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%.
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.
Ghana GDP from 1980 to 2024
The total market value of goods and services produced annually in Ghana.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 37B 350M | $ 3,489.50 | $ 1,201.34 | $ 12B 859M | 0.453 % | -0.144 % | 0 % | -4.193 % | 10M 704K people |
1981 | $ 60B 694M | $ 5,537.47 | $ 1,235.96 | $ 13B 547M | -3.754 % | -0.837 % | 0 % | -3.238 % | 10M 961K people |
1982 | $ 70B 406M | $ 6,271.52 | $ 1,174.89 | $ 13B 190M | -8.303 % | -0.269 % | 0 % | -1.029 % | 11M 226K people |
1983 | $ 47B 317M | $ 4,114.25 | $ 1,117.61 | $ 12B 853M | -6.222 % | -0.327 % | 4.09 % | -0.654 % | 11M 501K people |
1984 | $ 17B 113M | $ 1,391.72 | $ 1,184.61 | $ 14B 566M | 9.378 % | -0.428 % | 6.40 % | -0.47 % | 12M 296K people |
1985 | $ 15B 255M | $ 1,213.39 | $ 1,272.16 | $ 15B 993M | 6.433 % | -0.994 % | 9.04 % | -0.632 % | 12M 572K people |
1986 | $ 14B 72M | $ 1,094.39 | $ 1,347.36 | $ 17B 325M | 6.189 % | -0.599 % | 9.51 % | -0.448 % | 12M 859K people |
1987 | $ 11B 777M | $ 895.18 | $ 1,439.47 | $ 18B 937M | 6.66 % | -0.819 % | 13.29 % | -0.412 % | 13M 155K people |
1988 | $ 12B 523M | $ 930.23 | $ 1,550.46 | $ 20B 873M | 6.468 % | -0.571 % | 14.91 % | -0.693 % | 13M 462K people |
1989 | $ 12B 733M | $ 924.07 | $ 1,645.70 | $ 22B 676M | 4.541 % | -0.612 % | 16.33 % | -0.33 % | 13M 779K people |
1990 | $ 14B 749M | $ 1,045.60 | $ 1,727.67 | $ 24B 371M | 3.595 % | -1.095 % | 29.45 % | -1.507 % | 14M 106K people |
1991 | $ 16B 506M | $ 1,142.80 | $ 1,827.68 | $ 26B 398M | 4.774 % | -1.476 % | 25.23 % | -0.882 % | 14M 443K people |
1992 | $ 16B 312M | $ 1,102.84 | $ 1,907.02 | $ 28B 207M | 4.473 % | -2.251 % | 23.09 % | -4.018 % | 14M 791K people |
1993 | $ 13B 348M | $ 881.08 | $ 1,996.95 | $ 30B 254M | 4.772 % | -4.12 % | 21.80 % | -4.31 % | 15M 150K people |
1994 | $ 12B 320M | $ 793.80 | $ 2,060.78 | $ 31B 984M | 3.508 % | -2.065 % | 23.57 % | -3.487 % | 15M 520K people |
1995 | $ 14B 610M | $ 918.74 | $ 2,140.34 | $ 34B 36M | 4.233 % | -0.986 % | 23.28 % | -2.979 % | 15M 902K people |
1996 | $ 15B 482M | $ 950.01 | $ 2,228.14 | $ 36B 311M | 4.765 % | -1.982 % | 20.45 % | -3.741 % | 16M 297K people |
1997 | $ 15B 794M | $ 945.58 | $ 2,339.62 | $ 39B 79M | 5.797 % | -2.564 % | 23.02 % | -3.883 % | 16M 703K people |
1998 | $ 17B 166M | $ 1,002.60 | $ 2,423.78 | $ 41B 498M | 5.01 % | -3.039 % | 21.80 % | -2.656 % | 17M 121K people |
1999 | $ 17B 766M | $ 1,012.28 | $ 2,506.58 | $ 43B 991M | 4.529 % | -5.43 % | 2.37 % | -3.661 % | 17M 550K people |
