Ghana's GDP changed from approximately $37B 350M in 1980 to $75B 244M in 2024, showing an overall 101.5% sharply increased during the period.
The lowest GDP was recorded in 2000 at $11B 470M, and the highest in 2021 at $79B 599M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 1.6%.
For comparison, the average annual growth rate of Nigeria was 4.2%, and that of Ivory Coast was 4.3%.
Ghana GDP from 1980 to 2024
The total market value of goods and services produced annually in Ghana.
Overview of Ghana's GDP (1980–2024)
The Gross Domestic Product (GDP) of Ghana recorded a 101.5% sharply increased from 1980 to 2024.
The average GDP during this period was $36B 373M, and the median was $28B 883M.
GDP fluctuated within a range of $68B 129M, with a standard deviation of $23B 452M.
The average annual change was $1B 160M.
Highest and Lowest GDP Records
- Lowest GDP: 2000, $11B 470M
- Highest GDP: 2021, $79B 599M
- Most Recent GDP: 2024, $75B 244M
Notable Annual GDP Changes
- 1981: Significant increase in GDP
- 1984: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Ghana's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $68B 352M → $70B 8M
- Outcome: increased
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $34B 43M → $34B 601M
- Outcome: increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $11B 470M → $12B 234M
- Outcome: increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $15B 794M → $17B 166M
- Outcome: increased
Key Economic Indicators of Ghana (1980–2024)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | 0.453 % | $ 37B 350M | $ 12B 859M | $ 3,489.50 | $ 1,201.34 | 0 % | 10M 704K people | -0.144 % | -4.193 % |
1981 | -3.754 % | $ 60B 694M | $ 13B 547M | $ 5,537.47 | $ 1,235.96 | 0 % | 10M 961K people | -0.837 % | -3.238 % |
1982 | -8.303 % | $ 70B 406M | $ 13B 190M | $ 6,271.52 | $ 1,174.89 | 0 % | 11M 226K people | -0.269 % | -1.029 % |
1983 | -6.222 % | $ 47B 317M | $ 12B 853M | $ 4,114.25 | $ 1,117.61 | 4.09 % | 11M 501K people | -0.327 % | -0.654 % |
1984 | 9.378 % | $ 17B 113M | $ 14B 566M | $ 1,391.72 | $ 1,184.61 | 6.40 % | 12M 296K people | -0.428 % | -0.47 % |
1985 | 6.433 % | $ 15B 255M | $ 15B 993M | $ 1,213.39 | $ 1,272.16 | 9.04 % | 12M 572K people | -0.994 % | -0.632 % |
1986 | 6.189 % | $ 14B 72M | $ 17B 325M | $ 1,094.39 | $ 1,347.36 | 9.51 % | 12M 859K people | -0.599 % | -0.448 % |
1987 | 6.66 % | $ 11B 777M | $ 18B 937M | $ 895.18 | $ 1,439.47 | 13.29 % | 13M 155K people | -0.819 % | -0.412 % |
1988 | 6.468 % | $ 12B 523M | $ 20B 873M | $ 930.23 | $ 1,550.46 | 14.91 % | 13M 462K people | -0.571 % | -0.693 % |
1989 | 4.541 % | $ 12B 733M | $ 22B 676M | $ 924.07 | $ 1,645.70 | 16.33 % | 13M 779K people | -0.612 % | -0.33 % |
1990 | 3.595 % | $ 14B 749M | $ 24B 371M | $ 1,045.60 | $ 1,727.67 | 29.45 % | 14M 106K people | -1.095 % | -1.507 % |
1991 | 4.774 % | $ 16B 506M | $ 26B 398M | $ 1,142.80 | $ 1,827.68 | 25.23 % | 14M 443K people | -1.476 % | -0.882 % |
1992 | 4.473 % | $ 16B 312M | $ 28B 207M | $ 1,102.84 | $ 1,907.02 | 23.09 % | 14M 791K people | -2.251 % | -4.018 % |
1993 | 4.772 % | $ 13B 348M | $ 30B 254M | $ 881.08 | $ 1,996.95 | 21.80 % | 15M 150K people | -4.12 % | -4.31 % |
1994 | 3.508 % | $ 12B 320M | $ 31B 984M | $ 793.80 | $ 2,060.78 | 23.57 % | 15M 520K people | -2.065 % | -3.487 % |
1995 | 4.233 % | $ 14B 610M | $ 34B 36M | $ 918.74 | $ 2,140.34 | 23.28 % | 15M 902K people | -0.986 % | -2.979 % |
1996 | 4.765 % | $ 15B 482M | $ 36B 311M | $ 950.01 | $ 2,228.14 | 20.45 % | 16M 297K people | -1.982 % | -3.741 % |
1997 | 5.797 % | $ 15B 794M | $ 39B 79M | $ 945.58 | $ 2,339.62 | 23.02 % | 16M 703K people | -2.564 % | -3.883 % |
1998 | 5.01 % | $ 17B 166M | $ 41B 498M | $ 1,002.60 | $ 2,423.78 | 21.80 % | 17M 121K people | -3.039 % | -2.656 % |
1999 | 4.529 % | $ 17B 766M | $ 43B 991M | $ 1,012.28 | $ 2,506.58 | 2.37 % | 17M 550K people | -5.43 % | -3.661 % |