Background:

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. A long series of coups resulted in the suspension of the constitution in 1981 and a ban on political parties. A new constitution, restoring multiparty politics, was approved in 1992. Lt. Jerry RAWLINGS, head of state since 1981, won presidential elections in 1992 and 1996, but was constitutionally prevented from running for a third term in 2000. John KUFUOR, who defeated former Vice President Atta MILLS in a free and fair election, succeeded him.

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Economy - overview:

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 techn

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Electricity - production:

6.922 billion kWh (2002)

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Electricity - consumption:

6.137 billion kWh (2002)

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Electricity - exports:

500 million kWh (2002)

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Electricity - imports:

200 million kWh (2002)

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Oil - production:

7,000 bbl/day (2001 est.)

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Oil - consumption:

38,000 bbl/day (2001 est.)

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Oil - exports:

NA

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Oil - imports:

NA

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GDP:

purchasing power parity - $48.27 billion (2004 est.)

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GDP - real growth rate:

5.4% (2004 est.)

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GDP - per capita:

purchasing power parity - $2,300 (2004 est.)

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GDP - composition by agriculture:

agriculture: 34.3%

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GDP - composition by industry:

industry: 24.2%

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GDP - composition by services:

services: 41.4% (2004 est.)

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Labor force:

10.24 million (2004 est.)

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Labor force - by occupation:

agriculture 60%, industry 15%, services 25% (1999 est.)

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Population below poverty line:

31.4% (1992 est.)

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Household income or consumption by percentage share(lowest):

lowest 10%: 2.2%

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Household income or consumption by percentage share(heighest):

highest 10%: 30.1% (1999)

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Inflation rate (consumer prices):

13% (2004 est.)

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Budget Revenue:

revenues: $2.17 billion

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Budget Expenditure:

expenditures: $2.56 billion, including capital expenditures of NA (2004 est.)

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Agriculture - products:

cocoa, rice, coffee, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber

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Industries:

mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building

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Industrial production growth rate:

3.8% (2000 est.)

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�Exports:

$3.01 billion f.o.b. (2004 est.)

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Exports - commodities:

gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds

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Exports - partners:

Netherlands 11.1%, UK 10.9%, France 6.9%, US 6%, Belgium 4.8%, Germany 4.4%, Japan 4.3% (2004)

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Imports:

$3.699 billion f.o.b. (2004 est.)

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Imports - commodities:

capital equipment, petroleum, foodstuffs

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Imports - partners:

Nigeria 12.8%, China 10.1%, UK 7%, US 6.7%, France 5.3%, South Africa 4.2%, Netherlands 4.2%, Germany 4.1% (2004)

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Debt - external:

$7.396 billion (2004 est.)

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Economic aid - recipient:

$6.9 billion (1999)

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Currency (code):

cedi (GHC)

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Exchange rates:

cedis per US dollar - 9,004.6 (2004), 8,677.4 (2003), 7,932.7 (2002), 7,170.8 (2001), 5,455.1 (2000)

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Fiscal year:

calendar year