About Us Fact Sheet on Ghana

Country – Fact Sheet
Ghana

 

General

Official Name

Republic of Ghana

Location

The Republic of Ghana is located on the West Coast of Africa, situated between latitudes 4o and 11o north of the equator. It is bordered by Togo on the east, Côte D’Ivoire on the west, Burkina Faso on the north and the Atlantic Ocean on the south.

Capital

Accra

Area

238,537 sq. kms.

Climate

Ghana is characterized by a tropical climate but the annual rainfall level decreases as the altitude increases to the north, where Savannah climate becomes dominant. Most part of the country belongs to the Tropical Savannas Climate and the Sub-Sahelian African moist region. The annual mean temperature ranges from 25oC to 27oC and is fairly constant throughout the year. The annual rainfall is as high as 2,000 mm in the southwestern part of the country but decreases towards the northeast, dropping to 1,000 mm at the northern border area.

Currency

Cedis (1 Cedi = 100 pesewas) USD 1 = GhC 5.8 (October 2020)

GDP

USD 46.60 billion (2017) (Global Finance);65.55 billion (2018) (Ghana Statistical Service); 66.98 bn (2019-World Bank)

GDP Growth Rate

5.9% (2017) (Index Mundi); 7.6% (2018) (IMF);7.5% (2019) (IMF); 4.9% (March 2020-Bank of Ghana); 1.5% (April 2020 IMF)

Composition of GDP

Agriculture (18.27%); Industry (31.53% ); Services (43.01%)(2018)

Inflation

8% (2018) (IMF); 9.3% (2019) (IMF) 11.3% (May 2020-Bank of Ghana); 9.7% (April 2020 IMF)

External debt stocks

USD 23.31 bn (2018) (World Bank)

Unemployment

7.1% (2019, Ministry of Employment of Ghana)

GDP Per Capita

USD 1807.10 (2019) (World Bank)

Forest Cover

41.16% (2016) (Index Mundi)

Population

31.05 million (June 2020 UN Data)

Age Profile

0-14 (37.1%); 15-64(59.7%), 65 & above (3.1%) (July 2020 UN Data)

Life expectancy

64.9 years (Male 63.8 years; female 66.1 years) (June 2020 UN Data)

Languages

English. Major local dialects; Akan (or Twi), Ewe, Dagbani, Nzema and Ga/Adangbe. In all, there are about 60 different languages.

Ethnic groups

Akan 47.5%, Mole-Dagbon 16.6%, Ewe 13.9%, Ga-Dangme 7.4%, Gurma 5.7%, Guan 3.7%, Grusi 2.5%, Mande-Busanga 1.1%, other 1.6% (2010 census)

Religion

Christianity (71.2%), Islam (17.6%), Traditional (5.2%), Others (6%).

Internet Penetration

10.11 m (35%) ( February 2018)

Mobile phones

139% (2016.) 119% (2019)

Urbanisation

51.9% (Rate of urbanization: 3.5% (2010-15 est.)

Exports

USD17.1 billion (2018) (Bank of Ghana); USD1183.8 million  (March 2020-Bank of Ghana)

Imports

USD13.089 billion (2018)(Bank of Ghana); USD974.65
million (March 2020- Bank of Ghana)

Main Trade Partners

European Union (France, Germany, the Netherlands; Italy, Belgium), Switzerland, China; India; Nigeria, UK, US, Singapore, South Africa

FDIs net inflows

US $ 3.54 billion(2018) (GIPC)

Net ODAs received

US $ 1.257 billion (2017)(World Bank)

Political

Political Structure

Unitary Republic; constitutional democracy

Major Political Parties

New Patriotic Party (NPP) and opposition National Democratic Congress (NDC)

Head of State

President (H.E. Mr. NANA ADDO DANKWA AKUFO-ADDO since 7 January 2017)

Head of Government

Presidential form of government

 

India’s Exports

USD 680.39 mn (2014-15);USD 623.24mn (2015-16); USD 681.03 mn (2016-17);USD 635.78mn (2017-2018); USD717.33 mn (2018-19);USD 617.42mn(2019- 2020); USD204.04 mn (April-July 2020)
(Source: Deptt. Of Commerce, India)

India’s Imports

USD 1257.60 mn (2014-15); USD 2981.27 mn(2015-16) USD 1938.54 mn (2016-17)USD 2710.05 mn(2017-2018) USD 3763.41mn (2018-19) USD1773.55 mn (2019-2020);USD353.13mn (April-July 2020)
(Source: Deptt. Of Commerce, India)

Indian Exports

bovine meat frozen; rice; Undenatured Ethyl Alcohol & spirits; pharmaceuticals;  fabrics & readymades; flat-rolled iron products; pre-fabricated structures, insulated wires & cables; motor vehicles & automobiles; self-propelled heavy machinery;cereals; made-up textiles, etc.

Indian Imports

Gold (80% of all imports); aluminium waste & scrap; ferrous waste & scrap; cashew; coconut; brazil nuts; cocoa beans & paste; oil seeds and oleaginous fruits; unwrought lead and timber products

Indian Investments in GHANA*

Total over USD 1. 4 billion over the past two decades including FDIs; Local Diaspora investments and Third country NRI investments. Ghana Investment Promotion Center reported that in 2017, the total investments by Indian companies in Ghana was US$453.75 mn with a total of 22 projects registered with them (probably including the USD 398.33 million Buyer’s Credit for the Tema-Akosombo railway project) and India was second largest both in terms of projects and quantum of FDIs. During the period January-December 2018, Indian investment in Ghana was to the tune of US$510.7 million in 18 Projects.

Ghanaian Investments in India

As per data available with Department of Industrial Policy and Promotion GOI, FDI inflow from Ghana in 2017 was negligible. (UNCTAD shows a figure of USD 1 million as Ghanaian FDI outflow to India in 2012)

Indian Community

The estimated number of Indians living in Ghana is about 10,000 persons out of which about 3,000 hold foreign nationalities.
Some of them have been in Ghana for over 70 years. (Majority of the older generation of PIOs are Gujaratis and Sindhis). The business activities of Indians in Ghana have contributed in a major way to the economic development of Ghana and is well appreciated.  Indian companies are the second highest investor in Ghana in terms of number of projects.
Indian Expatriates : Total: 7,000 (est.)
The NRIs in Ghana are mainly middle level employees of companies operating in Ghana, both Indian-origin owned as well as foreign companies, particularly in the marketing, finance and accounts, etc. They hail from various States in India (Kerala, Tamil Nadu, Karnataka, Andhra, Maharashtra, UP, West Bengal, Orissa and Punjab). 

*Note on Indian Investments in Ghana

Indian investments are listed by Ghana Investment Promotion Center data. These include (a) investments by Indian companies; (b) investments by PIOs based in Ghana who may still hold Indian nationalities; (c) Investments from third countries where one of the partners may be Indian or where the parent company is an Indian registered company in a third country. Hence this data cannot be corroborated either by Indian FDI-outflows or by UNCTAD data.

 

October 2020