Charting Ghana

Charting

GhanaCEO’s Guide to The Economy

2H 2021

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3

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• What is the size of Ghana’s economy?

• What is the size of Ghana’s population?

• What is the demographic structure of Ghana? Is it favorable for economic growth?

• How has the structure of GDP changed over the years?

• How much does Ghana’s economy rely on natural resources?

• How much does Ghana’s economy rely on external trade?

• Economic Freedom Index: How free is Ghana’s economy?

• How competitive is Ghana?

• How are Ghana’s competitive factors compared to those of other countries?

• How is the minimum wage in Ghana compared to others in the region?

• Is it easy to do business in Ghana?

• How good is Ghana in attracting Foreign Direct Investment?

• What is the level of income for an average person in Ghana?

• What is the poverty rate in Ghana, and how does it compare to others?

• How has the unemployment rate in Ghana changed over recent years?

• How is income distributed in Ghana, and how does it compare to others?

• What is the current level of human development in Ghana?

• How has the quality of life changed over the years?

• How many SDG has Ghana achieved to date?

• What has been the growth rate of Ghana’s economy over the past ten years, and how does it compare with others?

• What were the key growth drivers for Ghana’s economy in the last year?

• How much does each sector contribute to the overall growth?

• What is the GDP growth rate in the latest quarter?

• What are the latest signals from the leading indicators?

• What is the growth outlook for Ghana’s economy, and how does it compare with others?

• How early can the economy reopen from the Covid crisis?

• What is the risk of inflation over the next 12 months?

• What is the latest move on Ghana’s monetary policy?

• What is the health of Ghana’s banking sector?

• What has been the trend in Ghana’s fiscal budget deficit?

• Balance of Payment: Where are the key risks?

• Does Ghana have enough international reserves to service its debt and for import?

• What is the FX risk? How has the currency performed compared to others?

4

The Charting Economy Framework©

Understand Any Economy in 30 Questions or Less

Economic Structure Competitiveness Development Economic Growth Macro Risks

The Long View The Short View

© Charting EconomyThis is a licensed product and is not to be photocopied

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Official name: Republic of Ghana

Brief history• Formed from the merger of the British colony of the Gold Coast and the Togoland trust territory, Ghana in 1957 became the first Sub-Saharan country in

colonial Africa to gain its independence.

• Ghana endured a series of coups before Lt. Jerry RAWLINGS took power in 1981 and banned political parties

• John KUFUOR of the opposition New Patriotic Party (NPP) succeeded him and was reelected in 2004.

• John Atta MILLS of the National Democratic Congress won the 2008 presidential election and took over as head of state. MILLS died in July 2012 and

was constitutionally succeeded by his vice president

• In 2016, Nana Addo Dankwa AKUFO-ADDO of the NPP defeated MAHAMA, marking the third time that Ghana’s presidency has changed parties since

the return to democracy.

5

Government

Government type: presidential republic

Capital: Accra

Currency: Ghanaian cedi (GHS)

Chief of state: President Nana Addo Dankwa AKUFO-ADDO (since

7 January 2017)

Head of government: President Nana Addo Dankwa AKUFO-

ADDO (since 7 January 2017)

Cabinet: Council of Ministers; nominated by the president,

approved by Parliament

Elections:• President and vice president directly elected on the same ballot by

absolute majority popular vote in 2 rounds if needed for a 4-year term

(eligible for a second term); next to be held in December 2024

• Unicameral Parliament (275 seats; members directly elected in single-seat constituencies by simple majority vote to serve 4-year terms)

Geography

Area: 238,533 sq km (#83 in the world)

Land boundaries:

• Burkina Faso 602 km

• Cote d'Ivoire 720 km

• Togo 1098 km

Land use (2011est.):

• agriculture: 69.1%

• forest: 21.2%

• other: 9.7%

Coastline: 539 km

Irrigated land: 340 sq km (2012)

Natural resources:

gold, timber, industrial diamonds, bauxite, manganese, fish, rubber, hydropower, petroleum, silver, salt, limestone

Source: CIA World factbook

Population and society

Population:

32,372,889 (July 2021 est.)

Ethnic group:Akan 47.5%, Mole-Dagbon 16.6%, Ewe 13.9%, Ga-Dangme 7.4%, Gurma

5.7%, Guan 3.7%, Grusi 2.5%, Mande 1.1%, other 1.4% (2010 est.)

Language:

English is the official language.

Asante 16%, Ewe 14%, Fante 11.6%, Boron (Brong) 4.9%, Dagomba

4.4%, Dangme 4.2%, Dagarte (Dagaba) 3.9%, Kokomba 3.5%, Akyem

3.2%, Ga 3.1%, other 31.2% (2010 est.)

Religions:Christian 71.2% (Pentecostal/Charismatic 28.3%, Protestant 18.4%,

Catholic 13.1%, other 11.4%), Muslim 17.6%, traditional 5.2%, other 0.8%,

none 5.2% (2010 est.)

Working age population (15-64 yr): 58.1%

Population growth rate: 2.26% (2021 est.)

Ghana

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1. Economic Structure2. Competitiveness

3. Economic Development

4. Economic Growth

5. Macro Risks

Appendix 1: IMF’s forecast

Appendix 2: Doing Business

Part of the country’s economic profile, economic structure section gives readers useful views to understand economic fundamental and determine what matters for the country’s

economy

6

What is the size of Ghana’s economy?

What is the size of Ghana’s population?

What is the demographic structure of Ghana? Is it

favorable for economic growth?

How has the structure of GDP changed over the years?

How much does Ghana’s economy rely on natural

resources?

How much does Ghana’s economy rely on external

trade?

Economic Freedom Index: How free is Ghana’s

economy?

ECONOMYCharting


What is the size of Ghana’s economy?

Ghana is the 6th largest economy in Sub-Saharan Africa and 2nd

largest in Western Africa

Source: IMF World Economic Outlook Database April 2021

Note: (*) IMF Estimate

Sub-Saharan Africa Top Economies2019 GDP, USD billion, Market Exchange Rate

448.1

351.4

95.4

92.6

89.6

67.0

60.8

58.5

50.4

38.9

37.8

23.3

23.3

19.3

18.3

17.3

16.9

15.7

15.2

14.5

Nigeria

South Africa

Kenya

Ethiopia

Angola

Ghana

Tanzania

Cote d'Ivoire*

DR Congo

Cameroon

Uganda

Zambia

Senegal

Zimbabwe

Botswana

Mali*

Gabon

Burkina Faso*

Mozambique

Madagascar*

14.4

14.0

13.8

12.9

12.5

12.5

11.0

10.9

10.1

7.9

7.7

7.2

4.1

4.1

3.1

3.0

2.3

2.3

2.0

2.0

Benin

Mauritius*

Guinea*

Niger

Republic of Congo*

Namibia

Equatorial Guinea*

Chad*

Rwanda*

Mauritania*

Malawi

Togo*

South Sudan*

Sierra Leone*

Liberia*

Burundi

Lesotho

Central African Republic*

Eritrea*

Cabo Verde

ECONOMYCharting


What is the size of Ghana’s population?

Ghana’s population of around 29 million is the second-largest in Western Africa

Source: CIA World Fact book, UN’s World Population Prospects: The 2019 Revision

219.5

32.4

28.1

23.6

21.4

20.1

16.1

13.3

12.9

8.3

Nigeria

Ghana

Cote d'Ivoire

Niger

Burkina faso

Mali

Senegal

Benin

Guinea

Togo

2.479%

2.039%

2.498%

3.700%

2.759%

2.904%

2.593%

2.623%

2.664%

2.345%

Population GrowthAvg. Annual Rate of Change, Medium fertility, 2020-2025

Population in Western AfricaTop 10, Million, July 2021 est.

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America: USD 1800 (74% saving)Argentina (4) Bolivia (2) Brazil (4) Canada (4)

Chile (4) Colombia (4) Costa Rica (2) Ecuador (2)

El Salvador (2) Honduras (2) Mexico (4) Panama (2)

Paraguay (2) Peru (4) United States (4) Uruguay (4)

Asia Pacific: USD 2500 (77% saving)Australia (4) Azerbaijan (2) Bangladesh (2) Brunei (2)

Cambodia (2) China (4) Hong Kong (4) India (4)

Indonesia (4) Japan (4) Kazakhstan (2) Laos (2)

Malaysia (4) Mongolia (4) Myanmar (2) Nepal (2)

New Zealand (4) Pakistan (2) Philippines (4) Singapore (4)

South Korea (4) Sri Lanka (4) Taiwan (4) Thailand (4)

Vietnam (4)

Europe: USD 4100 (77% saving)Albania (4) Armenia (4) Austria (4) Belarus (4)

Belgium (4) Bosnia and Herzegovina (4) Bulgaria (4) Croatia (4)

Cyprus (4) Czech republic (4) Denmark (4) Estonia (4)

Finland (4) France (4) Georgia (4) Germany (4)

Greece (4) Hungary (4) Iceland (4) Ireland (4)

Israel (4) Italy (4) Latvia (4) Lithuania (4)

Luxembourg (4) Malta (4) Netherlands (4) Norway (4)

Poland (4) Portugal (4) Romania (4) Russia (4)

Serbia (4) Slovakia (4) Slovenia (4) Spain (4)

Sweden (4) Switzerland (4) Turkey (4) Ukraine (4)

United Kingdom (4)

Middle East and Africa: USD 2500 (76% saving)Algeria (2) Bahrain (2) Benin (2) Botswana (2)

Cameroon (2) Cote d'Ivoire (2) Egypt (2) Ethiopia (2)

Ghana (2) Guinea (2) Jordan (2) Kenya (2)

Kuwait (2) Mauritius (2) Morocco (2) Nigeria (4)

Oman (2) Qatar (2) Rwanda (2) Saudi Arabia (2)

Senegal (2) South Africa (4) Tanzania (2) UAE (2)

( ) Number of issues per year

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Charting Ghana