About Us Fact Sheet on Ghana

Country – Fact Sheet
Ghana

 

GENERAL

Official Name

Republic of Ghana

Location

On the West Coast of Africa, situated between latitudes 4? and 11? north. 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

Regions

16 (Greater Accra, Western, Central, Eastern, Volta, Ashanti, Bono, Northern, Upper West, Upper East; in 2018, six new regions were created: Ahafo, Bono East, Savannah, North East, Oti and Western North)

Regions are headed by Regional Ministers appointed by the President

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 25?C to 27?C 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 8 (April 2022)

GDP

USD 65.55 billion (2018, Ghana Statistical Service)

USD 66 billion (2019, World Bank)

USD 50.77 billion [GHC 383,486 million] - 2020;

USD 57.45 billion [GHC 439,381 million]-projected

[@ROE USD 1= GHC 7.55 = USD 1 (BOG)]

GDP Per Capita

USD 1807.10 (2019, World Bank),

USD 2,328.53 (2020, World Bank)

GDP Growth Rate

0.414% (2020, IMF)

4.% projected (2021, IMF)

6.2% forecast for 2022 (IMF)

Composition of GDP

Agriculture (19.25%); Industry (29.74%); Services (45.01%) (Statista, 2020).

Inflation

12.8% December 2021 (BOG)

15.7% February 2022 (BOG)

External debt

USD 58.6 billion (Dec, 2022) (BOG)

Unemployment

7.1% (2019, Ministry of Employment of Ghana)

4.65% (2020, World Bank)

Population

30.78 million. (Male: 15.2m; Female: 15.6mn) (Ghana 2021 census)

Age Profile

0-14 (36.5%); 15-64 (60%), 65 & above (3.6%) (June 2020, UN Data)

Life expectancy

64.9 years (Male 63.8 years; female 66.1 years) (June 2020, UN Data) 64.68 year (2021, Microtrend)

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 45.7%, Mole-Dagbani 18.5%, Ewe 12.8%, Ga-Dangme 7.1%, Gurma 6.4%, Guan 3.2%, Grusi 2.7%, Mande 2%, other 1.6% (2021 est.)

Religion

Christian 71.3% (Pentecostal/Charismatic 31.6%, Protestant 17.4%, Catholic 10%, other 12.3%), Muslim 19.9%, traditionalist 3.2%, other 4.5%, none 1.1% (2021 est.)

Internet Penetration

15.7 million (2021 est.)

Mobile phones

Total subscriptions: 40,461,609 (2020)

Subscriptions per 100 inhabitants: 130.2 (2020 est.)

Urbanisation

58.6% of total population

Exports

USD 16.65 billion (2019, Trade Ministry)

Top commodities (2019): Gold 40%, Petroleum 35%, Cocoa 18%, Manganese 2%, Cashew 2%

Top destinations (2019): China 21%, Switzerland 19%, India 18%, South Africa 15%

USD 13.1 billion (2020, OEC)

Top commodities (2020): Gold ($5.93B), Crude Petroleum ($2.71B), Cocoa Beans ($1.28B), Cocoa Paste ($414M), and Coconuts, Brazil Nuts, and Cashews ($361M).

Top destination (2020): Switzerland ($3.07B), United Arab Emirates ($1.64B), China ($1.52B), India ($1.18B), and Netherlands ($697M).

Imports

USD 10.34 billion (2019, Trade Ministry)

Top commodities: Vehicles 52%, Rice, cereals & food etc 24%, Cement clinkers 8%, Pharmaceuticals 6%

Top sources (2019): China 30%, US 15%, UK 11%, India 9%, Belgium 8%, Turkey 7%, South Africa 5%

USD 16.1 billion (2020, OEC)

Top commodities: Refined Petroleum ($669M), Cars ($492M), Rice ($391M), Delivery Trucks ($283M), and Coated Flat-Rolled Iron ($273M).

Top sources: China ($6.75B), Netherlands ($867M), United States ($787M), India ($749M), and United Arab Emirates ($522M).

Main Trade Partners

Switzerland, China, South Africa, Netherland, UAE (2020)

FDIs net inflows

USD 3.54 billion (2018, GIPC);

USD 1.429 billion (2019, World Bank)

US$ 688.74 million (Jan-June 2020, GIPC)

USD 874.01 million (Jan-June 2021, GIPC)

Net ODAs received

USD 1.429 billion (2019, World Bank)

POLITICAL

Political Structure

Unitary Republic; Constitutional democracy

Major Political Parties

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

In the Parliamentary elections in December 2020, out of 275 seats, both the NPP and the NDC won 137 seats each and one seat went to an independent, who extended support to NPP.

Head of State

President (H.E. Mr. Nana Addo Dankwa Akufo-Addo since 7 January 2017, re-elected for 2nd term winning the Presidential elections in December 2020, securing 51.6% votes)

Head of Government

Presidential form of government

ECONOMIC

India’s Exports

USD717.33m (2018-19); USD 617.42m (2019-2020); USD 862.50m (2020-21); USD 922.88m (April ’21 – Jan ’22)

(Source: Dept. Of Commerce, India)

India’s Imports

USD 3763.41m (2018-19); USD 1773.55m (2019-2020); USD 1374.96m (2020-21); USD 1235.52m (April ’21 – Jan ’22) (Source: Dept. Of Commerce, India)

Indian Exports

Engineering goods, Pharmaceuticals, Plastics, Petroleum products, Chemicals, Textiles (yarns & fabrics), Food (rice & food preparations), Jute, Electronic goods, Ceramic & Glass

Indian Imports

Gold (80% of all imports); Petroleum, cashew nuts & other nuts; timber products

Indian Investments in Ghana

Total USD 1.4 billion over the past two decades including FDI, local Diaspora investments and third country NRI investments. Ghana Investment Promotion Center (GIPC) 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 and India was the second largest both in terms of projects and quantum of FDI. During the period January-December 2018, Indian investment in Ghana was to the tune of US$ 510.7 million in 18 Projects. As per available data, India’s FDI investment in Ghana was US$ 31.17 in 8 projects in 2020 (Jan-June) and US$ 61.57 in 9 projects in 2021 (Jan-June).

Indian investments listed by Ghana Investment Promotion Center data 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.

Ghanaian Investments in India

As per data available with DIPP, 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 out of which about 3,000 hold Ghanaian nationality.

Some of the PIOs 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.

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 IT, marketing, finance and accounts, etc.

 

April 2022