Ghana Facts and Figures

Situated on West Africa's Gulf of Guinea coast, Ghana shares borders with Côte d'Ivoire to the west, Burkina Faso to the north, and Togo to the east. It boasts a population of over 30 million people and its capital city is Accra, a vibrant hub of culture and commerce. Ghana became a member of the United Nations (UN) in 1957, coinciding with its independence from British colonial rule. Additionally, Ghana joined the African Union (AU) in 1963, reinforcing its commitment to pan-African cooperation and development.

Historical and Economic Evolution
Gaining independence in 1957 under the leadership of Kwame Nkrumah stands as a defining moment of Ghana's history. This event not only set the stage for decolonization movements across Africa but also positioned Ghana as a beacon of hope and progress in the region. The attainment of independence sparked a wave of optimism and nationalist fervor, leading to accelerated efforts in nation-building and economic development. Despite subsequent challenges, such as political instability in the 1960s and 1970s, Ghana's commitment to democratic governance and economic reform has fostered resilience and growth. Today, Ghana continues to thrive as a stable democracy with a diversified economy, anchored by sectors such as agriculture, mining, and increasingly, technology and services.

Demographic Profile
Ghana's population in 2023 stands at approximately 34,121,985 with a population density of 144 people per square kilometer. The country has a significant working-age population, comprising 59.5% of its inhabitants as of 2022. With a median age of 21 years (as of 2024), Ghana boasts a youthful demographic, indicating potential for workforce development and economic growth. Life expectancy at birth is 64 years (as of 2022), reflecting improvements in healthcare but also highlighting ongoing challenges. Ghana's population growth rate is 1.9% annually, supported by a total fertility rate of 3.5 in 2022. The crude death rate is 7.6 per 1,000 persons, and the infant mortality rate is 31.6 per 1,000 live births, underscoring the need for continued healthcare advancements. Urbanization rate is at 59.2% as of 2023, illustrating the country's rapid urban development.

Economic Overview
With a GDP of $76.37 billion in 2023 and a growth rate of 2.9%, the country ranked 81st globally. Inflation rates, easing from 37.5% in 2023 to 22.3% in 2024, reflect efforts to stabilize prices. Export values reached $15,868 million in 2023, slightly surpassing imports at $13,715 million, influencing a trade balance of $2,153 million. Agriculture contributes 19.6%, industry 32%, and services 42% to GDP, showcasing a diversified economic landscape. The unemployment rate decreased to 3.1% in 2022, indicating improved labor market conditions. Market research in Ghana supports businesses by providing insights into consumer behavior and economic trends, essential for strategic decision-making and market entry strategies.

Fiscal Overview
In 2022, Net ODA Ghana received was 1.4% of GNI, underscoring external support for development initiatives. The country recorded a substantial deficit in net lending, amounting to -11.84% of GDP in 2022, which moderated to -4.63% in 2023, indicating efforts to stabilize fiscal conditions. General government debt data is unavailable, but central government debt stood at 88.77% of GDP in 2022, reflecting increased borrowing to finance expenditures.

Strategic Defense
Ghana's military landscape is characterized by its modest scale and strategic focus. With 16,000 personnel as of 2016, comprising 0.06% of the total population, Ghana maintains a lean military force. The country allocates 0.4% of GDP to military spending consistently in recent years, underscoring its prioritization of national defense within budgetary constraints.

Conclusion
Ghana's expanding digital landscape, growing economy, and evolving demographic trends require precise market insights. A specialized market research agency in Ghana can provide valuable data on consumer behavior, technological adoption, and political developments. By harnessing local expertise and data-driven insights, companies can effectively navigate Ghana's diverse market landscape and capitalize on emerging opportunities.