External balance on goods and services as a percent of GDP in Ghana
Ghana: External balance on goods and services as a percent of GDP was 1.1% in 2024. ◆ Volatile
Latest (2024)
1.1%
Change on year
up 235.3%
World rank
70th
of 191 countries
All-time high
5.5%
in 1972
All-time low
-25.3%
in 2005
Years of data
65
1960–2024
External balance on goods and services as a percent of GDP in Ghana, 1960–2024
Source: National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data. Measured in % of GDP.
Analysis
In 2024, external balance on goods and services as a percent of gdp in Ghana stood at 1.1%.
That represents a change of up 235.3% on the previous year and up 115.5% over ten years.
Over the whole period, external balance on goods and services as a percent of gdp in Ghana peaked at 5.5% in 1972 and was at its lowest, -25.3%, in 2005.
That places Ghana 70th out of 191 countries with data for 2024, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
External balance on goods and services as a percent of GDP in Ghana, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1960 | -7.2% | — |
| 1961 | -10.3% | +42.4% |
| 1962 | -4.3% | -58.8% |
| 1963 | -6.3% | +47.4% |
| 1964 | -4.0% | -36.8% |
| 1965 | -9.6% | +142.6% |
| 1966 | -5.0% | -47.9% |
| 1967 | -2.5% | -49.5% |
| 1968 | -0.5% | -81.4% |
| 1969 | -0.6% | +27.4% |
| 1970 | -1.4% | +128.8% |
| 1971 | -4.5% | +226.5% |
| 1972 | 5.5% | -222.9% |
| 1973 | 5.1% | -8.2% |
| 1974 | -3.5% | -168.8% |
| 1975 | 0.9% | -126.7% |
| 1976 | -0.3% | -136.3% |
| 1977 | -1.0% | +210.9% |
| 1978 | -1.3% | +26.8% |
| 1979 | 0.1% | -105.3% |
| 1980 | -0.7% | -1071.4% |
| 1981 | -0.6% | -17.6% |
| 1982 | 0.4% | -162.8% |
| 1983 | -0.4% | -221.6% |
| 1984 | -2.7% | +529.6% |
| 1985 | -2.9% | +7.6% |
| 1986 | -3.6% | +21.3% |
| 1987 | -6.5% | +83.3% |
| 1988 | -5.9% | -9.9% |
| 1989 | -7.6% | +29.3% |
| 1990 | -9.0% | +18.0% |
| 1991 | -8.6% | -4.6% |
| 1992 | -11.5% | +34.8% |
| 1993 | -16.2% | +40.0% |
| 1994 | -11.5% | -28.8% |
| 1995 | -8.4% | -26.7% |
| 1996 | -8.0% | -5.3% |
| 1997 | -20.6% | +157.9% |
| 1998 | -12.9% | -37.5% |
| 1999 | -17.5% | +36.5% |
| 2000 | -18.4% | +5.1% |
| 2001 | -19.6% | +6.2% |
| 2002 | -12.3% | -37.4% |
| 2003 | -15.9% | +30.0% |
| 2004 | -21.1% | +32.2% |
| 2005 | -25.3% | +20.0% |
| 2006 | -15.2% | -39.8% |
| 2007 | -16.3% | +7.2% |
| 2008 | -19.5% | +19.3% |
| 2009 | -13.0% | -33.1% |
| 2010 | -16.4% | +26.2% |
| 2011 | -12.4% | -24.4% |
| 2012 | -12.4% | +0.2% |
| 2013 | -9.9% | -20.7% |
| 2014 | -7.4% | -25.4% |
| 2015 | -8.9% | +20.1% |
| 2016 | -5.5% | -38.0% |
| 2017 | -2.8% | -49.1% |
| 2018 | -1.0% | -62.5% |
| 2019 | -1.9% | +83.6% |
| 2020 | -3.5% | +83.0% |
| 2021 | -2.6% | -26.3% |
| 2022 | -0.8% | -69.7% |
| 2023 | -0.8% | +7.5% |
| 2024 | 1.1% | -235.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | -5.0% | -10.3% | -0.5% | 10 |
| 1970s | -0.0% | -4.5% | 5.5% | 10 |
| 1980s | -3.1% | -7.6% | 0.4% | 10 |
| 1990s | -12.4% | -20.6% | -8.0% | 10 |
| 2000s | -17.7% | -25.3% | -12.3% | 10 |
| 2010s | -7.9% | -16.4% | -1.0% | 10 |
| 2020s | -1.3% | -3.5% | 1.1% | 5 |
Countries ranked near Ghana
More economy & growth data for Ghana
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 3.15 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 5 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 38.84 million BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0003 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita 1.11 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 1.91 billion BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual 8.08 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0167 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita 54.42 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate 23.42 % change on previous year (2024)
Frequently asked questions
- What is external balance on goods and services as a percent of gdp in Ghana?
- External balance on goods and services as a percent of gdp in Ghana was 1.1% in 2024, according to National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data.
- What is the highest external balance on goods and services as a percent of gdp recorded in Ghana?
- The highest recorded value was 5.5% in 1972.
- What is the lowest external balance on goods and services as a percent of gdp recorded in Ghana?
- The lowest recorded value was -25.3% in 2005.
- How does Ghana rank for external balance on goods and services as a percent of gdp?
- Ghana ranks 70th out of 191 countries with data for 2024.
- Is external balance on goods and services as a percent of gdp rising or falling in Ghana?
- Over the last ten years it is up 115.5%. The long-run trend across the full record is volatile.
- Where does this Ghana data come from?
- The figures come from National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data, published as part of External balance on goods and services as a percent of GDP. Statizoid updates them automatically from the source API.
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About this data
Exports of goods and services minus imports of goods and services divided by gross domestic product, expressed as a percentage.