Ghana’s economy ranked 73rd in world, 141st in per capita income

Ghana’s economy was ranked 73rd in the world in terms of Gross Domestic Product (GDP) in the year 2019.

According to the World Bank, Ghana’s economy stood at about US$67 billion in size in 2019, making it the 8th biggest economy on the African continent.

The country’s economy was also ranked 141st in terms of GDP per capita and 143rd most complex economy, according to the Bretton Wood institution’s Economic Complexity Index.

This calls for a more decisive and swift action to push the economy to a better position as there is huge disparity between the size of the economy and its per capita income.

Due to covid-19, the country’s total value of goods and services shrank to about US$63 billion dollars last year, though there are expectations that it will expand to US$70 billion by the end of the year.

The economy is expected to grow at a rate of 4.6% this year; and that will be driven by sub sectors such as Information and Communication, Real Estate, Crops and Livestock. 

Presently, the services sector is the biggest with an estimated size of a little above GH¢172 billion. It is followed by industry which is about GH¢140 billion in size and agriculture which is estimated at about GH¢73.8 billion.

Globally, the United States of America is the biggest economy with a size of US$21.43 trillion.

China and Japan follow in 2nd and 3rd with economic sizes of about US$14 and US$5 trillion dollars respectively.

Top 10 biggest economies in 2020

Country                   Nominal GDP (US$)Per Capita Income (US$)
  USA                           21.43 trillion                65,298
  China                           14.34 trillion                10,262
  Japan                           5.08 trillion                 40,247
  Germany                           3.86 trillion                 46,455
  India                           2.87trillion                  2,100
  United Kingdom                           2.83 trillion                  42,300
  France                           2.72 trillion                  40,493
  Italy                           2.0 trillion                   33,228
  Brazil                           1.84 trillion                    8,718
  Canada                            1.74 trillion                      46,195

Source: Joy Business

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