNI per capita||$2.1k||138|
|GNI, PPP adjusted||$138.5B||78|
|GNI per capita, PPP adjusted||$4.7k||140|
Financial system and Human development
|Income Tax Rate||35%||131|
|Corporate Tax Rate||25%||99|
|Inflation, consumer prices||9.8%||170|
|Inflation, GDP deflator||10.2%||162|
|Economic Freedom Index||59.4||113|
|Personal Freedom Index||7.64||64|
|Human Freedom Index||7.21||66|
|Property Rights Index||52.5||103|
|Judical Effectiveness Index||46.1||82|
|Business Freedom Index||58.4||117|
|Fiscal Health Index||35.6||146|
|Labor Freedom Index||59.3||93|
|Investment Freedom Index||70||53|
|Financial Freedom Index||60||44|
|Trade Freedom Index||63.8||145|
|Monetary Freedom Index||68.9||152|
|Government Spending Index||88.1||26|
|Tax Burden Index||78.4||88|
|Government Integrity Index||32.2||119|
|Corruption Perceptions Index||41||95|
|Life expectancy at birth, years||63.5||166|
|Suicide mortality rate, per 100,000 people||5.4||73|
|Mortality caused by road traffic injury, per 100,000 people||24.9||153|
|Intentional homicides, per 100,000 people||2.1||74|
|International tourism, number of arrivals||897k||119|
Government debt & reserves
|Central government debt, % of GDP||59.6%||70|
|External debt stocks, % of GNI||36.3%||74|
|External debt stocks||$23.3B||38|
|Short-term debt, % of total reserves||57.7%||25|
|Total debt service, % of exports and primary income||9.4%||72|
|Adjusted net savings including particulate emission damage, % of GNI||-8.4%||142|
|Gross savings, % of GDP||21%||89|
|Gross capital formation, % of GDP||14.9%||159|
|Total reserves including gold||$6.3B||87|
|Foreign direct investment net inflows||$3B||51|
Exports, imports and economic structure
|Exports of goods and services, % of GDP||35.3%||101|
|Imports of goods and services, % of GDP||36.4%||119|
|Current account balance (balance of payments)||-$2B||134|
|Revenue excluding grants, % of GDP||27.2%||63|
|Grants excluding technical cooperation, BoP||$713.6M||35|
|Personal remittances received||$3.5B||38|
|Industry including construction value added, % of GDP||31.5%||52|
|Agriculture, forestry and fishing value added, % of GDP||18.3%||42|
|Government Expenditure, % of GDP||20%||152|