hana, Government

US diplomatic representation:
chief of mission:
Ambassador Kenneth L. BROWN
embassy:
Ring Road East, East of Danquah Circle, Accra
mailing address:
P. O. Box 194, Accra
telephone:
[233] (21) 775348, 775349, 775295 or 775298
FAX: [233] (21) 776008
Flag:
three equal horizontal bands of red (top), yellow, and green with a large
black five-pointed star centered in the gold band; uses the popular
pan-African colors of Ethiopia; similar to the flag of Bolivia, which has a
coat of arms centered in the yellow band

*Ghana, Economy

Overview:
Supported by substantial international assistance, Ghana has been
implementing a steady economic rebuilding program since 1983, including
moves toward privatization and relaxation of government controls. Heavily
dependent on cocoa, gold, and timber exports, economic growth so far has not
spread substantially to other areas of the economy. The costs of sending
peacekeeping forces to Liberia and preparing for the transition to a
democratic government have boosted government expenditures and undercut
structural adjustment reforms. Ghana opened a stock exchange in 1990.
Meanwhile, declining world commodity prices for Ghana's exports has placed
the government under severe financial pressure.
National product:
GDP - exchange rate conversion - $6.6 billion (1992 est.)
National product real growth rate:
3.9% (1992 est.)
National product per capita:
$410 (1992 est.)
Inflation rate (consumer prices):
10% (1992 est.)
Unemployment rate:
10% (1991)
Budget:
revenues $1.0 billion; expenditures $905 million, including capital
expenditures of $200 million (1991 est.)
Exports:
$1.1 billion (f.o.b., 1992)
commodities:
cocoa 45%, gold, timber, tuna, bauxite, and aluminum
partners:
Germany 29%, UK 12%, US 12%, Japan 5%
Imports:
$1.4 billion (c.i.f., 1992 est.)
commodities:
petroleum 16%, consumer goods, foods, intermediate goods, capital equipment
partners:
UK 23%, US 11%, Germany 10%, Japan 6%
External debt:
$4.6 billion (1992 est.)
Industrial production:
growth rate 4.6% in manufacturing (1991); accounts for almost 15% of GDP
Electricity:
1,180,000 kW capacity; 4,490 million kWh produced, 290 kWh per capita (1991)
Industries:
mining, lumbering, light manufacturing, aluminum, food processing
Agriculture: accounts for about 50% of GDP (including fishing and forestry); the major
cash