Country Information - Ghana

ECONOMIC BACKGROUND 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 technical assistance. Gold, timber, and cocoa production are major sources of foreign exchange. The domestic economy continues to revolve around subsistence agriculture, which accounts for 36% of GDP and employs 60% of the work force, mainly small landholders. Excessively expansionary monetary and fiscal policy prior to the 2000 elections led to accelerating inflation in early 2001. A depressed cocoa market and continued weak growth in non-traditional exports led to disappointing growth in 2001. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002. (Source: World Factbook, 2002) Click here for Country Map [23kB]

BI-LATERAL TRADE OVERVIEW Bi-lateral trade between Ghana and the United States was relatively well-balanced in recent years, although 2002 saw a sharp drop in exports to the US. In 2002, exports from Ghana to the US amounted to $ 76 million, while imports were almost $ 200 million. This resulted in the country recording significant trade deficit with the US of $ 76 million. Ghana's main export categories to the U.S. consist of ‘forest products’, 'agricultural products', ‘energy-related products' and 'minerals and metals'. Exports eligible under AGOA amounted to $ 34,8 million in 2002 (43 million in 2001), and consisted mostly of 'energy-related' products (see link to Country Trade Profile below). On March 20, 2002, Ghana qualified for the 'Wearing Apparel' provisions. It is also classified as a 'Lesser Developed Country' in terms of AGOA, thus reaping the associated 'Rules of Origin' benefits (which allow third-country textile inputs until September 30, 2004). Although exports of 'textiles and garments' are insignificant vis-à-vis the country's other exports to the U.S., there are indications that AGOA-eligibility will stimulate this sector in future. Detailed bilateral trade data for this country, disaggregated by industry sector, can be accessed by following the link below. Aggregate data featuring all AGOA-eligible countries is updated on this website as soon as new data is published, including ranked AGOA / non-AGOA trade, aggregate trade by industry sector as well as the latest apparel trade data. Click here for Detailed Trade Profile