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Tackling these issues will be necessary if Ghana's rapid economic growth is to be maintained. [31] According to Transparency International's 2022 Corruption Perception Index, Ghana was ranked 72nd out of 180 countries, with a score of 43 on a scale where a 0–9 score means highly corrupt, and a 90–100 score means very clean.
PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP. [4] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. [5]
These figures have been taken from the International Monetary Fund's World Economic Outlook (WEO) Database, October 2024 Edition. [1] The figures are given or expressed in Millions of International Dollars at current prices.
As of October 2024, gold exports alone accounted for $9.58 billion, representing more than half of Ghana's total export earnings of $16.5 billion. [84] The mining sector also emerged as the largest source of domestic tax revenue in 2023, contributing a record GH₵11.55 billion (US$980 million) in taxes.
The rebase moved Ghana into middle income status and it placed the country as the third largest in the ranking of GDP per person in West Africa behind Cape Verde and Nigeria. After the changes in statistics, the service sector became the largest sector of Ghana's economy with a share of 51%.
The Ministry of Finance and Economic Planning is the government ministry responsible for the economic and monetary health of Ghana. The Ministry is involved with economic planning , fiscal policy , national accounting , the national budget , and creating an environment for investment and growth.
3 October – Ghana reports its first case of mpox this year. [3]14 October – A bus falls into a ditch in Kwapia, Ashanti Region, killing 13 people. [4]18 October: Parliament speaker Alban Bagbin declares four seats held by MPs who switched parties vacant, effectively giving the opposition National Democratic Congress a majority in the legislature. [5]
The State of the Nation address (sometimes abbreviated to SONA) is an annual address to Parliament given by the President of the republic of Ghana covering economic, social, and financial state of the country according to Article 67 of the 1992 constitution of Ghana. [1] [2] [3]