Toaskarity: uk!!! wow!! thats amazing! so lagos is doing this good and my two friends there are begging me for dollar, may God punish someone

Even American self get beggars on d street. Like if u go 2 Atlanta public library u go see a lot of homeless people, so just to let u know, d good economy of any country/place no de reach or favor everybody oh!

eriegua83: Where is the statistics? Lagos economy is better than that of uk, only in his dreams. Pls wake fashola its too early in the day for wishful thinking and dreams. What will he do at night, anyway its a nice dream but we are in reality,

nope not talking abt uk..... I was talking abt gana... Besides fashola was referin to ratings not stat abt uk

Hmmm. That's funny cause Ghanas currency is higher than Nigerias currency and last I heard,lagos is in nigeria

If na GEJ talk this one now... this thread would have been filled with insults....

occam:

Which agency rating is he talking about? Fitch, S & P rating are based on risk probability. What is the risk that an entity/govt will default on loan obligations. Tell me how Britain is more riskier to invest in than Lagos state

You are free to come up with all the analysis in the world to begrudge what he said which you have every right to do, the fact remains that the governor stated facts, facts that you can not dispute.

KokoBeware: If na GEJ talk this one now... this thread would have been filled with insults....

Please don't insult this thread with that worthless and incompetent name abeg..

black_beau: Hmmm. That's funny cause Ghanas currency is higher than Nigerias currency and last I heard,ghana is in nigeria

Apples and oranges..

MusicCafe:
UK was downgraded from Triple-A to Aa1 (Moody's Rating) with Stable Outlook.However both Standard & Poor's Ratings Services and Fitch Ratings have the U.K. on negative outlooks.Lagos is on AA with POSITIVE OUTLOOK

http://online.wsj.com/article/SB10001424127887323549204578320613007137362.html

The Fitch ratings for the UK is actually based on budget deficit and debts.. And that's because the UK is basically a welfare country.. If it were to cut the welfare spending, UK should be back up there...

Lagos on the other just looks good on paper because of the projects they're building everywhere and some government policies... However, Lagos and UK should never be in the same sentence when it comes to economy ratings...

Fashola should compare countries with similar GDP as Lagos and stop playing on Lagosians' intelligence!! He goofed on this one, to be honest...

Ngwakwe: Why is Fashola so proud to be dishing out unconfirmed Statistics?

Are those overrated, Photoshop and computer printed projects included in those numbers.

Gov. Fashola's performance - Average

iya e baba e

black_beau: Hmmm. That's funny cause Ghanas currency is higher than Nigerias currency and last I heard,ghana is in nigeria

And your currency has achieved what exactly?

Where do you reserve stand at?

What is Ghana's debt to GDP ratio?

Please tell me how exactly your currency has achieved in positive light of your economy?

shymexx:

The Fitch ratings for the UK is actually based on budget deficit and debts.. And that's because the UK is basically a welfare country.. If it were to cut the welfare spending, UK should be back up there...

Lagos on the other just looks good on paper because of the projects they're building everywhere and some government policies... However, Lagos and UK should never be in the same sentence when it comes to economy ratings...

Fashola should compare country's with similar GDP as Lagos and stop playing on Lagosians' intelligence!! He goofed on this one, to be honest...

Fortunately or unfortunately, reality is reality hence the governors factual statement.

shymexx:

The Fitch ratings for the UK is actually based on budget deficit and debts.. And that's because the UK is basically a welfare country.. If it were to cut the welfare spending, UK should be back up there...

Lagos on the other just looks good on paper because of the projects they're building everywhere and some government policies... However, Lagos and UK should never be in the same sentence when it comes to economy ratings...

Fashola should compare country's with similar GDP as Lagos and stop playing on Lagosians' intelligence!! He goofed on this one, to be honest...

Just like he has always goofed, tomorrow, Nigeria will wanna compare herself with the U.S. and say we have a better rating than you, whereas U.S. is the worlds largest economy... lol... How about him compare Lagos to Johannesburg, SA or some other cities that are in the same rank and file with Lagos? Lol

Obiora4life:

Just like he has always goofed, tomorrow, Nigeria will wanna compare herself with the U.S. and say we have a better rating than you, whereas U.S. is the worlds largest economy... lol... How about him compare Lagos to Johannesburg, SA or some other cities that are in the same rank and file with Lagos? Lol

Stop quoting me - I don't have time for tribal warlords... And don't use my comment to fight your e-tribal wars!!!

I know you're one of the newly selected Ndigbo Nairaland Organisation's pseudo-soldiers - take your childish tribal war elsewhere, prick!

bigboyk: This man is suffering from megalomania and delusions of grandeur. The worst part is that many will believe him. What criteria or yardstick did he use to arrive at his conclusion? Size of economy? GDP? Per Capital Income? Unemployment Rate? Investment climate? Inflation? Infrastructural development? Some people seem to get a some form of pleasure when they look down on other countries. Mr. Fashola, I appreciate you efforts in making Lagos a better state but don't blow out other people's candle to make yours shine brighter. Ghana is doing good. It will be almost impossible for Lagos state alone to beat it in any of the economic indices listed above. Manifestation of self is an enemy of progress.

A country full of eeeeediots, a half brain man will always be da leader. Majority will believe diz clown

shymexx:

Stop quoting me - I don't have time for tribal warlords... And don't use my comment to fight your e-tribal wars!!!

I know you're one of the newly selected Ndigbo Nairaland Organisation's pseudo-soldiers - take your childish tribal war elsewhere, prick!

Geez....

Relax, it's not that serious.

Don't have blood pressure over nothing....

Eko Ile:

Fortunately or unfortunately, reality is reality hence the governors factual statement.

However, he didn't use the right comparisons... He could have said Kenya, Botswana etc.. But using the UK isn't the right thing to do...

That's like comparing what an ant can consume to what an elephant can consume and using that as a yardstick to judge which of them is feeding well... The GDP of the UK should be about 100X that of Lagos.. That's not a fair comparison..

Obiora4life:
Geez....

Relax, it's not that serious.

I can see through you lot and your stupidity... Just don't use my posts for your crap..

Eko Ile:



You are free to come up with all the analysis in the world to begrudge what he said which you have every right to do, the fact remains that the governor stated facts, facts that you can not dispute.

U.K. was just recently downgraded from Triple A just like S & P downgraded the U.S. Nevertheless, they are still attracting trillions of dollars investment yearly.

Fashola is sometimes prone to rhetorical flourishes and creates issues out of nothing. Key message: Lagos is building for the future and good for business. Period. Comparing risk ratings of U.K. and Lagos state is just crap.

@Shymmexx,

You really may think you're saint but the tribal hate you accuse others off, you're 20x more guilty than the actual culprits... Anyway, your behavior is a common trait, so I'm not surprised.

Ghana's robust economic performance, strong growth outlook, good governance record, and favourable business environment have been cited as factors underpinning the country's 'B+' rating by the Fitch Ratings. A statement issued by Fitch Ratings, London on Friday September 21, 2012 “affirmed Ghana's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'B+' with a Stable Outlook and Short-term foreign currency IDR at 'B'. The agency has also affirmed the Country Ceiling at 'B+'”.

The ability to maintain the country's ratings at a ceiling of B+ attests to good governance and demonstrates the capacity of the country to repay external and domestic debt liabilities, thereby, giving confidence to investors accessing sovereign debt opportunities in Ghana. According to the Fitch Rating Statement, Ghana's growth is forecast at an average of 8.6% over the next three years. This growth will be boosted by rising oil production and its positive spillover effects on the economy as well as infrastructure spending.

Reacting to the ratings by FITCH, a statement released by the Ministry of Finance and signed by the Chief Director, Enoch H. Cobbinah on behalf of the Minister, Dr. Kwabena Dufuor, said over the past three years Government has committed itself to significant infrastructural investments in Roads &Transport, Agriculture, Energy, Oil & Gas sectors, among others.

According to the Ministry, the Oil & Gas sector has been identified by Fitch Rating as a major growth pole which will provide diversification of economic activities. Oil production is forecast to rise to 120,000 barrels per day (b/d) in 2013 and is expected to increase further to 600,000 b/d by 2018 according to Ghana National Petroleum Company (GNPC). The monetisation of Ghana's gas which is expected to begin in 2013 will lower the cost of power and improve competitiveness. Oil & Gas revenues would also support the country's public and external balance sheets over the medium term. The Statement noted that the cedi which depreciated by 30% in the first half of 2012 appears to have stabilized due in part to Bank of Ghana's (BOG) policy interventions as well as foreign demand for domestic bond.

“The BOG interventions include (i) reintroduction of BOG bills to provide additional avenues for cedi investments (ii) revision in the application of the statutory reserve requirement of banks to maintain the mandatory 9% reserve requirement on domestic and foreign deposit liabilities in Ghana Cedis only, and (iii) provision of 100% cedi cover for vostro balances” The Statement also notes that the revision of the 2012 fiscal deficit from 4.8% of GDP as provided in the 2012 main budget to 6.7% is occasioned by repayment of arrears, 18% public sector wage increases and increased energy subsidies.

“As the Ministry of Finance and Economic Planning admits to its delight in this rating, it would be pertinent to point out that the revision of the fiscal deficit from 4.8% of GDP to 6.7% of GDP was effected during the year to accommodate emerging challenges and, therefore, could not be considered as a slippage” the statement stated According to the Ministry, it has initiated a number measures to deal with fiscal risk occasioned by the implementation of the Single Spine Pay Policy. These measures include the payroll biometric registration exercise which is aimed at cleaning and updating the database of all public service personnel. Measures have also been put in place to strengthen expenditure management and budgetary control including the commitment from the Presidency to ensure that only budgeted expenditures are accommodated within the 2012 budget appropriation.

“The Fitch Rating identified continued strong growth combined with convincing track record of good macroeconomic management and fiscal consolidation as factors which could put upward pressure on the rating” the statement said in conclusion

Source:http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=251470



Ghana Economy 2012
http://www.theodora.com/wfbcurrent/ghana/ghana_economy.html
SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES





















GEOGRAPHICAL NAMES



Page last updated on February 21,
Economy - overview:
Ghana's economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. Ghana is well endowed with natural resources and agriculture accounts for roughly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for 50% of GDP. Gold and cocoa production and individual remittances are major sources of foreign exchange. Oil production at Ghana's offshore Jubilee field began in mid-December, 2010, and is expected to boost economic growth. President Mills faces challenges in managing new oil revenue while maintaining fiscal discipline and resisting debt accumulation. Estimated oil reserves have jumped to almost 700 million barrels . Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, and is also benefiting from the Multilateral Debt Relief Initiative that took effect in 2006. In 2009 Ghana signed a three-year Poverty Reduction and Growth Facility with the IMF to improve macroeconomic stability, private sector competitiveness, human resource development, and good governance and civic responsibility. Sound macro-economic management along with high prices for gold and cocoa helped sustain GDP growth in 2008-11.

GDP (purchasing power parity):
$74.77 billion (2011 est.)
country comparison to the world: 81

$65.89 billion (2010 est.)
$61.2 billion (2009 est.)
note: data are in 2011 US dollars
[see also: GDP country ranks ]
GDP (official exchange rate):
$38.6 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
13.5% (2011 est.)
country comparison to the world: 2

7.7% (2010 est.)
4% (2009 est.)
[see also: GDP - real growth rate country ranks ]
GDP - per capita:
$3,100 (2011 est.)
country comparison to the world: 168

$2,800 (2010 est.)
$2,600 (2009 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 28.3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 21%
[see also: GDP - composition by sector - industry country ranks ]
services: 50.7% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
10.77 million (2011 est.)
country comparison to the world: 49
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 56%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15%
[see also: Labor force - by occupation - industry country ranks ]
services: 29% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11% (2000 est.)
country comparison to the world: 119
[see also: Unemployment rate country ranks ]

Population below poverty line:
28.5% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.8% (2006)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
39.4 (2005-06)
country comparison to the world: 68

40.7 (1999)
[see also: Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
20.1% of GDP (2011 est.)
country comparison to the world: 116
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $7.358 billion
[see also: Budget revenues country ranks ]
expenditures: $9.431 billion (2011 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
19.1% of GDP (2011 est.)
country comparison to the world: 165
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.4% of GDP (2011 est.)
country comparison to the world: 159
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
38.7% of GDP (2011 est.)
country comparison to the world: 77

34% of GDP (2010 est.)
[see also: Public debt country ranks ]
Inflation rate (consumer prices):
8.8% (2011 est.)
country comparison to the world: 180

10.7% (2010 est.)
[see also: Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
18% (31 December 2009)
country comparison to the world: 10

17% (31 December 2008)
[see also: Central bank discount rate country ranks ]
Commercial bank prime lending rate:
20.6% (31 December 2011 est.)
country comparison to the world: 12

22.7% (31 December 2010 est.)
[see also: Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$9.33 billion (31 December 2011 est.)
country comparison to the world: 75

$7.102 billion (31 December 2010 est.)
[see also: Stock of narrow money country ranks ]
Stock of broad money:
$14.37 billion (31 December 2011 est.)
country comparison to the world: 94

$10.78 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]
Stock of domestic credit:
$10.25 billion (31 December 2011 est.)
country comparison to the world: 97

$8.747 billion (31 December 2010 est.)
[see also: Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$3.531 billion (31 December 2010)
country comparison to the world: 92

$2.508 billion (31 December 2009)
$3.394 billion (31 December 2008)
[see also: Market value of publicly traded shares country ranks ]
Agriculture - products:
cocoa, rice, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber

Industries:
mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building

Industrial production growth rate:
5% (2010 est.)
country comparison to the world: 70
[see also: Industrial production growth rate country ranks ]

Electricity - production:
8.167 billion kWh (2008 est.)
country comparison to the world: 97
[see also: Electricity - production country ranks ]

Electricity - consumption:
6.06 billion kWh (2008 est.)
country comparison to the world: 106
[see also: Electricity - consumption country ranks ]

Electricity - exports:
538 million kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
263 million kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
8,880 bbl/day (2010 est.)
country comparison to the world: 87
[see also: Oil - production country ranks ]

Oil - consumption:
60,000 bbl/day (2010 est.)
country comparison to the world: 96
[see also: Oil - consumption country ranks ]

Oil - exports:
5,752 bbl/day (2009 est.)
country comparison to the world: 102
[see also: Oil - exports country ranks ]

Oil - imports:
68,830 bbl/day (2009 est.)
country comparison to the world: 81
[see also: Oil - imports country ranks ]

Natural gas - production:
0 cu m (2009 est.)
country comparison to the world: 187
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2009 est.)
country comparison to the world: 181
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2009 est.)
country comparison to the world: 104
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2009 est.)
country comparison to the world: 196
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
22.65 billion cu m (1 January 2011 est.)
country comparison to the world: 75
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$1.438 billion (2011 est.)
country comparison to the world: 148

-$2.43 billion (2010 est.)
[see also: Current account balance country ranks ]
Exports:
$13.13 billion (2011 est.)
country comparison to the world: 84

$7.892 billion (2010 est.)
[see also: Exports country ranks ]
Exports - commodities:
gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticulture

Exports - partners:
Netherlands 11.7%, UK 7%, France 5.7%, US 5.6%, Ukraine 5%, Belgium 4.6% (2010)

Imports:
$14.03 billion (2011 est.)
country comparison to the world: 85

$10.95 billion (2010 est.)
[see also: Imports country ranks ]
Imports - commodities:
capital equipment, petroleum, foodstuffs

Imports - partners:
China 16.6%, Nigeria 12.7%, US 8.4%, Cote dIvoire 6.2%, UK 4.5%, France 4.2% (2010)

Reserves of foreign exchange and gold:
$5.671 billion (31 December 2011 est.)
country comparison to the world: 83

$4.7 billion (31 December 2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
Debt - external:
$7.779 billion (31 December 2011 est.)
country comparison to the world: 100

$6.795 billion (31 December 2010 est.)
[see also: Debt - external country ranks ]
Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
cedis (GHC) per US dollar -

1.495 (2011 est.)
1.431 (2010 est.)
1.409 (2009)
1.1 (2008)
0.95 (2007)

NOTE: The information regarding Ghana on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ghana Economy 2012 information contained here. All suggestions for corrections of any errors about Ghana Economy 2012 should be addressed to the CIA.
Source:
http://www.theodora.com/wfbcurrent/ghana/ghana_economy.html

I am waiting for Oga Fashola to show his statistics too.

Krucifax: Nigeria's GDP is US$413.402 Billion Pending revision from 2011 (i.e it is actually higher)= Source IMF

Ghana's GDP is US$90.0 Billion Current = Source IMF

U.K's GDP is US$2.316 Trillion Current = Source IMF

Lagos State GDP is US$33,679 Billion Old figures = Source Canback Global Income Distribution Database.

Yes Lagos try no be small but Fashola should stop cracking bad jokes!

Is either you dont know how to read or your comprehension ability is shallow. There is no where in the passage where the gov said Lagos economy is bigger than that of UK and Ghana or more robust than the duo. He ONLY MENTIONED RATING. Fitch international just rated states, countries and companies and he made reference to the rating. UK economy is growing very slowly and Ghana's economy is ok but moves lower than that of Lagos.

Pls read well and with objectivity.

Ghana's robust economic performance, strong growth outlook, good governance record, and favourable business environment have been cited as factors underpinning the country's 'B+' rating by the Fitch Ratings. A statement issued by Fitch Ratings, London on Friday September 21, 2012 “affirmed Ghana's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'B+' with a Stable Outlook and Short-term foreign currency IDR at 'B'. The agency has also affirmed the Country Ceiling at 'B+'”.

The ability to maintain the country's ratings at a ceiling of B+ attests to good governance and demonstrates the capacity of the country to repay external and domestic debt liabilities, thereby, giving confidence to investors accessing sovereign debt opportunities in Ghana. According to the Fitch Rating Statement, Ghana's growth is forecast at an average of 8.6% over the next three years. This growth will be boosted by rising oil production and its positive spillover effects on the economy as well as infrastructure spending.

Reacting to the ratings by FITCH, a statement released by the Ministry of Finance and signed by the Chief Director, Enoch H. Cobbinah on behalf of the Minister, Dr. Kwabena Dufuor, said over the past three years Government has committed itself to significant infrastructural investments in Roads &Transport, Agriculture, Energy, Oil & Gas sectors, among others.

According to the Ministry, the Oil & Gas sector has been identified by Fitch Rating as a major growth pole which will provide diversification of economic activities. Oil production is forecast to rise to 120,000 barrels per day (b/d) in 2013 and is expected to increase further to 600,000 b/d by 2018 according to Ghana National Petroleum Company (GNPC). The monetisation of Ghana's gas which is expected to begin in 2013 will lower the cost of power and improve competitiveness. Oil & Gas revenues would also support the country's public and external balance sheets over the medium term. The Statement noted that the cedi which depreciated by 30% in the first half of 2012 appears to have stabilized due in part to Bank of Ghana's (BOG) policy interventions as well as foreign demand for domestic bond.

“The BOG interventions include (i) reintroduction of BOG bills to provide additional avenues for cedi investments (ii) revision in the application of the statutory reserve requirement of banks to maintain the mandatory 9% reserve requirement on domestic and foreign deposit liabilities in Ghana Cedis only, and (iii) provision of 100% cedi cover for vostro balances” The Statement also notes that the revision of the 2012 fiscal deficit from 4.8% of GDP as provided in the 2012 main budget to 6.7% is occasioned by repayment of arrears, 18% public sector wage increases and increased energy subsidies.

“As the Ministry of Finance and Economic Planning admits to its delight in this rating, it would be pertinent to point out that the revision of the fiscal deficit from 4.8% of GDP to 6.7% of GDP was effected during the year to accommodate emerging challenges and, therefore, could not be considered as a slippage” the statement stated According to the Ministry, it has initiated a number measures to deal with fiscal risk occasioned by the implementation of the Single Spine Pay Policy. These measures include the payroll biometric registration exercise which is aimed at cleaning and updating the database of all public service personnel. Measures have also been put in place to strengthen expenditure management and budgetary control including the commitment from the Presidency to ensure that only budgeted expenditures are accommodated within the 2012 budget appropriation.

“The Fitch Rating identified continued strong growth combined with convincing track record of good macroeconomic management and fiscal consolidation as factors which could put upward pressure on the rating” the statement said in conclusion

Source:http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=251470



Ghana Economy 2012
http://www.theodora.com/wfbcurrent/ghana/ghana_economy.html
SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES





















GEOGRAPHICAL NAMES



Page last updated on February 21,
Economy - overview:
Ghana's economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. Ghana is well endowed with natural resources and agriculture accounts for roughly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for 50% of GDP. Gold and cocoa production and individual remittances are major sources of foreign exchange. Oil production at Ghana's offshore Jubilee field began in mid-December, 2010, and is expected to boost economic growth. President Mills faces challenges in managing new oil revenue while maintaining fiscal discipline and resisting debt accumulation. Estimated oil reserves have jumped to almost 700 million barrels . Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, and is also benefiting from the Multilateral Debt Relief Initiative that took effect in 2006. In 2009 Ghana signed a three-year Poverty Reduction and Growth Facility with the IMF to improve macroeconomic stability, private sector competitiveness, human resource development, and good governance and civic responsibility. Sound macro-economic management along with high prices for gold and cocoa helped sustain GDP growth in 2008-11.

GDP (purchasing power parity):
$74.77 billion (2011 est.)
country comparison to the world: 81

$65.89 billion (2010 est.)
$61.2 billion (2009 est.)
note: data are in 2011 US dollars
[see also: GDP country ranks ]
GDP (official exchange rate):
$38.6 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
13.5% (2011 est.)
country comparison to the world: 2

7.7% (2010 est.)
4% (2009 est.)
[see also: GDP - real growth rate country ranks ]
GDP - per capita:
$3,100 (2011 est.)
country comparison to the world: 168

$2,800 (2010 est.)
$2,600 (2009 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 28.3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 21%
[see also: GDP - composition by sector - industry country ranks ]
services: 50.7% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
10.77 million (2011 est.)
country comparison to the world: 49
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 56%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15%
[see also: Labor force - by occupation - industry country ranks ]
services: 29% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11% (2000 est.)
country comparison to the world: 119
[see also: Unemployment rate country ranks ]

Population below poverty line:
28.5% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.8% (2006)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
39.4 (2005-06)
country comparison to the world: 68

40.7 (1999)
[see also: Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
20.1% of GDP (2011 est.)
country comparison to the world: 116
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $7.358 billion
[see also: Budget revenues country ranks ]
expenditures: $9.431 billion (2011 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
19.1% of GDP (2011 est.)
country comparison to the world: 165
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.4% of GDP (2011 est.)
country comparison to the world: 159
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
38.7% of GDP (2011 est.)
country comparison to the world: 77

34% of GDP (2010 est.)
[see also: Public debt country ranks ]
Inflation rate (consumer prices):
8.8% (2011 est.)
country comparison to the world: 180

10.7% (2010 est.)
[see also: Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
18% (31 December 2009)
country comparison to the world: 10

17% (31 December 2008)
[see also: Central bank discount rate country ranks ]
Commercial bank prime lending rate:
20.6% (31 December 2011 est.)
country comparison to the world: 12

22.7% (31 December 2010 est.)
[see also: Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$9.33 billion (31 December 2011 est.)
country comparison to the world: 75

$7.102 billion (31 December 2010 est.)
[see also: Stock of narrow money country ranks ]
Stock of broad money:
$14.37 billion (31 December 2011 est.)
country comparison to the world: 94

$10.78 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]
Stock of domestic credit:
$10.25 billion (31 December 2011 est.)
country comparison to the world: 97

$8.747 billion (31 December 2010 est.)
[see also: Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$3.531 billion (31 December 2010)
country comparison to the world: 92

$2.508 billion (31 December 2009)
$3.394 billion (31 December 2008)
[see also: Market value of publicly traded shares country ranks ]
Agriculture - products:
cocoa, rice, cassava (tapioca), peanuts, corn, shea nuts, bananas; timber

Industries:
mining, lumbering, light manufacturing, aluminum smelting, food processing, cement, small commercial ship building

Industrial production growth rate:
5% (2010 est.)
country comparison to the world: 70
[see also: Industrial production growth rate country ranks ]

Electricity - production:
8.167 billion kWh (2008 est.)
country comparison to the world: 97
[see also: Electricity - production country ranks ]

Electricity - consumption:
6.06 billion kWh (2008 est.)
country comparison to the world: 106
[see also: Electricity - consumption country ranks ]

Electricity - exports:
538 million kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
263 million kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
8,880 bbl/day (2010 est.)
country comparison to the world: 87
[see also: Oil - production country ranks ]

Oil - consumption:
60,000 bbl/day (2010 est.)
country comparison to the world: 96
[see also: Oil - consumption country ranks ]

Oil - exports:
5,752 bbl/day (2009 est.)
country comparison to the world: 102
[see also: Oil - exports country ranks ]

Oil - imports:
68,830 bbl/day (2009 est.)
country comparison to the world: 81
[see also: Oil - imports country ranks ]

Natural gas - production:
0 cu m (2009 est.)
country comparison to the world: 187
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2009 est.)
country comparison to the world: 181
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2009 est.)
country comparison to the world: 104
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2009 est.)
country comparison to the world: 196
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
22.65 billion cu m (1 January 2011 est.)
country comparison to the world: 75
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$1.438 billion (2011 est.)
country comparison to the world: 148

-$2.43 billion (2010 est.)
[see also: Current account balance country ranks ]
Exports:
$13.13 billion (2011 est.)
country comparison to the world: 84

$7.892 billion (2010 est.)
[see also: Exports country ranks ]
Exports - commodities:
gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticulture

Exports - partners:
Netherlands 11.7%, UK 7%, France 5.7%, US 5.6%, Ukraine 5%, Belgium 4.6% (2010)

Imports:
$14.03 billion (2011 est.)
country comparison to the world: 85

$10.95 billion (2010 est.)
[see also: Imports country ranks ]
Imports - commodities:
capital equipment, petroleum, foodstuffs

Imports - partners:
China 16.6%, Nigeria 12.7%, US 8.4%, Cote dIvoire 6.2%, UK 4.5%, France 4.2% (2010)

Reserves of foreign exchange and gold:
$5.671 billion (31 December 2011 est.)
country comparison to the world: 83

$4.7 billion (31 December 2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
Debt - external:
$7.779 billion (31 December 2011 est.)
country comparison to the world: 100

$6.795 billion (31 December 2010 est.)
[see also: Debt - external country ranks ]
Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
cedis (GHC) per US dollar -

1.495 (2011 est.)
1.431 (2010 est.)
1.409 (2009)
1.1 (2008)
0.95 (2007)

NOTE: The information regarding Ghana on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ghana Economy 2012 information contained here. All suggestions for corrections of any errors about Ghana Economy 2012 should be addressed to the CIA.
Source:
http://www.theodora.com/wfbcurrent/ghana/ghana_economy.html

I am waiting for Oga Fashola to show his statistics too.

Post with your real ID and stop being a coward and a reta.rded tribalist...

It's 2013 - get a life! Jheez!!

No problem, I will stop quoting you from today..

After all, we have nothing in common after all...

Peace.

shymexx:

However, it just being done using the right comparisons... He could have said Kenya, Botswana etc.. But using the UK isn't the right thing to do...

That's like comparing what an ant can consume to what an elephant can consume and using that as a yardstick to judge which of them is feeding well... The GDP of the UK should be about 100X that of Lagos.. That's not a fair comparison..

Trust me, I see your point and it's well taken, but like many Lagosians, we know what he meant and we are not under any kind of illusion that Lagos states economy is better than England's or Lagos is more developed than England, we know what he said because we know how to read and comprehend.


About comparisons, it's ok to pick and chose who you compare yourself with, but why compare yourself with Bostwana and Kenya? Why not hold your head higher and aim for a better goal in life to boost your own moral and the moral of the people you lead? Why settle for less.? Settling for less is not a good attribute of a good leader no matter what.

The man is doing a good job and he's obviously proud of his administration's economic performance and recognition by global financial agencies.

WHAT IS WRONG WITH THIS ACN SPONSORED CHAPLAIN ,,,, WHO TOLD YOU YOU ARE PERFORMING FOR YOUR INFORMATION YOU AND YOUR COHORTS ARE LONG OVERDUE WE CAN'T WITHSTAND ANY MORE OF YOUR RUBBISH GOVERNANCE..... COME TO THINK OF IT WHO RATED ECONOMY OF LAGOS BETTER THAN GHANA AND UK....... MAYBE THE ACN MUMU RESERCHERS. !!!!!!!!! Bleep YOU MORONS

Forget statistics and talks. The question is how are the citizen's life influenced. can 50 percent of families in lagos boast of 3 square meal?

I appreciate the great job that Fashola is doing in Lagos, but he is not doing anything extra ordinary, he is just doing is job well. The funds he is spending in Lagos comes from the Federal Government apart from the IGR, so why he is acting as if he is expending his family's funds ? And why is he criticising the Federal Government ? I am beginning to doubt Fashola's credentials. Like I said, he has done great job with Federal Allocation entrusted in his care, so we have Federal Government to thank for providing the funds and Fashola to thank for executing his duty well, but its time he shuts the f/u/c/k up and do his job as always.

This is certainly the biggest joke of the century

Obiora4life: @Shymmexx,

You really may think you're saint but the tribal hate you accuse others off, you're 20x more guilty than the actual culprits... Anyway, your behavior is a common trait, so I'm not surprised.

Please don't derail the thread with your usual tribal agenda because you got spotted and called out for what you are. You though hiding under people's posts with your agenda wasn't going to be detected.

You need to grown up and quit this tribal enmity and Fashola hate and obsession because you just keep looking stupid. See how you just got called out and rubbished in the open.


smh..

UK Economy: (CIA WORLD FACT BOOK)

GDP (purchasing power parity):

$2.323 trillion (2012 est.)
country comparison to the world: 9
$2.325 trillion (2011 est.)
$2.308 trillion (2010 est.)
note: data are in 2012 US dollars

GDP - per capita (PPP):

$36,700 (2012 est.)
country comparison to the world: 33
$37,100 (2011 est.)
$37,100 (2010 est.)
note: data are in 2012 US dollars


LAGOS ECONOMY (Businessdayonline)

GDP = $40billion

Ghana GDP (CIA WORLD FACT BOOK)


GDP (purchasing power parity):

$83.18 billion (2012 est.)
country comparison to the world: 79
$76.89 billion (2011 est.)
$67.22 billion (2010 est.)
note: data are in 2012 US dollars

Well fashola let's see how ur lagos been rated above UK and GHANA helped da thousands of lagosians u rendered homeless. when people are talking reality u r still chirping out ananse stories fooooooooooool