Ghana ranked 73rd largest economy in the world

Ghana has been ranked the 73rd largest economy by the World Bank.

The ranking is with respect to the country’s Gross Domestic Product (GDP) in 2019.

According to the World Bank, Ghana’s economy stood at about $67 billion in size in 2019, making it the 8th biggest economy on the African continent.

The country’s economy was also ranked 141st globally in terms of per capita GDP and as the 143rd most complex economy, according to the multilateral institution’s Economic Complexity Index.

Due to covid-19, the country’s total value of goods and services shrank to about $63 billion dollars last year, though there are expectations that it will expand to $70 billion by the end of the year.

The economy is expected to grow at a rate of 4.6% this year; and that will be driven by sub sectors such as Information and Communication, Real Estate, Crops and Livestock. 

Presently, the services sector is the biggest with an estimated size of a little above Ghs 172 billion. It is followed by industry which is about Ghs 140 billion in size and agriculture which is estimated at about Ghs 73.8 billion.

Globally, the United States of America is the biggest economy with a size of $21.43 trillion.

China and Japan follow in 2nd and 3rd places with economic sizes of about $14 and $5 trillion dollars respectively.

Top 10 biggest economies in the world in 2020

Country                   Nominal GDP (US$)Per Capita Income (US$)
  USA                           21.43 trillion                65,298
  China                           14.34 trillion                10,262
  Japan                           5.08 trillion                 40,247
  Germany                           3.86 trillion                 46,455
  India                           2.87trillion                  2,100
  United Kingdom                           2.83 trillion                  42,300
  France                           2.72 trillion                  40,493
  Italy                           2.0 trillion                   33,228
  Brazil                           1.84 trillion                    8,718
  Canada                            1.74 trillion                      46,195

Source: norvanreports.com