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Economy of Belarus vs Ghana compared: GDP & Debt

Updated on by Georank

Belarus has a GDP of $93.4B compared to $114B for Ghana, ranking 80/197 and 69/197 by economy size, respectively.

Belarus has $30.9B in government debt (33.1% of GDP), compared to $55.8B (48.8% of GDP) in Ghana.

Belarus vs Ghana GDP by year

Belarus
Ghana
1x
Year GDP, current $
Belarus Ghana
2025 $93,397,215,864 $114,209,905,279
2024 $78,591,839,300 $83,288,585,604
2023 $72,478,760,370 $80,547,146,876
2022 $73,775,179,925 $73,919,003,212
2021 $69,673,747,132 $79,514,204,730
2020 $61,371,673,345 $70,008,243,860
2019 $64,410,170,653 $68,352,629,246
2018 $60,031,026,576 $67,259,353,966
2017 $54,725,405,751 $60,385,409,435
2016 $47,723,545,321 $56,144,179,398
2015 $56,454,769,845 $49,436,806,230
2014 $78,813,069,121 $54,678,533,806
2013 $75,527,558,966 $62,845,721,960
2012 $65,685,890,439 $41,271,701,061
2011 $61,762,382,328 $39,336,668,081
2010 $57,231,904,543 $32,197,655,567
2009 $50,873,167,326 $26,048,720,006
2008 $60,752,106,347 $28,679,383,241
2007 $45,275,711,996 $24,827,339,138
2006 $36,961,894,281 $20,885,037,597
2005 $30,210,091,837 $10,744,568,381
2004 $23,141,566,293 $8,881,417,907
2003 $17,825,444,724 $7,632,723,556
2002 $14,594,900,945 $6,166,197,848
2001 $12,354,820,144 $5,314,872,854
2000 $12,736,856,828 $4,982,850,662
1999 $12,138,486,532 $7,718,109,982
1998 $15,222,012,660 $7,482,069,162
1997 $14,128,408,566 $6,891,443,192
1996 $14,500,437,520 $6,932,991,739
1995 $13,972,683,274 $6,464,382,808
1994 $14,931,435,232 $5,446,383,727
1993 $16,275,073,527 $5,968,922,939
1992 $16,939,790,094 $6,416,103,926
1991 $18,404,907,975 $6,603,185,268
1990 $17,389,558,233 $5,889,106,573
1989 - $5,251,858,440
1988 - $5,197,765,032
1987 - $5,074,829,932
1986 - $5,735,677,434
1985 - $4,504,306,723
1984 - $4,412,279,843
1983 - $4,057,275,132
1982 - $4,035,994,398
1981 - $4,222,441,860
1980 - $4,445,228,216
1979 - $4,020,227,920
1978 - $3,662,478,185
1977 - $3,189,428,571
1976 - $2,765,254,237
1975 - $2,810,106,383
1974 - $2,894,409,938
1973 - $3,006,766,758
1972 - $2,112,293,280
1971 - $2,417,108,578
1970 - $2,215,028,588
1969 - $1,962,050,556
1968 - $1,666,909,518
1967 - $1,747,187,645
1966 - $2,126,300,672
1965 - $2,053,462,968
1964 - $1,731,296,200
1963 - $1,540,797,589
1962 - $1,382,515,654
1961 - $1,302,674,325
1960 - $1,217,230,095

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/belarus/ghana | CC BY

GDP per capita in Belarus vs Ghana by year

Belarus
GDP per capita

GDP per capita, PPP
Ghana
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belarus Ghana
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $10,279 - $3,257 -
2024 $8,606 $33,010 $2,419 $8,020
2023 $7,897 $30,834 $2,384 $7,556
2022 $7,995 $28,429 $2,230 $7,208
2021 $7,490 $27,611 $2,445 $6,608
2020 $6,543 $24,872 $2,195 $6,047
2019 $6,838 $22,302 $2,187 $6,003
2018 $6,360 $20,026 $2,195 $5,536
2017 $5,786 $18,414 $2,012 $5,171
2016 $5,040 $17,832 $1,912 $5,011
2015 $5,967 $18,134 $1,723 $5,191
2014 $8,341 $19,038 $1,950 $5,517
2013 $7,998 $19,014 $2,295 $5,215
2012 $6,953 $18,115 $1,544 $4,934
2011 $6,528 $16,563 $1,507 $4,381
2010 $6,035 $15,339 $1,264 $3,855
2009 $5,352 $14,034 $1,048 $3,617
2008 $6,376 $13,886 $1,183 $3,516
2007 $4,735 $12,320 $1,050 $3,241
2006 $3,848 $10,995 $906 $3,103
2005 $3,126 $9,637 $479 $2,904
2004 $2,378 $8,483 $406 $2,729
2003 $1,820 $7,362 $358 $2,584
2002 $1,479 $6,697 $297.5 $2,475
2001 $1,244 $6,238 $263.5 $2,397
2000 $1,276 $5,796 $253.7 $2,315
1999 $1,211 $5,331 $403 $2,239
1998 $1,511 $5,061 $400 $2,167
1997 $1,396 $4,596 $378 $2,097
1996 $1,427 $4,039 $389 $2,026
1995 $1,371 $3,846 $372 $1,947
1994 $1,460 $4,190 $321 $1,875
1993 $1,590 $4,641 $360 $1,821
1992 $1,658 $4,917 $396 $1,739
1991 $1,805 $5,330 $418 $1,678
1990 $1,707 $5,220 $383 $1,581
1989 - - $350 -
1988 - - $355 -
1987 - - $355 -
1986 - - $411 -
1985 - - $330 -
1984 - - $330 -
1983 - - $311 -
1982 - - $319 -
1981 - - $344 -
1980 - - $372 -
1979 - - $347 -
1978 - - $326 -
1977 - - $292.3 -
1976 - - $261 -
1975 - - $273 -
1974 - - $289.4 -
1973 - - $310 -
1972 - - $223.8 -
1971 - - $263.4 -
1970 - - $248.2 -
1969 - - $225.8 -
1968 - - $196.7 -
1967 - - $211.2 -
1966 - - $263.3 -
1965 - - $260.5 -
1964 - - $225 -
1963 - - $205 -
1962 - - $188.4 -
1961 - - $181.9 -
1960 - - $174.9 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/belarus/ghana | CC BY

Belarus' GDP per capita is $10,279, ranking 88/197, compared to $3,257 in Ghana, ranking 139/197. Adjusted for purchasing power (GDP per capita PPP), Belarus ranks 68th at $33,010, while Ghana ranks 140th at $8,020.

Economic indicators

Belarus Ghana
Gross domestic product
$93.4B
2025
$114B
2025
GDP rank
80/197
2025
69/197
2025
GDP growth
1.3%
2024-2025
5.95%
2024-2025
GDP per capita
$10,279
2025
$3,257
2025
GDP per capita rank
88/197
2025
139/197
2025
GDP per capita, PPP
$33,010
2024
$8,020
2024
GDP per capita PPP rank
68/197
2024
140/197
2024
Government debt
$30.9B
2025
$55.8B
2025
Debt-to-GDP ratio
33.1%
2025
48.8%
2025
Government debt per person
$3,399
2025
$1,590
2025
Government debt per person rank
98/185
2025
128/185
2025
Average annual personal income after taxes
$8,062
2026
$2,135
2026
Market capitalization of domestic companies
$5.54B
2025
$16.4B
2025
Income share by richest 10%
20.7%
2020
32.2%
2016
Income share by poorest 10%
4.5%
2020
1.6%
2016
Government expenditure, % of GDP
41.3%
2025
17%
2025
Consumer prices inflation
6.6%
2024-2025
14.2%
2024-2025
Central bank interest rate
9.25%
2026
14%
2026
Unemployment rate
3.04%
2024
3.97%
2024
Population
9025821
36032857

Spending and national debt comparison by year

Belarus
Spending

Debt
Ghana
Spending

Debt
1x
Year % of GDP
Belarus Ghana
Government spending Government debt Government spending Government debt
2025 41.3% 33.1% 17% 48.8%
2024 40.8% 38.7% 22% 70.3%
2023 40.3% 40.7% 18.5% 79.1%
2022 38% 40.8% 27.5% 92.7%
2021 36.7% 41.2% 27.2% 86.9%
2020 38% 47.5% 31.5% 79.1%
2019 37.4% 41% 22.5% 62.9%
2018 37.8% 47.5% 20.9% 62%
2017 39% 53.2% 17.6% 57%
2016 40.7% 53.5% 19.9% 55.9%
2015 41.8% 53% 18.6% 53.9%
2014 38.8% 38.8% 21% 50.1%
2013 40.8% 36.9% 21.6% 42.9%
2012 38.9% 36.9% 22.1% 35.5%
2011 40.3% 58.2% 19.5% 31.2%
2010 44.3% 36.8% 19% 32.9%
2009 51.7% 32.5% 16.6% 25.4%
2008 60% 20.3% 16.6% 23.2%
2007 49.2% 15.8% 16.8% 21.1%
2006 47.2% 12.3% 14.4% 17.3%
2005 45% 8.12% 12.9% 31.7%
2004 44% 9.22% 13.7% 38.4%
2003 43.5% - 12.1% 49.3%
2002 43.8% - 10.7% 54.1%
2001 42.4% - 13.8% 57.8%
2000 - - 12% 74.5%
1999 - - 11.1% 51.7%
1998 - - 11.8% 37.6%
1997 - - 12% 45.2%
1996 - - 12.4% 42.9%
1995 - - 13% 47.6%
1994 - - 12.7% 50.6%
1993 - - 12.1% 34.1%
1992 - - 9.2% 21.3%
1991 - - 7.09% 17.3%
1990 - - 6.59% 17.8%
1989 - - 7.24% 23%
1988 - - 7.23% 23.5%
1987 - - 7.32% 26.8%
1986 - - 7.29% 18.2%
1985 - - 6.08% 14.4%
1984 - - 4.64% 13%
1983 - - 3.49% 9.21%
1982 - - 4.73% 8.51%
1981 - - 5.74% 8.77%
1980 - - 7.51% 9.75%
1979 - - 9.14% 11.5%
1978 - - 6.54% 11.4%
1977 - - 10.5% 20.7%
1976 - - 12.8% 26%
1975 - - 13.2% 21.8%
1974 - - 9.52% 21.8%
1973 - - 9.35% 25.4%
1972 - - 11.4% 29.8%
1971 - - 11.7% 29.5%
1970 - - 12.2% 31.9%
1969 - - 11.2% 31.4%
1968 - - 12.3% 34.5%
1967 - - 11.5% 33.9%
1966 - - 9.12% 29.8%
1965 - - 14.2% 30.2%
1964 - - 15.8% 30.8%
1963 - - 15.3% 30.5%
1962 - - 12.5% 11.8%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-07-08).

GeoRank.org/economy/belarus/ghana | CC BY

In 2025, Belarus' government spending was $38.6B, accounting for 41.3% of its GDP, while Ghana spent $19.4B, or 17% of GDP.

Debt-to-GDP ratio is 33.1% in Belarus and 48.8% in Ghana, ranking 148/185 and 108/185, respectively.

Government deficit by year

Deficit/surplus
Belarus

Ghana
1x
Year Deficit/surplus, % of GDP
Belarus Ghana
2025 0.15% -1.35%
2024 0.54% -6.23%
2023 0.76% -3.37%
2022 -1.98% -11.8%
2021 -0.22% -12%
2020 -2.87% -17.4%
2019 0.91% -7.52%
2018 1.8% -6.79%
2017 -0.34% -3.97%
2016 -1.66% -6.75%
2015 -2.96% -4.01%
2014 0.09% -7.81%
2013 -0.98% -9.12%
2012 0.36% -8.36%
2011 -2.81% -5.47%
2010 -4.19% -7.13%
2009 -7.23% -5.05%
2008 -10.9% -5.56%
2007 -7.82% -4.91%
2006 -7.71% -3.11%
2005 -6.71% -1.87%
2004 -7.06% -2.02%
2003 -6.74% -1.99%
2002 -7.81% -2.73%
2001 -4.74% -3.64%
2000 - -3.98%
1999 - -5.64%
1998 - -5.27%
1997 - -6.14%
1996 - -5.61%
1995 - -4.52%
1994 - -4.99%
1993 - -5.39%
1992 - -4.5%
1991 - -1.47%
1990 - -1.93%
1989 - -0.81%
1988 - -1.08%
1987 - -0.92%
1986 - -1.26%
1985 - -1.19%
1984 - -0.98%
1983 - -1.13%
1982 - -2.03%
1981 - -3.8%
1980 - -4.73%
1979 - -3.61%
1978 - -1.21%
1977 - -4.68%
1976 - -5.53%
1975 - -4.05%
1974 - -2.06%
1973 - -2.64%
1972 - -2.19%
1971 - 0.13%
1970 - -2.35%
1969 - -2.67%
1968 - -2.34%
1967 - -2.32%
1966 - -1.29%
1965 - -3.29%
1964 - -3.72%
1963 - -5.66%
1962 - -5.04%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-07-08).

GeoRank.org/economy/belarus/ghana | CC BY

In 2025, Belarus' government surplus, the difference between spending and revenue, was $140M, equivalent to 0.15% of GDP. This compares to Ghana's deficit of $1.54B, or 1.35% of GDP.

Over the past 25 years, Belarus recorded a fiscal deficit in 18 of those years, while Ghana ran a deficit in 25 years. On average, Belarus posted an annual deficit equal to 3.2% of GDP, compared to deficit of 6% of GDP for Ghana.

Inflation comparison by year

Inflation
Belarus

Ghana
1x
Year Consumer prices inflation
Belarus Ghana
2025 6.6% 14.2%
2024 5.7% 22.8%
2023 5% 38.1%
2022 15.2% 31.3%
2021 9.5% 9.97%
2020 5.5% 9.89%
2019 5.6% 7.14%
2018 4.9% 7.81%
2017 6% 12.4%
2016 11.8% 17.5%
2015 13.5% 17.1%
2014 18.1% 15.5%
2013 18.3% 11.7%
2012 59.2% 11.2%
2011 53.2% 8.73%
2010 7.7% 10.7%
2009 13% 19.2%
2008 14.8% 16.5%
2007 8.4% 10.7%
2006 7% 11.7%
2005 10.3% 15.4%
2004 18.1% 18%
2003 28.4% 29.8%
2002 42.6% 9.36%
2001 61.1% 41.5%
2000 168.6% 40.2%
1999 293.7% 4.87%
1998 73% 14.6%
1997 63.8% 27.9%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/belarus/ghana | CC BY

Over the past 29 years, Belarus has recorded an average annual inflation rate of 36.2%, compared with 17.4% in Ghana. In 2025, inflation was 6.6% in Belarus and 14.2% in Ghana.

Top exports between countries

Belarus
Export category Export value
Metals $12.2M
Raw materials & minerals $1.59M
Animal & marine products $1.52M
Processed food, beverages & tobacco $468K
Wood & paper products $161K
Machinery & equipment $159K
Ghana
Export category Export value

Balance of trade

Belarus Ghana
Current account balance
-$1.82B
2025
$9.39B
2025
Current account balance ranking
137/190
2025
25/190
2025
Current account balance, % of GDP
-1.94%
2025
+8.22%
2025
Goods imports
$46B
2025
$17.5B
2025
Goods exports
$40B
2025
$31.2B
2025
Service imports
$7.55B
2025
$14.6B
2025
Service exports
$11.7B
2025
$10.1B
2025
Imports of goods and services, % of GDP
57%
2025
33.9%
2024
Exports of goods and services, % of GDP
55.1%
2025
35.1%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Belarus Ghana
Economic freedom 49.1 57.3
Economic freedom ranking 166/197 118/197
Property rights 20 50.2
Government integrity 28.3 45.4
Judicial effectiveness 11.5 57.5
Tax burden 93.5 79.4
Government spending 52.6 84
Fiscal health 96.8 10.1
Business freedom 50.3 64.5
Labor freedom 48 54.9
Monetary freedom 69 56.7
Trade freedom 69.2 65.2
Investment freedom 30 60
Financial freedom 20 60

Economic freedom comparison by year

Belarus
Ghana
1x
Year Economic freedom index
Belarus Ghana
2026 49.1 57.3
2025 48.9 56
2024 48.4 55.8
2023 51 58
2022 53 59.8
2021 61 59.2
2020 61.7 59.4
2019 57.9 57.5
2018 58.1 56
2017 58.6 56.2
2016 48.8 63
2015 49.8 63
2014 50.1 64.2
2013 48 61.3
2012 49 60.7
2011 47.9 59.4
2010 48.7 60.2
2009 45 58.1
2008 45.3 57
2007 47 57.6
2006 47.5 55.6
2005 46.7 56.5
2004 43.1 59.1
2003 39.7 58.2
2002 39 57.2
2001 38 58
2000 41.3 58.1
1999 35.4 57.9
1998 38 57
1997 39.8 56.7
1996 38.7 57.7
1995 40.4 55.6

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/belarus/ghana | CC BY

The Economic Freedom Index for Belarus is 49.1, ranking 166/197, compared to 57.3 for Ghana, ranking 118/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Belarus Ghana
Services, % of GDP
50%
2025
42.9%
2025
Industry, % of GDP
31.6%
2025
29.3%
2025
Agriculture, forestry, and fishing, % of GDP
6.9%
2025
21.3%
2025
GNI, Atlas method
$83.3B
2025
$92.3B
2025
GNI per capita, PPP
$34,310
2025
$8,080
2025
Total reserves including gold
$14.5B
2025
$4.47B
2024
Total reserves ranking
72/177
2025
108/177
2024
Net foreign direct investment
-$1.43B
2025
-$1.87B
2025
Net inflows of foreign direct investment
$1.74B
2024
$1.77B
2024
Net outflows of foreign direct investment
$170M
2024
$5.37M
2024
Servicing debt to the IMF, % of GNI
6.94%
2024
3.5%
2024
Poverty at national poverty lines
3.5%
2024
23.4%
2016
Gross capital formation, % of GDP
27.1%
2025
9.9%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/belarus/ghana | CC BY

Compare countries by 7 more topics

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-07-08)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2020–2021, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.