tely 5% in 1994, due largely to
increased gold, timber, and cocoa production - major sources of
foreign exchange. The economy, however, continues to revolve around
subsistence agriculture, which accounts for 45% of GDP and employs 55%
of the work force, mainly small landholders. Public sector wage
increases, regional peacekeeping commitments, and the containment of
internal unrest in the underdeveloped north have placed substantial
demands on the government's budget and have led to inflationary
deficit financing and a 27% depreciation of the cedi in 1994.

National product: GDP - purchasing power parity - $22.6 billion (1994
est.)

National product real growth rate: 5% (1994 est.)

National product per capita: $1,310 (1994 est.)

Inflation rate (consumer prices): 25% (1993 est.)

Unemployment rate: 10% (1991)

Budget:
revenues: $1.05 billion
expenditures: $1.2 billion, including capital expenditures of $178
million (1993)

Exports: $1 billion (f.o.b., 1993 est.)
commodities: cocoa 40%, gold, timber, tuna, bauxite, and aluminum
partners: Germany 31%, US 12%, UK 11%, Netherlands 6%, Japan 5% (1991)

Imports: $1.7 billion (c.i.f., 1993 est.)
commodities: petroleum 16%, consumer goods, foods, intermediate goods,
capital equipment
partners: UK 22%, US 11%, Germany 9%, Japan 6%

External debt: $4.6 billion (December 1993 est.)

Industrial production: growth rate 3.4% in manufacturing (1993);
accounts for almost 15% of GDP

Electricity:
capacity: 1,180,000 kW
production: 6.1 billion kWh
consumption per capita: 323 kWh (1993)

Industries: mining, lumbering, light manufacturing, aluminum, food
processing

Agriculture: accounts for almost 50% of GDP (including fishing and
forestry); the major cash crop is cocoa; other principal crops - rice,
coffee, cassava, peanuts, corn, shea nuts, timber; normally
self-sufficient in food

Illicit drugs: illicit producer of cannabis for the international drug
trade; transit hub for Southwest and Southeast Asian heroin destined
for Europe and the US

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $455 million;
Western (non-US) countries, ODA and OOF bilateral commitments
(1970-89), $2.6 billion; OPEC bilateral aid (1979-89), $78 million;
Communist countries (1970-89) $106 million

Currency: 1 new cedi (C) = 100 pesewas

Exchange rates: new cedis per US$1 - 1,046.74 (December 1994), 936.71
(1994), 6