It was estimated in 1992 that 31 percent of the population of Ghana was below the poverty line of US$1 a day. People below this line do not have enough income to meet the barest minimums of food, clothing, and shelter. Almost all those in poverty were located in the rural areas, and rely on agricultural production from small family farms or herding family-based livestock for their
| GDP per Capita (US$) |
| Country | 1975 | 1980 | 1985 | 1990 | 1998 |
| Ghana | 411 | 394 | 328 | 352 | 399 |
| United States | 19,364 | 21,529 | 23,200 | 25,363 | 29,683 |
| Burkina Faso | 196 | 207 | 224 | 225 | 259 |
| Nigeria | 301 | 314 | 230 | 258 | 256 |
| SOURCE: United Nations. Human Development Report 2000; Trends in human development and per capita income. |
| Distribution of Income or Consumption by Percentage Share: Ghana |
| Lowest 10% | 3.6 |
| Lowest 20% | 8.4 |
| Second 20% | 12.2 |
| Third 20% | 15.8 |
| Fourth 20% | 21.9 |
| Highest 20% | 41.7 |
| Highest 10% | 26.1 |
| Survey year: 1997 |
| Note: This information refers to expenditure shares by percentiles of the population and is ranked by per capita expenditure. |
| SOURCE: 2000 World Development Indicators [CD-ROM]. |
livelihood. Income in 1992 was very unevenly distributed, with the poorest 10 percent of the population receiving only 3.4 percent of total household income while the richest 10 percent received 27.3 percent.
While Ghana is considered to be among the least developed countries in the world, it is rated as one of the fastest growing economies in Africa. It is a low-income economy; using the purchasing power parity conversion (which allows for the low price of many basic commodities in Ghana) GDP per head was US$1,900 in 1999. The rate of per capita income growth during the years between 1985 and 1995 averaged 1.4 percent per year, rising to 1.7 percent per year between 1996 and 1997, and this performance has brought about a significant increase in living standards. The growth in GDP per head experienced by Ghana is vitally important in reducing poverty, with every 1 percent of GDP per head growth reducing those in poverty by 2 percent. Thus the 1.7 percent per year rate of GDP per head growth shifts over 200,000 people out of poverty each year.
The UN Human Development Index, which combines indicators for income, health, and education, placed Ghana at 129 out of 174 countries in 1998, making Ghana one of the few African countries to achieve a medium level of human development. This means that Ghana is placed among those countries with levels of income, health provision, and educational facilities that are midway between the high human development countries of Europe, North America, and Australasia, and the very poorest and most deprived countries, mostly in Africa, where many people do not have enough food to meet minimum nutritional levels, and have no access to health or educational services.
FAQs
Economy of Ghana
| Country group | Developing/Emerging Lower-middle income economy |
| Statistics |
|---|
| Population | 33,346,450 (2023) |
| GDP | $76.628 billion (nominal, 2023 est.) $229.471 billion (PPP, 2023 est.) |
| GDP rank | 90th (nominal, 2023) 68th (PPP, 2023) |
31 more rowsAround 24.2% of the national population lives below the poverty line. Ghana ranks 140 out of 189 countries on the Human Development Index (HDI) of the United Nations Development Programme (UNDP). Inequalities between women and men also continue to be very high.
What is the rich and poor gap in Ghana? ›
2% The wealthiest 10% of Ghanaians now share 32% of Ghana's total consumption – more than is consumed by the bottom 60% of the population combined, while the very poorest 10% of the population consumes only 2%. 6% Gender inequality remains a pervasive issue. Women are more likely to be poorer and to have fewer assets.
What is the percentage of rich people in Ghana? ›
In Ghana, 34.7% of people living in urban areas are in the richest national quintile, compared to only 5.0% of those living in rural areas[2]. Some districts in Ghana are wealthier than others.
Is Ghana the poorest country in Africa? ›
Ghana. Officially the Republic of Ghana is a country situated in West Africa. The country has a GDP of $227.19 billion and a GDP per capita of $6,910. Ghana is the least poorest country in Africa based on 2023 GDP per capita.
Is Ghana richer than Nigeria? ›
The renowned economist further explained that Ghana has also overtaken Nigeria, saying, “In the past, we were always richer than Ghana, now we are here. External reserves and GDP figures speak for themselves.”
What made Ghana so wealthy? ›
The Ghana Empire lay in the Sahel region to the north of the West African gold fields, and was able to profit by controlling the trans-Saharan gold trade, which turned Ghana into an empire of legendary wealth.
Is Ghana rich in gold? ›
Ghana is one of Africa's largest gold producers. Gold is the most commercially exploited mineral in Ghana, accounting for about 95% of the country's mineral revenue. Other commercially exploited minerals in Ghana are manganese, bauxite, and diamonds.
What is Ghana like today? ›
Following the macroeconomic crises experienced in 2022, Ghana witnessed some improvements in its economic conditions throughout 2023. However, persistent challenges remain, notably characterized by elevated inflation, subdued growth, and substantial pressure on public finances and debt sustainability.
Is there a billionaire in Ghana? ›
Africa's Top 10 Women Inventors
Ernesto Taricone is a widely recognized entrepreneur and investor, known for his significant impact in Ghana's business arena. With a staggering net worth of $1.3 billion, Taricone currently holds the title of Ghana's wealthiest individual.
East Legon
East Legon is mostly known to be home of wealthy Ghanaians who have returned from abroad to live in Ghana. Here you will find the most extravagant and luxurious homes and also a great array of amenities, with some of the “hot-spot” places of Accra.
Who is the richest woman in Ghana? ›
Meet Patricia Poku, The Richest Woman In Ghana With A Net Worth Of $720 Million #ghanatiktok #fyp #goviral #trending 19-10-2023.
Is Ghana a high or low income country? ›
In this appendix, Ghana is conveniently categorized as a “Low-Income Developing Country (LIDC)”, like other Lower-Middle Income Economies such as Côte d'Ivoire, Kenya, Nigeria and others. Ghana's classification in the recent IMF Fiscal Monitor did not change.
Is Ghana a rich country in Africa? ›
Ghana. Officially the Republic of Ghana is a country situated in West Africa. The country's total wealth in 2021 came in at $130 billion, up 165.31% compared to 2010. Ghana ranks among the richest countries in Africa ranked by net worth.
Which African country is richest? ›
Top 10 richest countries in Africa in 2024 – IMF
- Mauritius. Mauritius claims the top spot as the richest country in Africa in 2024, with a GDP-PPP per capita of $31,157. ...
- Libya. ...
- Botswana. ...
- Gabon. ...
- Egypt. ...
- Equatorial Guinea. ...
- South Africa. ...
- Algeria.
