What is the Ghananian cedi (GHC)?
Credit Ratings & Outlook
In the latest credit ratings from December 1970, Fitch has a stable outlook with a B+ rating. Finally, S&P last issued a B rating, with a stable outlook.
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
Central Bank Rate
The current central bank interest rate is 14.50%. This is higher than 2011, which was 12.50%.
In 2010 the total GDP was $32,309,445,183 in US Dollars, while the per capita GDP was $1,324. It grew by 7.72% over the previous year.
The latest unemployment rate for 2008 is 3.60%.
Consumer Price Index
The latest consumer price index for 2010 is 188.94.
The current head of the government is President John Atta Mills, who is also the head of state (in an executive role).
The Ghananian cedi, denoted by GHC, is the official currency of Ghana, Africa. The cedi can be divided into one hundred pesewas.
The coins in circulation include the 50, 100, 200, and 500 cedi coins. Banknotes produced are the 1000, 2000, 5000, 10,000, and 20,000 cedi notes.
Sovereign Ratings for Ghana
What does it look like?
Ghana is a constitutional democracy with three branches: the executive, legislative and judicial branches.
The executive branch consists of the President (who serves as both chief of state and head of government), the vice president and the Cabinet. The Cabinet is also referred to as the Council of Ministers, and the President nominates its members with approval from the Parliament. The President and Vice President are elected on the same ticket, and by popular vote for four-year terms.
The legislative branch is comprised of the unicameral Parliament of 230 seats. Members are elected by popular vote to serve four-year terms.
The Supreme Court makes up the judicial branch.
Chief of State President John Evans Atta MILLS (since 7 January 2009); Vice President John Dramani MAHAMA (since 7 January 2009); note – the president is both the chief of state and head of government
Head of Government President John Evans Atta MILLS (since 7 January 2009); Vice President John Dramani MAHAMA (since 7 January 2009)
Cabinet Council of Ministers; president nominates members subject to approval by Parliament
Elections president and vice president elected on the same ticket by popular vote for four-year terms (eligible for a second term); election last held on 7 December 2008 and 28 December 2008 (next to be held on 7 December 2012)
Election Results John Evans Atta MILLS elected president in run-off election; percent of vote – John Evans Atta MILLS 50.23%, Nana Addo Dankwa AKUFO-ADDO 49.77%
Key Economic Factors
Rich in natural resources, Ghana has twice the per capita output of the poorer countries in West Africa. Despite its natural resources, Ghana still remains dependent on financial and technical assistance from other countries. Major sources of foreign exchange in Ghana include gold, timber and cocoa production. Agriculture in Ghana helps contribute 40% of GDP and employs 60% of Ghana’s workforce. Ghana’s affairs including public sector wage increases and regional peacekeeping commitments have led to inflationary deficit financing and depreciation of the cedi.
Mining, lumbering, light manufacturing, aluminum smelting, food processing, cement and small commercial shipbuilding.
Gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore and diamonds.
Capital equipment, petroleum and foodstuffs.
Major Trading Partners:
Nigeria, Netherlands, UK, France and US.
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- Other Currencies Accepted: US Dollars and Euros
- Currency Peg:No
- Black Market for Currency:Yes
- Currency Volatility:unknown
- Estimated GDP Per Capita:.57 billion (2009 est.) .93 billion (2008 est.) .55 billion (2007 est.) note: data are in 2009 US dollars
- Languages Spoken:Asante 14.8%, Ewe 12.7%, Fante 9.9%, Boron (Brong) 4.6%, Dagomba 4.3%, Dangme 4.3%, Dagarte (Dagaba) 3.7%, Akyem 3.4%, Ga 3.4%, Akuapem 2.9%, other 36.1% (includes English (official)) (2000 census)