Contents - Previous - Next

This is the old United Nations University website. Visit the new site at http://unu.edu

The prospects for industry

Because it has been undergoing Structural Adjustment, at first on its own initiative and subsequently under the direction of the IMF and the World Bank, Ghana's industry has a history of 10 years' restructuring. The evidence that is available up to the present indicates that there have been substantial changes in Ghana's industrial sector, and that these changes have not been wholly to the country's benefit (Lall et al., 1994).

Table 3.5 Ghana: balance of payments, 1970-1991

  Total exports of goods and services (millions current $US) Total imports of goods and services (millions current $US) Balance on current account (before official transfers) (millions current $US) Exports of primary products (millions current $US) Exports of cocoa (millions current $US) Imports of manufacturers (millions current $US) Imports of fuel (millions current $US) Exports of manufactures (millions current $US)
1970 477 543 -765 423 n.a. 286 23.9 9.3
1971 389 535 -155 326 n.a. 317 26.5 4.1
1972 443 348 92 374 n.a. 185 33.7 4.9
1973 654 540 108 520 n.a. 275 40.1 13.4
1974 747 942 -199 615 n.a. 503 136 11.6
1975 895 922 -3 697 n.a. 518 131 11.2
1976 894 995 -105 722 n.a. 571 129 11.4
1977 1020 1159 -144 906 n.a. 804 180 18.0
1978 997 1102 -109 960 n.a. 708 139 12.1
1979 1165 1121 41 892 n.a. 567 176 12.1
1980 1213 1264 -54 929 n.a. 682 301 9.0
1981 832 1336 -508 733 n.a. 741 390 5.5
1982 714 905 -192 633 n.a. 529 360 3.8
1983 478 724 -248 431 n.a. 308 166 5.0
1984 612 813 180 557 382 389 210 6.5
1985 676 952 -244 622 412 416 224 7.2
1986 819 1056 166 739 503 457 246 8.6
1987 906 1328 -220 812 493 586 316 9.4
1988 959 1393 -262 867 462 619 333 10.8
1989 889 1410 -319 801 408 625 337 9.3
1990 984 1628 -442 853 355 727 391 9.9
1991 1095 1756 -442 p 974p 376 p 810 436 p 11.3

Sources:
1970-1989: World Bank, World Tables 1991, 1993; total imports and exports from balance of payments; individual items from customs figures
1990-1991: Ghana, Republic of, 1991

Notes: Psignifies projected.

Table 3.6 Ghana, debt servicing, 1970-1991

  Total debt outstanding (billions current US dollars) Official debt (billions current US dollars) Debt to IMF (billions current US dollars) Debt to World Bank(IBRD/IDA) (billions current US dollars) Private debt (billions current US dollars) Total debt as a percentage of GDP Service of debt, annual total (billions current US dollars) Service of official debt (billions current US dollars) Service of private debt (billions current US dollars) Total debt service as a percentage of GDP Total debt service as a percentage of total exports Service of official debt, as a percentage of government current revenue
1970 0.549 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
1971 0.531 0.52 n.a. n.a. 0.01 22 n.a. n.a. n.a. n.a. n.a. n.a.
1972 0.583 0.57 n.a. n.a. 0.01 27 n.a. n.a. n.a. n.a. n.a. n.a.
1973 0.736 0.65 n.a. n.a. 0.08 25 n.a. n.a. n.a. n.a. n.a. n.a.
1974 0.717 0.65 n.a. n.a. 0.07 18 n.a. n.a. n.a. n.a. n.a. n.a.
1975 0.729 0.65 n.a. n.a. 0.08 16 n.a. n.a. n.a. n.a. n.a. n.a.
1976 0.717 0.63 n.a. n.a. 0.09 13 n.a. n.a. n.a. n.a. n.a. n.a.
1977 1.058 0.96 n.a. n.a. 0.10 11 n.a. n.a. n.a. n.a. n.a. n.a.
1978 1.269 1.19 n.a. n.a. 0.08 11 n.a. n.a. n.a. n.a. n.a. n.a.
1979 1.273 1.21 n.a. n.a. 0.06 12 n.a. n.a. n.a. n.a. n.a. n.a.
1980 1.314 1.25 n.a. n.a. 0.06 8 n.a. n.a. n.a. n.a. n.a. n.a.
1981 1.430 1.05 0.03 0.24 0.39 38 n.a. n.a. n.a. 1.4 6.4 n.a.
1982 1.610 1.06 0.02 0.26 0.55 45 n.a. n.a. n.a. 1.8 8.7 n.a.
1983 1.820 1.33 0.28 0.27 0.49 54 0.10 0.09 n.a. 2.9 20.9 0.3
1984 2.050 1.51 0.47 0.31 0.54 56 0.08 0.08 0.01 2.2 13.5 12.7
1985 2.430 1.76 0.65 0.38 0.67 63 0.08 0.08 0.01 2.1 12.2 10.8
1986 3.130 2.09 0.75 0.55 1.04 77 0.09 0.08 0.01 2.2 10.8 10.7
1987 3,262 3.19 n.a. n.a. 0.07 67 0.11 0.10 0.01 2.4 12.2 14.9
1988 3,048 2.99 n.a. n.a. 0.06 59 0.11 0.10 0.01 2.1 11.5 13.7
1989 3,296 3.24 n.a. n.a. 0.06 63 0.11 0.10 0.01 2.1 12.4 n.a.
1990 3,761 3.70 n.a. n.a. 0.06 65 0.10 0.09 0.01 1.7 n.a. n.a.
1991 4,209 4.14 n.a. n.a. 0.06 66 n.a. n.a. n.a. n.a. n.a. n.a.

Sources:
Column: 1-6, 10-11: 1981-1990: Strack and Schönherr, 1989
Columns 1, 2, 5, and 6: 1970-1980: 1987-1991: World Bank, World Tables 1991, 1993; private debt recorded as long term debt of private sector; official debt by subtraction from total debt
Columns 7-9: 1983-1990: Strack and Schönherr, 1989
Column 12: Service of Official Debt, from column 8: Government Current Revenues from, Table 3.8, column 1, converted to US dollars by the official exchange rate (Table 3.1, column 5).

Table 3.7 Ghana, total debt and its composition, 1970-1991 (millions of current US dollars outstanding at end of year)

Year External debt, total Long term debt, total Short term debt, total Private sector debt, total (including non-guaranteed debt) Public sector debt, total
1970 549 544 5 10 539
1971 544 537 7 10 534
1972 602 585 16 9 593
1973 756 731 26 82 674
1974 738 729 9 74 664
1975 728 722 6 76 652
1976 717 714 3 85 632
1977 1,074 849 224 96 978
1978 1,286 919 367 80 1,206
1979 1,290 1,087 204 60 1,230
1980 1,407 1,276 131 52 1,355
1981 1,546 1,260 286 49 1,497
1982 1,475 1,267 208 55 1,420
1983 1,650 1,557 930 47 1,603
1984 1,941 1,699 242 52 1,889
1985 2,226 2,038 189 59 2,167
1986 2,726 2,539 187 67 2,659
1987 3,262 3,143 119 73 3,189
1988 3,048 2,976 72 65 2,983
1989 3,296 3,098 198 62 3,234
1990 3,761 3,449 312 62 3,699
1991 4,209 3,826 384 59 4,150

Source: 1970-1989: World Bank, World Tables 1991, 1993. Debt of non-financial public enterprises; amounting to approximately 20% of the total external debt in early years and decreasing to 10% in the later years, is excluded from private sector debt. Public sector debt by subtraction of private sector debt from total external debt.

Table 3.8 Ghana, government revenues, expenditures and investment, 1969-1991

Year Government current revenue (billions current Cedis) Government current expenditure (billions current Cedis) Government surplus (+) or deficit (-) (billions current Cedis) Government capital payments (billions current Cedis) Government consumption (billions current Cedis) Government gross investment (billions current Cedis) Total gross domestic investment (billions current Cedis) Private investment (billions current Cedis)
1969 n.a. n.a. n.a. n.a. 0.29 n.a. 0.23 n.a.
1970 n.a. n.a. n.a. n.a. 0.29 n.a. 0.32 n.a.
1971 n.a. n.a. n.a. n.a. 0.32 n.a. 0.35 n.a.
1972 0.42 0.44 -0.16 0.14 0.36 n.a. 0.20 n.a.
1973 0.39 0.45 -0.19 0.13 0.38 n.a. 0.32 n.a.
1974 0.58 0.62 -0.20 0.16 0.57 n.a. 0.61 n.a.
1975 0.81 0.91 -0.40 0.30 0.69 n.a. 0.67 n.a.
1976 0.87 1.10 -0.74 0.50 0.80 n.a. 0.58 n.a.
1977 1.17 1.36 -1.06 0.87 1.41 n.a. 1.24 n.a.
1978 1.39 2.54 -1.90 0.75 2.37 n.a. 1.13 n.a.
1979 2.60 3.50 -1.80 0.90 2.90 n.a. 1.85 n.a.
1980 2.95 4.18 -1.81 0.58 4.78 n.a. 2.41 n.a.
1981 3.28 6.33 -4.71 1.66 6.38 n.a. 3.32 n.a.
1982 4.86 8.60 -4.85 1.10 5.60 n.a. 2.92 n.a.
1983 10.2 13.4 -4.93 1.77 15.8 n.a. 6.90 n.a.
1984 22.6 23.3 -4.84 4.16 20.0 n.a. 19.01 n.a.
1985 40.3 38.5 -7.58 9.43 32.0 n.a. 33.0 n.a.
1986 73.6 60.8 0.30 12.5 46.1 41.7 48.0 6.3
1987 111.0 80.7 4.06 26.3 64.1 70.6 77.8 7.2
1988 153.8 110.0 3.91 38.9 89.4 95.2 118.8 23.6
1989 n.a. n.a. n.a. n.a. 116.2 110.5 193.0 82.5
1990 n.a. n.a. n.a. n.a. 164.3 144.7 313.0 168.2
1991 n.a. n.a. n.a. n.a. 188.9 188.9 399.1 210.2

Source:
1969-1988: Columns 1-4: World Bank, World Tables 1991, 1993
1986-1991: Columns 5-8: Ghana, Republic of, 1991

Contents - Previous - Next