Skip to content

Economy of Ghana vs Lesotho compared: GDP & Debt

Updated on by Georank team

Ghana has a GDP of $82.3B compared to $2.27B for Lesotho, ranking 80/197 and 175/197 by economy size, respectively.

Ghana has $57.9B in government debt (70.3% of GDP), compared to $1.29B (56.8% of GDP) in Lesotho.

Ghana vs Lesotho GDP by year

Ghana
Lesotho
1x
Year GDP, current $
Ghana Lesotho
2024 $82,308,110,386 $2,271,759,455
2023 $80,547,146,878 $2,117,962,445
2022 $73,919,003,210 $2,354,980,960
2021 $79,514,204,730 $2,412,130,057
2020 $70,008,243,860 $2,053,699,864
2019 $68,352,629,246 $2,390,702,296
2018 $67,259,353,966 $2,556,247,292
2017 $60,385,409,435 $2,306,741,672
2016 $56,144,179,398 $2,114,426,452
2015 $49,436,806,230 $2,359,686,725
2014 $54,678,533,806 $2,441,063,054
2013 $62,845,721,960 $2,367,112,932
2012 $41,271,701,061 $2,477,702,216
2011 $39,336,668,081 $2,579,409,620
2010 $32,197,655,567 $2,234,754,242
2009 $26,048,720,006 $1,740,894,965
2008 $28,679,383,241 $1,766,902,709
2007 $24,827,339,138 $1,682,131,785
2006 $20,885,037,597 $1,800,092,564
2005 $10,744,568,381 $1,682,343,527
2004 $8,881,417,907 $1,511,236,656
2003 $7,632,723,556 $1,157,825,435
2002 $6,166,197,848 $775,777,239
2001 $5,314,872,854 $825,706,961
2000 $4,982,850,662 $887,291,688
1999 $7,718,109,982 $912,773,681
1998 $7,482,069,162 $928,460,893
1997 $6,891,443,192 $998,004,259
1996 $6,932,991,739 $946,112,493
1995 $6,464,382,808 $1,001,894,000
1994 $5,446,383,727 $878,250,945
1993 $5,968,922,939 $835,582,062
1992 $6,416,103,926 $831,029,862
1991 $6,603,185,268 $704,325,367
1990 $5,889,106,573 $596,410,264
1989 $5,251,858,440 $495,409,233
1988 $5,197,765,032 $470,395,801
1987 $5,074,829,932 $402,768,324
1986 $5,735,677,434 $318,858,423
1985 $4,504,306,723 $268,629,926
1984 $4,412,279,843 $333,163,670
1983 $4,057,275,132 $386,699,309
1982 $4,035,994,398 $348,741,684
1981 $4,222,441,860 $434,188,034
1980 $4,445,228,216 $431,542,537
1979 $4,020,227,920 $290,134,593
1978 $3,662,478,185 $266,570,067
1977 $3,189,428,571 $193,315,048
1976 $2,765,254,237 $147,660,037
1975 $2,810,106,383 $149,558,896
1974 $2,894,409,938 $150,851,317
1973 $3,006,766,758 $121,188,716
1972 $2,112,293,280 $80,913,200
1971 $2,417,108,578 $76,480,285
1970 $2,215,028,588 $68,739,973
1969 $1,962,050,556 $65,967,974
1968 $1,666,909,518 $61,445,975
1967 $1,747,187,645 $59,261,976
1966 $2,126,300,672 $56,699,977
1965 $2,053,462,968 $54,879,978
1964 $1,731,296,200 $51,939,979
1963 $1,540,797,589 $47,039,981
1962 $1,382,515,654 $41,859,983
1961 $1,302,674,325 $35,699,986
1960 $1,217,230,095 $34,579,986

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Ghana vs Lesotho by year

Ghana
GDP per capita

GDP per capita, PPP
Lesotho
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ghana Lesotho
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $2,391 $8,020 $972 $3,001
2023 $2,384 $7,556 $916 $2,881
2022 $2,230 $7,208 $1,030 $2,761
2021 $2,445 $6,608 $1,067 $2,545
2020 $2,195 $6,047 $919 $2,559
2019 $2,187 $6,003 $1,082 $2,568
2018 $2,195 $5,536 $1,171 $2,632
2017 $2,012 $5,171 $1,069 $2,619
2016 $1,912 $5,011 $992 $2,942
2015 $1,723 $5,191 $1,121 $3,035
2014 $1,950 $5,517 $1,174 $2,771
2013 $2,295 $5,215 $1,151 $2,538
2012 $1,544 $4,934 $1,218 $2,291
2011 $1,507 $4,381 $1,281 $2,279
2010 $1,264 $3,855 $1,119 $2,153
2009 $1,048 $3,617 $879 $2,036
2008 $1,183 $3,516 $898 $2,064
2007 $1,050 $3,241 $861 $1,932
2006 $906 $3,103 $925 $1,813
2005 $479 $2,904 $861 $1,681
2004 $406 $2,729 $767 $1,561
2003 $358 $2,584 $583 $1,484
2002 $297.5 $2,475 $389 $1,385
2001 $263.5 $2,397 $413 $1,350
2000 $253.7 $2,315 $443 $1,273
1999 $403 $2,239 $456 $1,199
1998 $400 $2,167 $465 $1,179
1997 $378 $2,097 $502 $1,154
1996 $389 $2,026 $480 $1,103
1995 $372 $1,947 $513 $1,037
1994 $321 $1,875 $456 $995
1993 $360 $1,821 $439 $932
1992 $396 $1,739 $444 $893
1991 $418 $1,678 $382 $830
1990 $383 $1,581 $330 $764
1989 $350 - $279 -
1988 $355 - $270.4 -
1987 $355 - $236.5 -
1986 $411 - $191.4 -
1985 $330 - $165.4 -
1984 $330 - $211 -
1983 $311 - $252 -
1982 $319 - $233.9 -
1981 $344 - $299.8 -
1980 $372 - $307 -
1979 $347 - $212.4 -
1978 $326 - $200.8 -
1977 $292.3 - $149.9 -
1976 $261 - $117.8 -
1975 $273 - $123.2 -
1974 $289.4 - $128.7 -
1973 $310 - $107 -
1972 $223.8 - $74 -
1971 $263.4 - $72.4 -
1970 $248.2 - $67.4 -
1969 $225.8 - $67.1 -
1968 $196.7 - $64.8 -
1967 $211.2 - $64.8 -
1966 $263.3 - $64.3 -
1965 $260.5 - $64.3 -
1964 $225 - $62.6 -
1963 $205 - $58.4 -
1962 $188.4 - $53.5 -
1961 $181.9 - $47 -
1960 $174.9 - $47 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

Ghana's GDP per capita is $2,391, ranking 151/197, compared to $972 in Lesotho, ranking 181/197. Adjusted for purchasing power (GDP per capita PPP), Ghana ranks 140th at $8,020, while Lesotho ranks 180th at $3,001.

Economic indicators

Ghana Lesotho
Gross domestic product
$82.3B
2024
$2.27B
2024
GDP rank
80/197
2024
175/197
2024
GDP growth
5.59%
2023-2024
2.85%
2023-2024
GDP per capita
$2,391
2024
$972
2024
GDP per capita rank
151/197
2024
181/197
2024
GDP per capita, PPP
$8,020
2024
$3,001
2024
GDP per capita PPP rank
140/197
2024
180/197
2024
Government debt
$57.9B
2024
$1.29B
2024
Debt-to-GDP ratio
70.3%
2024
56.8%
2024
Government debt per person
$1,682
2024
$552
2024
Government debt per person rank
123/185
2024
164/185
2024
Average annual personal income after taxes
$2,110
2026
$6,545
2026
Market capitalization of domestic companies
$7.58B
2024
n/a
Income share by richest 10%
32.2%
2016
32.9%
2017
Income share by poorest 10%
1.6%
2016
1.7%
2017
Government expenditure, % of GDP
23.2%
2024
53.5%
2024
Consumer prices inflation
22.8%
2023-2024
6.11%
2023-2024
Central bank interest rate
25%
2025
6.5%
2025
Unemployment rate
2.87%
2022
18.7%
2024
Population
35885254
2396633

Spending and national debt comparison by year

Ghana
Spending

Debt
Lesotho
Spending

Debt
1x
Year % of GDP
Ghana Lesotho
Government spending Government debt Government spending Government debt
2024 23.2% 70.3% 53.5% 56.8%
2023 18.5% 79.1% 49.4% 61.5%
2022 27.5% 92.7% 50.8% 64.4%
2021 27.2% 86.9% 53.8% 58%
2020 31.5% 79.1% 54.4% 54.7%
2019 22.5% 62.9% 53.6% 58.2%
2018 20.9% 62% 51.9% 48.2%
2017 17.6% 57% 50.4% 41%
2016 19.9% 55.9% 54.1% 41.5%
2015 18.6% 53.9% 51.7% 45.8%
2014 21% 50.1% 50.1% 41.5%
2013 21.6% 42.9% 58.4% 41.2%
2012 22.1% 35.5% 58.1% 39.8%
2011 19.5% 31.2% 60.2% 36.2%
2010 19% 32.9% 55.3% 33.8%
2009 16.6% 25.4% 66.4% 35.9%
2008 16.6% 23.2% 54.1% 47%
2007 16.8% 21.1% 48.1% 49.6%
2006 14.4% 17.3% 43.2% 43.7%
2005 12.9% 31.7% 37.6% 41%
2004 13.7% 38.4% 36.3% 49.4%
2003 12.1% 49.3% 39.8% 52.6%
2002 10.7% 54.1% 41.2% 79.6%
2001 13.8% 57.8% 41.4% 108.7%
2000 12% 74.5% 39.3% 88.5%
1999 11.1% 51.7% 50.8% 83%
1998 11.8% 37.6% 51.4% 79.4%
1997 12% 45.2% 44.6% 65.7%
1996 12.4% 42.9% 41.5% 71.6%
1995 13% 47.6% 42.1% 62.8%
1994 12.7% 50.6% 40.2% 67%
1993 12.1% 34.1% 36% 71.2%
1992 9.2% 21.3% 35.3% 64.4%
1991 7.09% 17.3% 31.3% 11.9%
1990 6.59% 17.8% 32.9% 18%
1989 7.24% 23% 35.8% 112.5%
1988 7.23% 23.5% 35.3% 105.2%
1987 7.32% 26.8% 40.3% 97.4%
1986 7.29% 18.2% 33.2% 92.5%
1985 6.08% 14.4% 32.8% 86.3%
1984 4.64% 13% 26.8% 57.2%
1983 3.49% 9.21% 27.2% 56.7%
1982 4.73% 8.51% 29.9% 61.4%
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 (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-02-20).

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

In 2024, Ghana's government spending was $19.1B, accounting for 23.2% of its GDP, while Lesotho spent $1.22B, or 53.5% of GDP.

Debt-to-GDP ratio is 70.3% in Ghana and 56.8% in Lesotho, ranking 57/185 and 92/185, respectively.

Government deficit by year

Deficit/surplus
Ghana

Lesotho
1x
Year Deficit/surplus, % of GDP
Ghana Lesotho
2024 -7.31% 9.04%
2023 -3.37% 7.31%
2022 -11.8% -6.41%
2021 -12% -4.95%
2020 -17.4% 1.18%
2019 -7.52% -5.72%
2018 -6.79% -4.41%
2017 -3.97% -2.02%
2016 -6.75% -9.43%
2015 -4.01% -1.38%
2014 -7.81% 3.16%
2013 -9.12% -2.58%
2012 -8.36% 4.56%
2011 -5.47% -9.85%
2010 -7.13% -1.49%
2009 -5.05% -4.16%
2008 -5.56% 8.1%
2007 -4.91% 10.8%
2006 -3.11% 11.6%
2005 -1.87% 4.46%
2004 -2.02% 6.05%
2003 -1.99% 0.89%
2002 -2.73% -2.44%
2001 -3.64% -2.76%
2000 -3.98% -0.95%
1999 -5.64% -15.3%
1998 -5.27% -11.8%
1997 -6.14% 0.27%
1996 -5.61% 2.11%
1995 -4.52% 5.13%
1994 -4.99% 5.69%
1993 -5.39% 7.55%
1992 -4.5% 4.65%
1991 -1.47% 9.74%
1990 -1.93% 8.78%
1989 -0.81% 3.88%
1988 -1.08% -1.87%
1987 -0.92% -2.85%
1986 -1.26% 0.87%
1985 -1.19% 1.68%
1984 -0.98% 4.82%
1983 -1.13% 1.85%
1982 -2.03% -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 (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-02-20).

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

In 2024, Ghana's government deficit, the difference between spending and revenue, was $6.02B, equivalent to 7.31% of GDP. This compares to Lesotho's surplus of $205M, or 9.04% of GDP.

Over the past 43 years, Ghana recorded a fiscal deficit in 43 of those years, while Lesotho ran a deficit in 19 years. On average, Ghana posted an annual deficit equal to 4.85% of GDP, compared to surplus of 0.74% of GDP for Lesotho.

Inflation comparison by year

Inflation
Ghana

Lesotho
1x
Year Consumer prices inflation
Ghana Lesotho
2024 22.8% 6.11%
2023 38.1% 6.34%
2022 31.3% 8.27%
2021 9.97% 6.05%
2020 9.89% 4.98%
2019 7.14% 5.19%
2018 7.81% 4.75%
2017 12.4% 4.45%
2016 17.5% 6.6%
2015 17.1% 3.22%
2014 15.5% 5.37%
2013 11.7% 4.87%
2012 11.2% 6.05%
2011 8.73% 5.04%
2010 10.7% -2.41%
2009 19.2% -16.9%
2008 16.5% 10.7%
2007 10.7% 8.01%
2006 11.7% 6.07%
2005 15.4% 3.44%
2004 18% 5.02%
2003 29.8% 6.63%
2002 9.36% 33.8%
2001 41.5% -9.62%
2000 40.2% 6.13%
1999 4.87% -
1998 14.6% -
1997 27.9% -

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 25 years, Ghana has recorded an average annual inflation rate of 17.8%, compared with 5.13% in Lesotho. In 2024, inflation was 22.8% in Ghana and 6.11% in Lesotho.

Top exports between countries

Ghana
Export category Export value
Textiles & consumer goods $13K
Chemicals & pharma $2K
Machinery & equipment $2K
Lesotho
Export category Export value
Textiles & consumer goods $39K
Miscellaneous $11K
Chemicals & pharma $2K

Balance of trade

Ghana Lesotho
Current account balance
$1.68B
2024
$89.2M
2024
Current account balance ranking
49/190
2024
68/190
2024
Current account balance, % of GDP
+2.04%
2024
+3.93%
2024
Goods imports
$15.4B
2024
$1.67B
2024
Goods exports
$19.2B
2024
$965M
2024
Service imports
$11.5B
2024
$415M
2024
Service exports
$9.27B
2024
$15.4M
2024
Imports of goods and services, % of GDP
34.3%
2024
98.6%
2023
Exports of goods and services, % of GDP
35.5%
2024
42.9%
2023

Economic freedom indices

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

Ghana Lesotho
Economic freedom 57.3 54.9
Economic freedom ranking 118/197 130/197
Property rights 50.2 41.7
Government integrity 45.4 39.6
Judicial effectiveness 57.5 43.6
Tax burden 79.4 76.4
Government spending 84 21.3
Fiscal health 10.1 93.5
Business freedom 64.5 50.6
Labor freedom 54.9 57
Monetary freedom 56.7 74.8
Trade freedom 65.2 65.4
Investment freedom 60 55
Financial freedom 60 40

Economic freedom comparison by year

Ghana
Lesotho
1x
Year Economic freedom index
Ghana Lesotho
2026 57.3 54.9
2025 56 54.1
2024 55.8 51.9
2023 58 51.6
2022 59.8 48.1
2021 59.2 53.5
2020 59.4 54.5
2019 57.5 53.1
2018 56 53.9
2017 56.2 53.9
2016 63 50.6
2015 63 49.6
2014 64.2 49.5
2013 61.3 47.9
2012 60.7 46.6
2011 59.4 47.5
2010 60.2 48.1
2009 58.1 49.7
2008 57 52.1
2007 57.6 53.2
2006 55.6 54.7
2005 56.5 53.9
2004 59.1 50.3
2003 58.2 52
2002 57.2 48.9
2001 58 50.6
2000 58.1 48.4
1999 57.9 48.2
1998 57 48.4
1997 56.7 47.2
1996 57.7 47
1995 55.6 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Ghana is 57.3, ranking 118/197, compared to 54.9 for Lesotho, ranking 130/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ghana Lesotho
Services, % of GDP
40.9%
2024
48%
2024
Industry, % of GDP
31.5%
2024
30.9%
2024
Agriculture, forestry, and fishing, % of GDP
20.9%
2024
6.5%
2024
GNI, Atlas method
$79.5B
2024
$2.75B
2024
GNI per capita, PPP
$7,720
2024
$3,580
2024
Total reserves including gold
$3.62B
2023
$1.01B
2024
Total reserves ranking
112/177
2023
142/177
2024
Net foreign direct investment
-$1.76B
2024
$12.6M
2024
Net inflows of foreign direct investment
$1.77B
2024
-$12.6M
2024
Net outflows of foreign direct investment
$5.37M
2024
$0
2024
Servicing debt to the IMF, % of GNI
3.45%
2024
4.06%
2024
Poverty at national poverty lines
23.4%
2016
49.7%
2017
Gross capital formation, % of GDP
10%
2024
27.2%
2023

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

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

Compare countries by 7 more topics

Help us show the world through your eyes

Share a photo of your city and help others discover what it looks like to live there. Your contribution makes our data come alive.

Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

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.