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Economy of Belize vs Ghana compared: GDP & Debt

Updated on by Georank

Belize has a GDP of $3.33B compared to $114B for Ghana, ranking 170/197 and 69/197 by economy size, respectively.

Belize has $2.26B in government debt (67.9% of GDP), compared to $55.8B (48.8% of GDP) in Ghana.

Belize vs Ghana GDP by year

Belize
Ghana
1x
Year GDP, current $
Belize Ghana
2025 $3,326,500,000 $114,209,905,279
2024 $3,203,631,800 $83,288,585,604
2023 $3,052,362,650 $80,547,146,876
2022 $2,846,604,350 $73,919,003,212
2021 $2,428,606,250 $79,514,204,730
2020 $2,047,284,600 $70,008,243,860
2019 $2,381,187,850 $68,352,629,246
2018 $2,285,915,050 $67,259,353,966
2017 $2,266,028,250 $60,385,409,435
2016 $2,239,604,950 $56,144,179,398
2015 $2,193,095,150 $49,436,806,230
2014 $2,138,242,200 $54,678,533,806
2013 $2,035,191,450 $62,845,721,960
2012 $1,917,083,500 $41,271,701,061
2011 $1,831,576,700 $39,336,668,081
2010 $1,748,988,400 $32,197,655,567
2009 $1,688,012,750 $26,048,720,006
2008 $1,738,453,600 $28,679,383,241
2007 $1,706,190,450 $24,827,339,138
2006 $1,590,463,100 $20,885,037,597
2005 $1,474,298,400 $10,744,568,381
2004 $1,400,202,000 $8,881,417,907
2003 $1,308,280,250 $7,632,723,556
2002 $1,243,912,050 $6,166,197,848
2001 $1,172,045,150 $5,314,872,854
2000 $1,138,138,100 $4,982,850,662
1999 $999,713,050 $7,718,109,982
1998 $929,047,000 $7,482,069,162
1997 $872,916,050 $6,891,443,192
1996 $850,339,100 $6,932,991,739
1995 $818,590,250 $6,464,382,808
1994 $771,838,000 $5,446,383,727
1993 $752,255,150 $5,968,922,939
1992 $695,741,150 $6,416,103,926
1991 $596,682,100 $6,603,185,268
1990 $546,750,912 $5,889,106,573
1989 $491,100,000 $5,251,858,440
1988 $421,450,000 $5,197,765,032
1987 $371,100,000 $5,074,829,932
1986 $311,500,000 $5,735,677,434
1985 $287,300,000 $4,504,306,723
1984 $290,350,000 $4,412,279,843
1983 $262,150,000 $4,057,275,132
1982 $248,550,000 $4,035,994,398
1981 $260,750,000 $4,222,441,860
1980 $257,400,000 $4,445,228,216
1979 $151,800,000 $4,020,227,920
1978 $136,300,000 $3,662,478,185
1977 $117,650,000 $3,189,428,571
1976 $97,094,227 $2,765,254,237
1975 $118,194,026 $2,810,106,383
1974 $103,160,450 $2,894,409,938
1973 $78,214,768 $3,006,766,758
1972 $65,998,069 $2,112,293,280
1971 $59,074,687 $2,417,108,578
1970 $53,339,893 $2,215,028,588
1969 $47,399,905 $1,962,050,556
1968 $44,999,910 $1,666,909,518
1967 $47,431,256 $1,747,187,645
1966 $44,450,044 $2,126,300,672
1965 $40,110,040 $2,053,462,968
1964 $36,194,586 $1,731,296,200
1963 $33,750,114 $1,540,797,589
1962 $31,857,592 $1,382,515,654
1961 $29,965,000 $1,302,674,325
1960 $28,072,478 $1,217,230,095

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

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

GDP per capita in Belize vs Ghana by year

Belize
GDP per capita

GDP per capita, PPP
Ghana
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belize Ghana
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $7,865 - $3,257 -
2024 $7,681 $14,347 $2,419 $8,020
2023 $7,425 $13,730 $2,384 $7,556
2022 $7,068 $13,461 $2,230 $7,208
2021 $6,143 $11,716 $2,445 $6,608
2020 $5,239 $9,639 $2,195 $6,047
2019 $6,172 $10,500 $2,187 $6,003
2018 $6,012 $9,497 $2,195 $5,536
2017 $6,072 $9,121 $2,012 $5,171
2016 $6,141 $9,399 $1,912 $5,011
2015 $6,155 $9,538 $1,723 $5,191
2014 $6,128 $9,490 $1,950 $5,517
2013 $5,957 $9,526 $2,295 $5,215
2012 $5,733 $9,303 $1,544 $4,934
2011 $5,596 $9,722 $1,507 $4,381
2010 $5,461 $9,748 $1,264 $3,855
2009 $5,400 $9,728 $1,048 $3,617
2008 $5,712 $9,975 $1,183 $3,516
2007 $5,762 $10,226 $1,050 $3,241
2006 $5,525 $9,910 $906 $3,103
2005 $5,270 $9,466 $479 $2,904
2004 $5,154 $9,245 $406 $2,729
2003 $4,960 $8,850 $358 $2,584
2002 $4,859 $8,154 $297.5 $2,475
2001 $4,719 $7,852 $263.5 $2,397
2000 $4,727 $7,544 $253.7 $2,315
1999 $4,290 $6,790 $403 $2,239
1998 $4,126 $6,333 $400 $2,167
1997 $4,014 $6,243 $378 $2,097
1996 $4,043 $6,087 $389 $2,026
1995 $4,010 $6,091 $372 $1,947
1994 $3,877 $6,073 $321 $1,875
1993 $3,860 $6,075 $360 $1,821
1992 $3,643 $5,706 $396 $1,739
1991 $3,190 $5,053 $418 $1,678
1990 $2,986 $4,467 $383 $1,581
1989 $2,742 - $350 -
1988 $2,406 - $355 -
1987 $2,166 - $355 -
1986 $1,859 - $411 -
1985 $1,754 - $330 -
1984 $1,814 - $330 -
1983 $1,677 - $311 -
1982 $1,629 - $319 -
1981 $1,753 - $344 -
1980 $1,774 - $372 -
1979 $1,071 - $347 -
1978 $983 - $326 -
1977 $866 - $292.3 -
1976 $729 - $261 -
1975 $906 - $273 -
1974 $805 - $289.4 -
1973 $619 - $310 -
1972 $529 - $223.8 -
1971 $481 - $263.4 -
1970 $442 - $248.2 -
1969 $402 - $225.8 -
1968 $392 - $196.7 -
1967 $426 - $211.2 -
1966 $412 - $263.3 -
1965 $383 - $260.5 -
1964 $356 - $225 -
1963 $342 - $205 -
1962 $332 - $188.4 -
1961 $320 - $181.9 -
1960 $307 - $174.9 -

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

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

Belize's GDP per capita is $7,865, ranking 99/197, compared to $3,257 in Ghana, ranking 139/197. Adjusted for purchasing power (GDP per capita PPP), Belize ranks 117th at $14,347, while Ghana ranks 140th at $8,020.

Economic indicators

Belize Ghana
Gross domestic product
$3.33B
2025
$114B
2025
GDP rank
170/197
2025
69/197
2025
GDP growth
2.75%
2024-2025
5.95%
2024-2025
GDP per capita
$7,865
2025
$3,257
2025
GDP per capita rank
99/197
2025
139/197
2025
GDP per capita, PPP
$14,347
2024
$8,020
2024
GDP per capita PPP rank
117/197
2024
140/197
2024
Government debt
$2.26B
2025
$55.8B
2025
Debt-to-GDP ratio
67.9%
2025
48.8%
2025
Government debt per person
$5,339
2025
$1,590
2025
Government debt per person rank
81/185
2025
128/185
2025
Average annual personal income after taxes
$5,278
2026
$2,135
2026
Market capitalization of domestic companies n/a
$16.4B
2025
Number of billionaires
1
2026
n/a
Income share by richest 10%
30%
2018
32.2%
2016
Income share by poorest 10%
2.2%
2018
1.6%
2016
Government expenditure, % of GDP
25.9%
2025
17%
2025
Consumer prices inflation
1.1%
2024-2025
14.2%
2024-2025
Central bank interest rate n/a
14%
2026
Unemployment rate
29.3%
2020
3.97%
2024
Population
431659
36032857

Spending and national debt comparison by year

Belize
Spending

Debt
Ghana
Spending

Debt
1x
Year % of GDP
Belize Ghana
Government spending Government debt Government spending Government debt
2025 25.9% 67.9% 17% 48.8%
2024 26.8% 65.4% 22% 70.3%
2023 25.8% 67.5% 18.5% 79.1%
2022 23.4% 66.8% 27.5% 92.7%
2021 25.7% 82.2% 27.2% 86.9%
2020 33.2% 103% 31.5% 79.1%
2019 27.5% 78.6% 22.5% 62.9%
2018 26.9% 79% 20.9% 62%
2017 27.7% 78.1% 17.6% 57%
2016 27.7% 70.5% 19.9% 55.9%
2015 27.9% 65.1% 18.6% 53.9%
2014 24.8% 61.5% 21% 50.1%
2013 23.8% 62.8% 21.6% 42.9%
2012 22.1% 63.1% 22.1% 35.5%
2011 23.5% 66.2% 19.5% 31.2%
2010 23.3% 68.4% 19% 32.9%
2009 23.2% 69.7% 16.6% 25.4%
2008 21.8% 64.7% 16.6% 23.2%
2007 22.1% 66.4% 16.8% 21.1%
2006 21.2% 71.4% 14.4% 17.3%
2005 21.4% 72.7% 12.9% 31.7%
2004 21.7% 70.7% 13.7% 38.4%
2003 24.6% 67.2% 12.1% 49.3%
2002 24.4% 53.2% 10.7% 54.1%
2001 25.9% 49.5% 13.8% 57.8%
2000 23.2% 79% 12% 74.5%
1999 23.6% 41.5% 11.1% 51.7%
1998 20.9% 38.7% 11.8% 37.6%
1997 19.9% 39.4% 12% 45.2%
1996 19.9% 38.4% 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 (1962–2000, retrieved 2026-07-08).

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

In 2025, Belize's government spending was $861M, accounting for 25.9% of its GDP, while Ghana spent $19.4B, or 17% of GDP.

Debt-to-GDP ratio is 67.9% in Belize and 48.8% in Ghana, ranking 61/185 and 108/185, respectively.

Government deficit by year

Deficit/surplus
Belize

Ghana
1x
Year Deficit/surplus, % of GDP
Belize Ghana
2025 -0.96% -1.35%
2024 -1.52% -6.23%
2023 -2.42% -3.37%
2022 -1.04% -11.8%
2021 -3.29% -12%
2020 -8.57% -17.4%
2019 -2.9% -7.52%
2018 -1.37% -6.79%
2017 -3.48% -3.97%
2016 -4.47% -6.75%
2015 -5.14% -4.01%
2014 -1.72% -7.81%
2013 -1.21% -9.12%
2012 -0.22% -8.36%
2011 -1.06% -5.47%
2010 -1.9% -7.13%
2009 -2.46% -5.05%
2008 1.25% -5.56%
2007 -0.19% -4.91%
2006 -2.27% -3.11%
2005 -3.7% -1.87%
2004 -4.52% -2.02%
2003 -8.41% -1.99%
2002 -5.41% -2.73%
2001 -7.23% -3.64%
2000 -6.68% -3.98%
1999 -6.51% -5.64%
1998 -2.69% -5.27%
1997 -1.81% -6.14%
1996 -1.76% -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/belize/ghana | CC BY

In 2025, Belize's government deficit, the difference between spending and revenue, was $31.9M, equivalent to 0.96% of GDP. This compares to Ghana's deficit of $1.54B, or 1.35% of GDP.

Over the past 30 years, Belize recorded a fiscal deficit in 29 of those years, while Ghana ran a deficit in 30 years. On average, Belize posted an annual deficit equal to 3.12% of GDP, compared to deficit of 5.89% of GDP for Ghana.

Inflation comparison by year

Inflation
Belize

Ghana
1x
Year Consumer prices inflation
Belize Ghana
2025 1.1% 14.2%
2024 3.3% 22.8%
2023 4.4% 38.1%
2022 6.3% 31.3%
2021 3.2% 9.97%
2020 0.1% 9.89%
2019 0.2% 7.14%
2018 0.3% 7.81%
2017 1.1% 12.4%
2016 0.7% 17.5%
2015 -0.9% 17.1%
2014 1.2% 15.5%
2013 0.5% 11.7%
2012 1.2% 11.2%
2011 1.7% 8.73%
2010 0.9% 10.7%
2009 -1.1% 19.2%
2008 6.4% 16.5%
2007 2.3% 10.7%
2006 4.2% 11.7%
2005 3.7% 15.4%
2004 3.1% 18%
2003 2.6% 29.8%
2002 2.2% 9.36%
2001 1.1% 41.5%
2000 0.6% 40.2%
1999 -1.2% 4.87%
1998 -0.8% 14.6%
1997 1% 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/belize/ghana | CC BY

Over the past 29 years, Belize has recorded an average annual inflation rate of 1.7%, compared with 17.4% in Ghana. In 2025, inflation was 1.1% in Belize and 14.2% in Ghana.

Balance of trade

Belize Ghana
Current account balance
-$92.3M
2025
$9.39B
2025
Current account balance ranking
80/190
2025
25/190
2025
Current account balance, % of GDP
-2.77%
2025
+8.22%
2025
Goods imports
$1.38B
2025
$17.5B
2025
Goods exports
$443M
2025
$31.2B
2025
Service imports
$352M
2025
$14.6B
2025
Service exports
$1.21B
2025
$10.1B
2025
Imports of goods and services, % of GDP
53.7%
2024
33.9%
2024
Exports of goods and services, % of GDP
55.2%
2024
35.1%
2024

Economic freedom indices

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

Belize Ghana
Economic freedom 64.7 57.3
Economic freedom ranking 71/197 118/197
Property rights 46.3 50.2
Government integrity 46.2 45.4
Judicial effectiveness 73.9 57.5
Tax burden 81.8 79.4
Government spending 81 84
Fiscal health 87.5 10.1
Business freedom 67.2 64.5
Labor freedom 57.6 54.9
Monetary freedom 72.6 56.7
Trade freedom 57.8 65.2
Investment freedom 55 60
Financial freedom 50 60

Economic freedom comparison by year

Belize
Ghana
1x
Year Economic freedom index
Belize Ghana
2026 64.7 57.3
2025 64.2 56
2024 61.2 55.8
2023 59.8 58
2022 56.6 59.8
2021 57.5 59.2
2020 57.4 59.4
2019 55.4 57.5
2018 57.1 56
2017 58.6 56.2
2016 57.4 63
2015 56.8 63
2014 56.7 64.2
2013 57.3 61.3
2012 61.9 60.7
2011 63.8 59.4
2010 61.5 60.2
2009 63 58.1
2008 63 57
2007 63.3 57.6
2006 64.7 55.6
2005 64.5 56.5
2004 62.8 59.1
2003 63.5 58.2
2002 65.6 57.2
2001 65.9 58
2000 63.3 58.1
1999 60.7 57.9
1998 59.1 57
1997 64.3 56.7
1996 61.6 57.7
1995 62.9 55.6

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

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

The Economic Freedom Index for Belize is 64.7, ranking 71/197, 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

Belize Ghana
Services, % of GDP
62.4%
2024
42.9%
2025
Industry, % of GDP
14.6%
2024
29.3%
2025
Agriculture, forestry, and fishing, % of GDP
7.95%
2024
21.3%
2025
GNI, Atlas method
$3.19B
2025
$92.3B
2025
GNI per capita, PPP
$14,230
2025
$8,080
2025
Total reserves including gold
$559M
2025
$4.47B
2024
Total reserves ranking
156/177
2025
108/177
2024
Net foreign direct investment
$1.15M
2025
-$1.87B
2025
Net inflows of foreign direct investment
$128M
2024
$1.77B
2024
Net outflows of foreign direct investment
$2.61M
2024
$5.37M
2024
Servicing debt to the IMF, % of GNI
4.15%
2024
3.5%
2024
Poverty at national poverty lines
52%
2018
23.4%
2016
Gross capital formation, % of GDP
19.8%
2024
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/belize/ghana | CC BY

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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 (1962–2000, 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. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. 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.