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Economy of Ghana vs Marshall Islands compared: GDP & Debt

Updated on by Georank

Ghana has a GDP of $114B compared to $308M for the Marshall Islands, ranking 69/197 and 194/197 by economy size, respectively.

Ghana has $55.8B in government debt (48.8% of GDP), compared to $36.3M (11.8% of GDP) in the Marshall Islands.

Ghana vs Marshall Islands GDP by year

Ghana
Marshall Islands
1x
Year GDP, current $
Ghana Marshall Islands
2025 $114,209,905,279 $308,000,000
2024 $83,288,585,604 $285,000,000
2023 $80,547,146,876 $264,000,000
2022 $73,919,003,212 $258,723,500
2021 $79,514,204,730 $261,245,500
2020 $70,008,243,860 $241,800,000
2019 $68,352,629,246 $232,900,000
2018 $67,259,353,966 $220,000,000
2017 $60,385,409,435 $213,700,000
2016 $56,144,179,398 $201,800,000
2015 $49,436,806,230 $183,700,000
2014 $54,678,533,806 $186,000,000
2013 $62,845,721,960 $186,400,000
2012 $41,271,701,061 $180,700,000
2011 $39,336,668,081 $172,300,000
2010 $32,197,655,567 $161,100,000
2009 $26,048,720,006 $151,200,000
2008 $28,679,383,241 $146,600,000
2007 $24,827,339,138 $150,500,000
2006 $20,885,037,597 $143,200,000
2005 $10,744,568,381 $138,000,000
2004 $8,881,417,907 $132,900,000
2003 $7,632,723,556 $131,128,500
2002 $6,166,197,848 $131,960,000
2001 $5,314,872,854 $122,406,100
2000 $4,982,850,662 $114,838,500
1999 $7,718,109,982 $113,352,100
1998 $7,482,069,162 $112,070,100
1997 $6,891,443,192 $109,884,700
1996 $6,932,991,739 $110,858,000
1995 $6,464,382,808 $120,230,000
1994 $5,446,383,727 $108,071,000
1993 $5,968,922,939 $99,461,000
1992 $6,416,103,926 $91,063,000
1991 $6,603,185,268 $82,507,000
1990 $5,889,106,573 $78,476,000
1989 $5,251,858,440 $72,798,000
1988 $5,197,765,032 $70,688,000
1987 $5,074,829,932 $62,983,000
1986 $5,735,677,434 $55,989,000
1985 $4,504,306,723 $43,879,000
1984 $4,412,279,843 $45,144,000
1983 $4,057,275,132 $41,749,000
1982 $4,035,994,398 $34,918,000
1981 $4,222,441,860 $31,020,000
1980 $4,445,228,216 $26,710,653
1979 $4,020,227,920 $25,545,346
1978 $3,662,478,185 $22,209,370
1977 $3,189,428,571 $20,210,069
1976 $2,765,254,237 $18,153,647
1975 $2,810,106,383 $16,691,301
1974 $2,894,409,938 $15,217,532
1973 $3,006,766,758 $11,607,366
1972 $2,112,293,280 $9,973,652
1971 $2,417,108,578 $9,116,810
1970 $2,215,028,588 $8,408,486
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/ghana/marshall-islands | CC BY

GDP per capita in Ghana vs Marshall Islands by year

Ghana
GDP per capita

GDP per capita, PPP
Marshall Islands
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ghana Marshall Islands
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $3,257 - $8,489 -
2024 $2,419 $8,020 $7,590 $8,195
2023 $2,384 $7,556 $6,799 $7,549
2022 $2,230 $7,208 $6,456 $7,431
2021 $2,445 $6,608 $6,315 $6,768
2020 $2,195 $6,047 $5,662 $6,137
2019 $2,187 $6,003 $5,292 $6,045
2018 $2,195 $5,536 $4,858 $5,232
2017 $2,012 $5,171 $4,593 $4,719
2016 $1,912 $5,011 $4,230 $4,366
2015 $1,723 $5,191 $3,764 $4,125
2014 $1,950 $5,517 $3,735 $3,931
2013 $2,295 $5,215 $3,678 $3,845
2012 $1,544 $4,934 $3,514 $3,590
2011 $1,507 $4,381 $3,319 $3,537
2010 $1,264 $3,855 $3,095 $3,473
2009 $1,048 $3,617 $2,907 $3,253
2008 $1,183 $3,516 $2,818 $3,118
2007 $1,050 $3,241 $2,892 $3,309
2006 $906 $3,103 $2,754 $3,110
2005 $479 $2,904 $2,659 $3,017
2004 $406 $2,729 $2,566 $2,880
2003 $358 $2,584 $2,539 $2,824
2002 $297.5 $2,475 $2,566 $2,825
2001 $263.5 $2,397 $2,394 $2,700
2000 $253.7 $2,315 $2,265 $2,490
1999 $403 $2,239 $2,258 $2,400
1998 $400 $2,167 $2,254 $2,422
1997 $378 $2,097 $2,231 $2,434
1996 $389 $2,026 $2,273 $2,583
1995 $372 $1,947 $2,491 $2,858
1994 $321 $1,875 $2,265 $2,617
1993 $360 $1,821 $2,112 $2,452
1992 $396 $1,739 $1,963 $2,293
1991 $418 $1,678 $1,811 $2,131
1990 $383 $1,581 $1,758 $2,102
1989 $350 - $1,670 -
1988 $355 - $1,670 -
1987 $355 - $1,543 -
1986 $411 - $1,425 -
1985 $330 - $1,162 -
1984 $330 - $1,245 -
1983 $311 - $1,199 -
1982 $319 - $1,046 -
1981 $344 - $969 -
1980 $372 - $868 -
1979 $347 - $859 -
1978 $326 - $771 -
1977 $292.3 - $724 -
1976 $261 - $672 -
1975 $273 - $638 -
1974 $289.4 - $602 -
1973 $310 - $472 -
1972 $223.8 - $416 -
1971 $263.4 - $390 -
1970 $248.2 - $373 -
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/ghana/marshall-islands | CC BY

Ghana's GDP per capita is $3,257, ranking 139/197, compared to $8,489 in the Marshall Islands, ranking 95/197. Adjusted for purchasing power (GDP per capita PPP), Ghana ranks 140th at $8,020, while the Marshall Islands ranks 139th at $8,195.

Economic indicators

Ghana Marshall Islands
Gross domestic product
$114B
2025
$308M
2025
GDP rank
69/197
2025
194/197
2025
GDP growth
5.95%
2024-2025
2.28%
2024-2025
GDP per capita
$3,257
2025
$8,489
2025
GDP per capita rank
139/197
2025
95/197
2025
GDP per capita, PPP
$8,020
2024
$8,195
2024
GDP per capita PPP rank
140/197
2024
139/197
2024
Government debt
$55.8B
2025
$36.3M
2025
Debt-to-GDP ratio
48.8%
2025
11.8%
2025
Government debt per person
$1,590
2025
$1,000
2025
Government debt per person rank
128/185
2025
144/185
2025
Average annual personal income after taxes
$2,135
2026
$5,308
2026
Market capitalization of domestic companies
$16.4B
2025
n/a
Income share by richest 10%
32.2%
2016
27.5%
2019
Income share by poorest 10%
1.6%
2016
2.8%
2019
Government expenditure, % of GDP
17%
2025
65.3%
2025
Consumer prices inflation
14.2%
2024-2025
5.5%
2024-2025
Central bank interest rate
14%
2026
n/a
Unemployment rate
3.97%
2024
9.82%
2021
Population
36032857
35039

Spending and national debt comparison by year

Ghana
Spending

Debt
Marshall Islands
Spending

Debt
1x
Year % of GDP
Ghana Marshall Islands
Government spending Government debt Government spending Government debt
2025 17% 48.8% 65.3% 11.8%
2024 22% 70.3% 70.9% 14.2%
2023 18.5% 79.1% 67.5% 18.2%
2022 27.5% 92.7% 65.8% 19.6%
2021 27.2% 86.9% 69.2% 19.9%
2020 31.5% 79.1% 67.8% 21.7%
2019 22.5% 62.9% 65.5% 25.1%
2018 20.9% 62% 60.5% 24.7%
2017 17.6% 57% 63.7% 26.5%
2016 19.9% 55.9% 56.8% 29.2%
2015 18.6% 53.9% 56.3% 33.9%
2014 21% 50.1% 49.2% 34.9%
2013 21.6% 42.9% 55% 33.4%
2012 22.1% 35.5% 53.2% 37.6%
2011 19.5% 31.2% 55.9% 35.9%
2010 19% 32.9% 59.2% 38.8%
2009 16.6% 25.4% 63.1% 41.2%
2008 16.6% 23.2% 64.3% 44.1%
2007 16.8% 21.1% 67.2% 42.2%
2006 14.4% 17.3% 61.2% 44.4%
2005 12.9% 31.7% 85.3% 45.8%
2004 13.7% 38.4% 54.5% 46.8%
2003 12.1% 49.3% 52.9% 43.7%
2002 10.7% 54.1% 55.2% 37.2%
2001 13.8% 57.8% 58.8% 32.7%
2000 12% 74.5% 56.5% 27.3%
1999 11.1% 51.7% 48.7% 26.1%
1998 11.8% 37.6% 50.5% 18.1%
1997 12% 45.2% 55% 8.73%
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/ghana/marshall-islands | CC BY

In 2025, Ghana's government spending was $19.4B, accounting for 17% of its GDP, while the Marshall Islands spent $201M, or 65.3% of GDP.

Debt-to-GDP ratio is 48.8% in Ghana and 11.8% in the Marshall Islands, ranking 108/185 and 180/185, respectively.

Government deficit by year

Deficit/surplus
Ghana

Marshall Islands
1x
Year Deficit/surplus, % of GDP
Ghana Marshall Islands
2025 -1.35% 1.35%
2024 -6.23% 2.62%
2023 -3.37% 1.01%
2022 -11.8% 0.51%
2021 -12% 0.18%
2020 -17.4% 2.54%
2019 -7.52% -1.8%
2018 -6.79% 2.55%
2017 -3.97% 4.38%
2016 -6.75% 3.88%
2015 -4.01% 2.81%
2014 -7.81% 3.2%
2013 -9.12% -0.23%
2012 -8.36% -0.76%
2011 -5.47% 2.13%
2010 -7.13% 3.51%
2009 -5.05% 1.51%
2008 -5.56% 3.68%
2007 -4.91% 0.27%
2006 -3.11% 0.24%
2005 -1.87% -22.3%
2004 -2.02% -1.6%
2003 -1.99% 10.5%
2002 -2.73% 5.12%
2001 -3.64% 7.83%
2000 -3.98% 7.84%
1999 -5.64% 9.01%
1998 -5.27% 13.5%
1997 -6.14% 7.91%
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/ghana/marshall-islands | CC BY

In 2025, Ghana's government deficit, the difference between spending and revenue, was $1.54B, equivalent to 1.35% of GDP. This compares to the Marshall Islands' surplus of $4.17M, or 1.35% of GDP.

Over the past 29 years, Ghana recorded a fiscal deficit in 29 of those years, while the Marshall Islands ran a deficit in 5 years. On average, Ghana posted an annual deficit equal to 5.9% of GDP, compared to surplus of 2.46% of GDP for the Marshall Islands.

Inflation comparison by year

Inflation
Ghana

Marshall Islands
1x
Year Consumer prices inflation
Ghana Marshall Islands
2025 14.2% 5.5%
2024 22.8% 5.2%
2023 38.1% 7.4%
2022 31.3% 2.8%
2021 9.97% 2.2%
2020 9.89% -0.7%
2019 7.14% -0.1%
2018 7.81% 0.8%
2017 12.4% 0.1%
2016 17.5% -1.5%
2015 17.1% -2.2%
2014 15.5% 1.1%
2013 11.7% 1.9%
2012 11.2% 4.3%
2011 8.73% 5.4%
2010 10.7% 1.8%
2009 19.2% 0.5%
2008 16.5% 14.7%
2007 10.7% 2.6%
2006 11.7% 5.3%
2005 15.4% 3.5%
2004 18% 2%
2003 29.8% -
2002 9.36% -
2001 41.5% -
2000 40.2% -
1999 4.87% -
1998 14.6% -
1997 27.9% -

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | World Economic Outlook (2004–2025, retrieved 2026-07-08).

GeoRank.org/economy/ghana/marshall-islands | CC BY

Over the past 22 years, Ghana has recorded an average annual inflation rate of 15.3%, compared with 2.85% in the Marshall Islands. In 2025, inflation was 14.2% in Ghana and 5.5% in the Marshall Islands.

Top exports between countries

Ghana
Export category Export value
Marshall Islands
Export category Export value
Raw materials & minerals $3.76M
Machinery & equipment $239K
Metals $131K
Textiles & consumer goods $2K

Balance of trade

Ghana Marshall Islands
Current account balance
$9.39B
2025
$62.3M
2024
Current account balance ranking
25/190
2025
67/190
2024
Current account balance, % of GDP
+8.22%
2025
+21.9%
2024
Goods imports
$17.5B
2025
$173M
2024
Goods exports
$31.2B
2025
$101M
2024
Service imports
$14.6B
2025
$64.2M
2024
Service exports
$10.1B
2025
$21.1M
2024
Imports of goods and services, % of GDP
33.9%
2024
79.9%
2025
Exports of goods and services, % of GDP
35.1%
2024
36%
2025

Economic freedom indices

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

Ghana Marshall Islands
Economic freedom 57.3 58
Economic freedom ranking 118/197 113/197
Property rights 50.2 n/a
Government integrity 45.4 n/a
Judicial effectiveness 57.5 n/a
Tax burden 79.4 n/a
Government spending 84 n/a
Fiscal health 10.1 n/a
Business freedom 64.5 n/a
Labor freedom 54.9 n/a
Monetary freedom 56.7 n/a
Trade freedom 65.2 n/a
Investment freedom 60 n/a
Financial freedom 60 n/a

Other economic metrics

Ghana Marshall Islands
Services, % of GDP
42.9%
2025
68.2%
2024
Industry, % of GDP
29.3%
2025
13.4%
2024
Agriculture, forestry, and fishing, % of GDP
21.3%
2025
19.9%
2024
GNI, Atlas method
$92.3B
2025
$352M
2025
GNI per capita, PPP
$8,080
2025
$10,590
2025
Total reserves including gold
$4.47B
2024
n/a
Total reserves ranking
108/177
2024
n/a
Net foreign direct investment
-$1.87B
2025
-$13.4M
2024
Net inflows of foreign direct investment
$1.77B
2024
$13.4M
2024
Net outflows of foreign direct investment
$5.37M
2024
$0
2024
Servicing debt to the IMF, % of GNI
3.5%
2024
n/a
Poverty at national poverty lines
23.4%
2016
7.2%
2019
Gross capital formation, % of GDP
9.9%
2024
21.1%
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/ghana/marshall-islands | 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 (1962–1989, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-07-08)
  6. TradeMap (2024, 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.