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Economy of Bosnia and Herzegovina vs Ghana compared: GDP & Debt

Updated on by Georank team

Bosnia and Herzegovina has a GDP of $28.3B compared to $82.8B for Ghana, ranking 111/197 and 79/197 by economy size, respectively.

Bosnia and Herzegovina has $9.28B in government debt (33.8% of GDP), compared to $58.4B (66.4% of GDP) in Ghana.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Bosnia and Herzegovina
GDP, current $

GDP, constant 2015 $
Ghana
GDP, current $

GDP, constant 2015 $
Year GDP
Bosnia Ghana
Current $ Constant $ Current $ Constant $
1960 - - $1,217,230,095 $7,662,648,270
1961 - - $1,302,674,325 $7,925,452,127
1962 - - $1,382,515,654 $8,251,121,525
1963 - - $1,540,797,589 $8,614,663,811
1964 - - $1,731,296,200 $8,804,989,947
1965 - - $2,053,462,968 $8,925,530,160
1966 - - $2,126,300,672 $8,545,455,169
1967 - - $1,747,187,645 $8,808,259,025
1968 - - $1,666,909,518 $8,840,749,198
1969 - - $1,962,050,556 $9,371,740,063
1970 - - $2,215,028,588 $10,282,998,639
1971 - - $2,417,108,578 $10,819,372,657
1972 - - $2,112,293,280 $10,550,223,948
1973 - - $3,006,766,758 $10,854,554,041
1974 - - $2,894,409,938 $11,598,364,184
1975 - - $2,810,106,383 $10,156,498,576
1976 - - $2,765,254,237 $9,797,955,609
1977 - - $3,189,428,571 $10,020,771,627
1978 - - $3,662,478,185 $10,870,125,777
1979 - - $4,020,227,920 $10,596,748,482
1980 - - $4,445,228,216 $10,646,732,914
1981 - - $4,222,441,860 $10,273,770,733
1982 - - $4,035,994,398 $9,562,450,763
1983 - - $4,057,275,132 $9,126,045,611
1984 - - $4,412,279,843 $9,915,226,744
1985 - - $4,504,306,723 $10,420,072,142
1986 - - $5,735,677,434 $10,961,828,435
1987 - - $5,074,829,932 $11,487,437,024
1988 - - $5,197,765,032 $12,133,969,367
1989 - - $5,251,858,440 $12,751,087,602
1990 $7,753,478,261 $3,519,825,382 $5,889,106,573 $13,175,548,086
1991 $6,122,959,184 $3,190,791,226 $6,603,185,268 $13,871,457,663
1992 $4,735,044,707 $2,985,402,939 $6,416,103,926 $14,409,589,639
1993 $3,630,668,950 $2,920,280,897 $5,968,922,939 $15,108,454,816
1994 $1,255,802,469 $3,245,365,559 $5,446,383,727 $15,607,033,786
1995 $1,866,572,954 $3,763,595,298 $6,464,382,808 $16,248,860,404
1996 $2,786,045,322 $5,803,437,611 $6,932,991,739 $16,996,707,892
1997 $3,671,909,673 $7,929,882,642 $6,891,443,192 $17,709,950,508
1998 $4,116,774,301 $9,247,541,639 $7,482,069,162 $18,542,387,390
1999 $4,686,256,363 $10,128,052,807 $7,718,109,982 $19,358,251,847
2000 $5,567,772,769 $10,676,417,585 $4,982,850,662 $20,074,507,181
2001 $5,800,615,466 $10,935,140,619 $5,314,872,854 $20,877,487,494
2002 $6,728,220,887 $11,484,898,712 $6,166,197,848 $21,816,974,339
2003 $8,498,894,359 $11,929,035,686 $7,632,723,556 $22,951,457,033
2004 $10,156,541,538 $12,683,578,945 $8,881,417,907 $24,236,738,625
2005 $11,222,796,337 $13,177,880,591 $10,744,568,381 $25,666,707,130
2006 $12,864,841,906 $13,891,331,517 $20,885,037,597 $27,309,353,955
2007 $15,778,734,264 $14,704,964,355 $24,827,339,138 $28,496,442,170
2008 $19,112,796,623 $15,505,477,768 $28,679,383,241 $31,103,809,333
2009 $17,613,949,091 $15,039,622,522 $26,048,720,006 $32,610,629,349
2010 $17,176,315,804 $15,169,815,911 $32,197,655,567 $35,186,775,129
2011 $18,644,233,537 $15,315,372,001 $39,336,668,081 $40,129,504,915
2012 $17,226,735,996 $15,189,504,687 $41,271,701,061 $43,858,655,297
2013 $18,179,108,531 $15,546,436,275 $62,845,721,960 $47,065,830,438
2014 $18,558,733,564 $15,725,819,000 $54,678,533,806 $48,410,143,590
2015 $16,404,348,871 $16,404,348,871 $49,436,806,230 $49,436,806,230
2016 $17,116,926,328 $16,936,219,728 $56,144,179,398 $51,104,539,956
2017 $18,326,373,366 $17,485,647,794 $60,385,409,435 $55,258,774,289
2018 $20,484,053,869 $18,154,910,825 $67,259,353,966 $58,684,861,221
2019 $20,482,608,755 $18,679,105,434 $68,352,629,246 $62,503,939,827
2020 $20,226,036,564 $18,115,912,632 $70,008,243,860 $62,825,173,619
2021 $23,672,712,242 $19,454,671,754 $79,514,204,730 $66,014,472,471
2022 $24,534,663,636 $20,276,983,961 $73,919,003,210 $68,526,224,001
2023 $27,592,361,388 $20,681,387,157 $80,547,146,878 $70,678,009,792
2024 $28,343,394,203 $21,194,295,296 $82,825,288,889 $74,695,964,608

Economic indicators

Bosnia Ghana
Gross domestic product
$28.3B
2024
$82.8B
2024
GDP rank
111/197
2024
79/197
2024
GDP growth
2.72%
2023-2024
2.83%
2023-2024
GDP per capita
$8,957
2024
$2,406
2024
GDP per capita rank
90/197
2024
150/197
2024
GDP per capita, PPP
$21,971
2024
$8,027
2024
Government debt
$9.28B
2024
$58.4B
2024
Debt-to-GDP ratio
33.8%
2025
66.4%
2025
Government debt per person
$2,934
2024
$1,696
2024
Government debt per person rank
102/185
2024
122/185
2024
Average annual personal income after taxes
$8,350
2025
$1,836
2025
Market capitalization of domestic companies n/a
$7.58B
2024
Income share by richest 10%
25.1%
2011
32.2%
2016
Income share by poorest 10%
2.9%
2011
1.6%
2016
Government expenditure, % of GDP
44.9%
2025
18.8%
2025
Consumer prices inflation
4%
2024-2025
22.8%
2023-2024
Central bank interest rate n/a
28%
2024
Unemployment rate
10.7%
2023
2.87%
2022
Population
3140094
35572974

GDP per capita in Bosnia and Herzegovina vs Ghana

Bosnia and Herzegovina's GDP per capita is $8,957, ranking 90/197, compared to $2,406 in Ghana, ranking 150/197. Adjusted for purchasing power (GDP per capita PPP), Bosnia and Herzegovina ranks 88th at $21,971, while Ghana ranks 138th at $8,027.

Bosnia and Herzegovina
GDP per capita

GDP per capita, PPP
Ghana
GDP per capita

GDP per capita, PPP
Year Current $
Bosnia Ghana
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $174.9 -
1961 - - $181.9 -
1962 - - $188.4 -
1963 - - $205 -
1964 - - $225 -
1965 - - $260.5 -
1966 - - $263.3 -
1967 - - $211.2 -
1968 - - $196.7 -
1969 - - $225.8 -
1970 - - $248.2 -
1971 - - $263.4 -
1972 - - $223.8 -
1973 - - $310 -
1974 - - $289.4 -
1975 - - $273 -
1976 - - $261 -
1977 - - $292.3 -
1978 - - $326 -
1979 - - $347 -
1980 - - $372 -
1981 - - $344 -
1982 - - $319 -
1983 - - $311 -
1984 - - $330 -
1985 - - $330 -
1986 - - $411 -
1987 - - $355 -
1988 - - $355 -
1989 - - $350 -
1990 $1,743 $1,043 $383 $1,581
1991 $1,373 $975 $418 $1,678
1992 $1,118 $982 $396 $1,739
1993 $930 $1,067 $360 $1,821
1994 $337 $1,269 $321 $1,875
1995 $502 $1,507 $372 $1,947
1996 $719 $2,268 $389 $2,026
1997 $914 $3,040 $378 $2,097
1998 $1,007 $3,523 $400 $2,167
1999 $1,135 $3,874 $403 $2,239
2000 $1,338 $4,147 $253.7 $2,315
2001 $1,388 $4,307 $263.5 $2,397
2002 $1,607 $4,665 $297.5 $2,475
2003 $2,034 $4,918 $358 $2,584
2004 $2,453 $5,408 $406 $2,729
2005 $2,740 $5,956 $479 $2,904
2006 $3,166 $6,871 $906 $3,103
2007 $3,931 $7,686 $1,050 $3,241
2008 $4,842 $8,587 $1,183 $3,516
2009 $4,540 $8,694 $1,048 $3,617
2010 $4,506 $9,087 $1,264 $3,855
2011 $4,983 $9,762 $1,507 $4,381
2012 $4,694 $10,121 $1,544 $4,934
2013 $5,035 $10,808 $2,295 $5,215
2014 $5,206 $11,168 $1,950 $5,517
2015 $4,662 $11,849 $1,723 $5,191
2016 $4,929 $12,899 $1,912 $5,011
2017 $5,345 $13,627 $2,012 $5,171
2018 $6,048 $14,858 $2,195 $5,536
2019 $6,122 $16,428 $2,187 $6,003
2020 $6,130 $16,370 $2,195 $6,047
2021 $7,295 $18,287 $2,445 $6,608
2022 $7,656 $21,117 $2,230 $7,208
2023 $8,663 $22,512 $2,384 $7,556
2024 $8,957 $21,971 $2,406 $8,027

Spending and national debt comparison

In 2024, Bosnia and Herzegovina's government spending was $12.2B, accounting for 44.9% of its GDP, while Ghana's spent $19.3B, or 18.8% of GDP.

Debt-to-GDP ratio is 33.8% in Bosnia and Herzegovina and 66.4% in Ghana, ranking 151/185 and 64/185, respectively.

Bosnia and Herzegovina
Government spending

Government debt
Ghana
Government spending

Government debt
Year % of GDP
Bosnia Ghana
Government spending Government debt Government spending Government debt
1962 - - 12.5% 11.8%
1963 - - 15.3% 30.5%
1964 - - 15.8% 30.8%
1965 - - 14.2% 30.2%
1966 - - 9.12% 29.8%
1967 - - 11.5% 33.9%
1968 - - 12.3% 34.5%
1969 - - 11.2% 31.4%
1970 - - 12.2% 31.9%
1971 - - 11.7% 29.5%
1972 - - 11.4% 29.8%
1973 - - 9.35% 25.4%
1974 - - 9.52% 21.8%
1975 - - 13.2% 21.8%
1976 - - 12.8% 26%
1977 - - 10.5% 20.7%
1978 - - 6.54% 11.4%
1979 - - 9.14% 11.9%
1980 - - 7.77% 10.1%
1981 - - 5.82% 8.88%
1982 - - 4.76% 8.58%
1983 - - 3.63% 9.6%
1984 - - 4.88% 13.7%
1985 - - 6.36% 15.1%
1986 - - 7.82% 19.5%
1987 - - 7.89% 28.9%
1988 - - 7.83% 25.4%
1989 - - 7.8% 24.8%
1990 - - 6.59% 17.8%
1991 - - 7.09% 17.3%
1992 - - 9.2% 21.3%
1993 - - 12.1% 34.1%
1994 - - 12.7% 50.6%
1995 - - 13% 47.6%
1996 - - 12.4% 42.9%
1997 - - 12% 45.2%
1998 54.4% 54.4% 11.8% 37.6%
1999 57.5% 56% 11.1% 51.7%
2000 56.2% 34.6% 12% 74.5%
2001 50.2% 35.1% 13.8% 57.8%
2002 47.4% 31.1% 10.7% 54.1%
2003 47.3% 27.6% 12.1% 49.3%
2004 45.6% 25.5% 13.7% 38.4%
2005 44.5% 24.9% 12.9% 31.7%
2006 44.2% 20.6% 14.4% 17.3%
2007 45.2% 18.2% 16.8% 21.1%
2008 48.4% 30.3% 16.6% 23.2%
2009 49% 36.4% 16.6% 25.4%
2010 48.7% 42.2% 19% 32.9%
2011 46.4% 40.9% 19.5% 31.2%
2012 46.9% 43.6% 22.1% 35.5%
2013 44.5% 43.8% 21.6% 42.9%
2014 46.2% 47.1% 21% 50.1%
2015 42.7% 46.4% 18.6% 53.9%
2016 41.5% 44.9% 19.9% 55.9%
2017 40% 38.6% 17.6% 57%
2018 40.4% 34.9% 20.9% 62%
2019 39.9% 33.2% 22.5% 58.3%
2020 45.4% 37.1% 31.5% 72.3%
2021 40.6% 35.6% 27.2% 79.2%
2022 39.4% 31% 27.5% 85.7%
2023 41.6% 31.6% 18.5% 76.4%
2024 43% 32.8% 23.3% 70.5%
2025 44.9% 33.8% 18.8% 66.4%

Government deficit by year

In 2024, Bosnia and Herzegovina's government deficit, the difference between spending and revenue, was -$465M, equivalent to -1.64% of GDP. This compares to Ghana's deficit of -$6.36B, or -7.68% of GDP.

Over the past 27 years, Bosnia and Herzegovina recorded a fiscal deficit in 19 of those years, while Ghana ran a deficit in 27 years. On average, Bosnia and Herzegovina posted an annual deficit equal to -1.41% of GDP, compared to deficit of -6.11% of GDP for Ghana.

Deficit/surplus
Bosnia and Herzegovina

Ghana
Year Deficit/surplus, % of GDP
Bosnia Ghana
1962 - -5.04%
1963 - -5.66%
1964 - -3.72%
1965 - -3.29%
1966 - -1.29%
1967 - -2.32%
1968 - -2.34%
1969 - -2.67%
1970 - -2.35%
1971 - 0.13%
1972 - -2.19%
1973 - -2.64%
1974 - -2.06%
1975 - -4.05%
1976 - -5.53%
1977 - -4.68%
1978 - -1.21%
1979 - -3.61%
1980 - -4.9%
1981 - -3.85%
1982 - -2.05%
1983 - -1.18%
1984 - -1.03%
1985 - -1.25%
1986 - -1.35%
1987 - -1%
1988 - -1.16%
1989 - -0.88%
1990 - -1.93%
1991 - -1.47%
1992 - -4.5%
1993 - -5.39%
1994 - -4.99%
1995 - -4.52%
1996 - -5.61%
1997 - -6.14%
1998 -0.98% -5.27%
1999 -2.78% -5.64%
2000 -4.63% -3.98%
2001 -3.44% -3.64%
2002 -2.99% -2.73%
2003 -0.44% -1.99%
2004 -0.18% -2.02%
2005 0.74% -1.87%
2006 2.08% -3.11%
2007 0.17% -4.91%
2008 -3.82% -5.56%
2009 -5.34% -5.05%
2010 -4.06% -7.13%
2011 -2.73% -5.47%
2012 -2.68% -8.36%
2013 -1.28% -9.12%
2014 -2.87% -7.81%
2015 -0.19% -4.01%
2016 0.34% -6.75%
2017 1.79% -3.97%
2018 1.63% -6.79%
2019 1.37% -7.52%
2020 -4.5% -17.4%
2021 -0.18% -12%
2022 0.15% -11.8%
2023 -1.67% -3.37%
2024 -1.64% -7.68%
2025 -2.19% -2.76%

Inflation comparison by year

Over the past 29 years, Bosnia and Herzegovina has recorded an average annual inflation rate of 1.87%, compared with 18.6% in Ghana. In 2024, inflation was 4% in Bosnia and Herzegovina and 22.8% in Ghana.

Inflation
Bosnia and Herzegovina

Ghana
Year Inflation
Bosnia Ghana Bosnia Ghana
1996 -11.7% 46.6%
1997 5.7% 27.9%
1998 -0.3% 14.6%
1999 2.8% 4.87%
2000 5% 40.2%
2001 3.2% 41.5%
2002 0.3% 9.36%
2003 0.5% 29.8%
2004 0.3% 18%
2005 3.6% 15.4%
2006 6.1% 11.7%
2007 1.5% 10.7%
2008 7.4% 16.5%
2009 -0.4% 19.2%
2010 2.1% 10.7%
2011 4% 8.73%
2012 2.1% 11.2%
2013 -0.1% 11.7%
2014 -0.9% 15.5%
2015 -1% 17.1%
2016 -1.6% 17.5%
2017 0.8% 12.4%
2018 1.4% 7.81%
2019 0.6% 7.14%
2020 -1.1% 9.89%
2021 2% 9.97%
2022 14% 31.3%
2023 6.1% 38.1%
2024 1.7% 22.8%
2025 4% -

Top exports between countries

Bosnia
Export category Export value
Machinery & equipment $309K
Raw materials & minerals $109K
Wood & paper products $20K
Animal & marine products $7K
Metals $5K
Textiles & consumer goods $5K
Ghana
Export category Export value
Raw agricultural goods $376K
Metals $55K
Wood & paper products $29K

Balance of trade

Bosnia Ghana
Current account balance
-$1.03B
2024
$1.68B
2024
Current account balance ranking
122/189
2024
48/189
2024
Current account balance, % of GDP
-3.63%
2024
+2.03%
2024
Goods imports
$14.8B
2024
$15.4B
2024
Goods exports
$8.36B
2024
$19.2B
2024
Service imports
$1.27B
2024
$11.5B
2024
Service exports
$3.74B
2024
$9.27B
2024
Imports of goods and services, % of GDP
57.2%
2024
34.1%
2024
Exports of goods and services, % of GDP
42.8%
2024
35.3%
2024

Economic freedom indices

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

Bosnia Ghana
Economic freedom 63.5 56
Economic freedom ranking 77/197 124/197
Property rights 48.3 50.5
Government integrity 36.2 45.8
Judicial effectiveness 33.9 58.2
Tax burden 93.6 79.9
Government spending 51.2 81.6
Fiscal health 97.9 6.2
Business freedom 67.1 56.6
Labor freedom 66.2 55.9
Monetary freedom 72.5 52.7
Trade freedom 70 64.4
Investment freedom 65 60
Financial freedom 60 60

Economic freedom by year comparison

The Economic Freedom Index for Bosnia and Herzegovina is 63.5, ranking 77/197, compared to 56 for Ghana, ranking 124/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Bosnia and Herzegovina
Ghana
Year Economic freedom index
Bosnia Ghana
1995 - 55.6
1996 - 57.7
1997 - 56.7
1998 29.4 57
1999 29.4 57.9
2000 45.1 58.1
2001 36.6 58
2002 37.4 57.2
2003 40.6 58.2
2004 44.7 59.1
2005 48.8 56.5
2006 55.6 55.6
2007 54.4 57.6
2008 53.9 57
2009 53.1 58.1
2010 56.2 60.2
2011 57.5 59.4
2012 57.3 60.7
2013 57.3 61.3
2014 58.4 64.2
2015 59 63
2016 58.6 63
2017 60.2 56.2
2018 61.4 56
2019 61.9 57.5
2020 62.6 59.4
2021 62.9 59.2
2022 63.4 59.8
2023 62.9 58
2024 62 55.8
2025 63.5 56

More economic indicators

Bosnia Ghana
Services, % of GDP
58%
2024
43.9%
2024
Industry, % of GDP
22%
2024
28.8%
2024
Agriculture, forestry, and fishing, % of GDP
4.25%
2024
20.7%
2024
GNI, Atlas method
$27.3B
2024
$79.8B
2024
GNI per capita, PPP
$21,900
2024
$7,730
2024
Total reserves including gold
$9.42B
2024
$3.62B
2023
Total reserves ranking
79/177
2024
112/177
2023
Net foreign direct investment
-$885M
2024
-$1.76B
2024
Net inflows of foreign direct investment
$1B
2024
$1.77B
2024
Net outflows of foreign direct investment
$119M
2024
$5.37M
2024
Servicing debt to the IMF, % of GNI
6.11%
2023
1.71%
2023
Poverty at national poverty lines
16.9%
2015
23.4%
2016
Gross capital formation, % of GDP
30.8%
2024
9.96%
2024

GDP per capita map

GDP per capita

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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.