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Economy of Ghana vs Mozambique compared: GDP & Debt

Updated on by Georank

Ghana has a GDP of $114B compared to $22.3B for Mozambique, ranking 69/197 and 127/197 by economy size, respectively.

Ghana has $55.8B in government debt (48.8% of GDP), compared to $22.9B (102.5% of GDP) in Mozambique.

Ghana vs Mozambique GDP by year

Ghana
Mozambique
1x
Year GDP, current $
Ghana Mozambique
2025 $114,209,905,279 $22,337,997,046
2024 $83,288,585,604 $22,752,244,245
2023 $80,547,146,876 $20,927,498,317
2022 $73,919,003,212 $18,884,232,599
2021 $79,514,204,730 $16,168,055,475
2020 $70,008,243,860 $14,235,420,174
2019 $68,352,629,246 $15,512,759,047
2018 $67,259,353,966 $15,017,358,953
2017 $60,385,409,435 $13,264,640,646
2016 $56,144,179,398 $12,069,051,237
2015 $49,436,806,230 $16,208,985,770
2014 $54,678,533,806 $17,978,246,586
2013 $62,845,721,960 $17,198,073,057
2012 $41,271,701,061 $16,688,114,144
2011 $39,336,668,081 $14,619,279,989
2010 $32,197,655,567 $11,411,894,724
2009 $26,048,720,006 $12,263,894,790
2008 $28,679,383,241 $12,920,340,965
2007 $24,827,339,138 $10,811,456,006
2006 $20,885,037,597 $9,509,835,537
2005 $10,744,568,381 $8,868,504,900
2004 $8,881,417,907 $7,937,255,565
2003 $7,632,723,556 $6,583,526,861
2002 $6,166,197,848 $5,950,769,427
2001 $5,314,872,854 $5,650,154,067
2000 $4,982,850,662 $5,930,685,215
1999 $7,718,109,982 $6,285,219,691
1998 $7,482,069,162 $5,551,118,149
1997 $6,891,443,192 $4,873,663,775
1996 $6,932,991,739 $4,030,146,135
1995 $6,464,382,808 $3,061,646,174
1994 $5,446,383,727 $2,958,108,170
1993 $5,968,922,939 $2,883,161,897
1992 $6,416,103,926 $2,798,696,511
1991 $6,603,185,268 $3,854,856,435
1990 $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/ghana/mozambique | CC BY

GDP per capita in Ghana vs Mozambique by year

Ghana
GDP per capita

GDP per capita, PPP
Mozambique
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ghana Mozambique
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $3,257 - $627 -
2024 $2,419 $8,020 $657 $1,705
2023 $2,384 $7,556 $622 $1,678
2022 $2,230 $7,208 $578 $1,582
2021 $2,445 $6,608 $510 $1,457
2020 $2,195 $6,047 $462 $1,412
2019 $2,187 $6,003 $519 $1,389
2018 $2,195 $5,536 $518 $1,326
2017 $2,012 $5,171 $471 $1,283
2016 $1,912 $5,011 $441 $1,379
2015 $1,723 $5,191 $611 $1,318
2014 $1,950 $5,517 $697 $1,166
2013 $2,295 $5,215 $687 $1,114
2012 $1,544 $4,934 $686 $1,076
2011 $1,507 $4,381 $618 $1,064
2010 $1,264 $3,855 $496 $1,000
2009 $1,048 $3,617 $548 $951
2008 $1,183 $3,516 $592 $916
2007 $1,050 $3,241 $508 $862
2006 $906 $3,103 $457 $798
2005 $479 $2,904 $437 $721
2004 $406 $2,729 $400 $673
2003 $358 $2,584 $339 $620
2002 $297.5 $2,475 $314 $580
2001 $263.5 $2,397 $305 $533
2000 $253.7 $2,315 $327 $472
1999 $403 $2,239 $354 $468
1998 $400 $2,167 $320 $422
1997 $378 $2,097 $287.5 $387
1996 $389 $2,026 $244.4 $350
1995 $372 $1,947 $191.8 $321
1994 $321 $1,875 $196.8 $326
1993 $360 $1,821 $205.2 $321
1992 $396 $1,739 $205.6 $292
1991 $418 $1,678 $288.7 $315
1990 $383 $1,581 - $296
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/ghana/mozambique | CC BY

Ghana's GDP per capita is $3,257, ranking 139/197, compared to $627 in Mozambique, ranking 193/197. Adjusted for purchasing power (GDP per capita PPP), Ghana ranks 140th at $8,020, while Mozambique ranks 192nd at $1,705.

Economic indicators

Ghana Mozambique
Gross domestic product
$114B
2025
$22.3B
2025
GDP rank
69/197
2025
127/197
2025
GDP growth
5.95%
2024-2025
-0.52%
2024-2025
GDP per capita
$3,257
2025
$627
2025
GDP per capita rank
139/197
2025
193/197
2025
GDP per capita, PPP
$8,020
2024
$1,705
2024
GDP per capita PPP rank
140/197
2024
192/197
2024
Government debt
$55.8B
2025
$22.9B
2025
Debt-to-GDP ratio
48.8%
2025
102.5%
2025
Government debt per person
$1,590
2025
$643
2025
Government debt per person rank
128/185
2025
158/185
2025
Average annual personal income after taxes
$2,135
2026
$1,324
2026
Market capitalization of domestic companies
$16.4B
2025
n/a
Income share by richest 10%
32.2%
2016
40.8%
2022
Income share by poorest 10%
1.6%
2016
1.7%
2022
Government expenditure, % of GDP
17%
2025
30.3%
2025
Consumer prices inflation
14.2%
2024-2025
4.4%
2024-2025
Central bank interest rate
14%
2026
9.25%
2026
Unemployment rate
3.97%
2024
6.79%
2022
Population
36032857
37173146

Spending and national debt comparison by year

Ghana
Spending

Debt
Mozambique
Spending

Debt
1x
Year % of GDP
Ghana Mozambique
Government spending Government debt Government spending Government debt
2025 17% 48.8% 30.3% 102.5%
2024 22% 70.3% 33.3% 91.4%
2023 18.5% 79.1% 33.3% 90.8%
2022 27.5% 92.7% 32.9% 100.4%
2021 27.2% 86.9% 32.1% 104.3%
2020 31.5% 79.1% 33.9% 120%
2019 22.5% 62.9% 28% 98.3%
2018 20.9% 62% 31.2% 105.5%
2017 17.6% 57% 28.6% 103.8%
2016 19.9% 55.9% 28.7% 124.8%
2015 18.6% 53.9% 32.2% 86%
2014 21% 50.1% 39.7% 63.4%
2013 21.6% 42.9% 31.7% 49.5%
2012 22.1% 35.5% 28.1% 36.7%
2011 19.5% 31.2% 28.9% 34.2%
2010 19% 32.9% 26.6% 38.6%
2009 16.6% 25.4% 25.7% 39.3%
2008 16.6% 23.2% 21.3% 32.8%
2007 16.8% 21.1% 20.9% 31.2%
2006 14.4% 17.3% 20.1% 40%
2005 12.9% 31.7% 17% 60.1%
2004 13.7% 38.4% 17.8% 50.8%
2003 12.1% 49.3% 18.6% 63.2%
2002 10.7% 54.1% 18.6% 63.4%
2001 13.8% 57.8% 20.8% 99.8%
2000 12% 74.5% 17.2% 95.8%
1999 11.1% 51.7% 15.6% 94.7%
1998 11.8% 37.6% 14.9% -
1997 12% 45.2% 16.5% -
1996 12.4% 42.9% 14.9% -
1995 13% 47.6% 18.8% -
1994 12.7% 50.6% 22.9% -
1993 12.1% 34.1% 20.7% -
1992 9.2% 21.3% 21.1% -
1991 7.09% 17.3% 17.3% -
1990 6.59% 17.8% 21% -
1989 7.24% 23% 27% -
1988 7.23% 23.5% 27% -
1987 7.32% 26.8% 22.9% -
1986 7.29% 18.2% 24.2% -
1985 6.08% 14.4% 21% -
1984 4.64% 13% 30.9% -
1983 3.49% 9.21% 35.3% -
1982 4.73% 8.51% 27% -
1981 5.74% 8.77% 23.8% -
1980 7.51% 9.75% 14.2% -
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/mozambique | CC BY

In 2025, Ghana's government spending was $19.4B, accounting for 17% of its GDP, while Mozambique spent $6.76B, or 30.3% of GDP.

Debt-to-GDP ratio is 48.8% in Ghana and 102.5% in Mozambique, ranking 108/185 and 21/185, respectively.

Government deficit by year

Deficit/surplus
Ghana

Mozambique
1x
Year Deficit/surplus, % of GDP
Ghana Mozambique
2025 -1.35% -3.97%
2024 -6.23% -6.23%
2023 -3.37% -4.26%
2022 -11.8% -5.22%
2021 -12% -5.23%
2020 -17.4% -6.19%
2019 -7.52% 1.7%
2018 -6.79% -5.7%
2017 -3.97% -1.99%
2016 -6.75% -5.06%
2015 -4.01% -6.55%
2014 -7.81% -9.75%
2013 -9.12% -2.46%
2012 -8.36% -3.45%
2011 -5.47% -4.34%
2010 -7.13% -3.4%
2009 -5.05% -4.35%
2008 -5.56% -1.9%
2007 -4.91% -2.19%
2006 -3.11% -3.03%
2005 -1.87% -2.06%
2004 -2.02% -3.17%
2003 -1.99% -2.64%
2002 -2.73% -3.36%
2001 -3.64% -4.43%
2000 -3.98% -1.26%
1999 -5.64% -0.31%
1998 -5.27% -1.08%
1997 -6.14% -1.81%
1996 -5.61% -2.07%
1995 -4.52% -2.46%
1994 -4.99% -4%
1993 -5.39% -2.53%
1992 -4.5% -1.85%
1991 -1.47% -2.01%
1990 -1.93% -4.42%
1989 -0.81% -4.23%
1988 -1.08% -6.47%
1987 -0.92% -7.24%
1986 -1.26% -12.1%
1985 -1.19% -9.69%
1984 -0.98% -13.4%
1983 -1.13% -15.8%
1982 -2.03% -3.61%
1981 -3.8% -7.41%
1980 -4.73% -1.47%
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/mozambique | 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 Mozambique's deficit of $886M, or 3.97% of GDP.

Over the past 35 years, Ghana recorded a fiscal deficit in 35 of those years, while Mozambique ran a deficit in 34 years. On average, Ghana posted an annual deficit equal to 5.64% of GDP, compared to deficit of 3.39% of GDP for Mozambique.

Inflation comparison by year

Inflation
Ghana

Mozambique
1x
Year Consumer prices inflation
Ghana Mozambique
2025 14.2% 4.4%
2024 22.8% 3.2%
2023 38.1% 7%
2022 31.3% 10.4%
2021 9.97% 6.6%
2020 9.89% 0.9%
2019 7.14% 5.7%
2018 7.81% 3.2%
2017 12.4% 15.8%
2016 17.5% 18.4%
2015 17.1% 3.6%
2014 15.5% 2.6%
2013 11.7% 4.3%
2012 11.2% 2.6%
2011 8.73% 11.2%
2010 10.7% 12.4%
2009 19.2% 3.8%
2008 16.5% 14.5%
2007 10.7% 10.4%
2006 11.7% 13.2%
2005 15.4% 6.4%
2004 18% 12.6%
2003 29.8% 13.5%
2002 9.36% 16.8%
2001 41.5% 9.1%
2000 40.2% 12.7%
1999 4.87% 2.9%
1998 14.6% 1.5%
1997 27.9% 7.4%

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/ghana/mozambique | CC BY

Over the past 29 years, Ghana has recorded an average annual inflation rate of 17.4%, compared with 8.18% in Mozambique. In 2025, inflation was 14.2% in Ghana and 4.4% in Mozambique.

Top exports between countries

Ghana
Export category Export value
Textiles & consumer goods $676K
Machinery & equipment $236K
Chemicals & pharma $158K
Wood & paper products $96K
Raw materials & minerals $28K
Metals $7K
Processed food, beverages & tobacco $7K
Raw agricultural goods $4K
Mozambique
Export category Export value
Processed food, beverages & tobacco $1.27M
Machinery & equipment $214K
Chemicals & pharma $185K
Textiles & consumer goods $93K
Animal & marine products $19K
Metals $14K
Raw materials & minerals $10K
Precious metals & jewellery $6K
Wood & paper products $1K

Balance of trade

Ghana Mozambique
Current account balance
$9.39B
2025
-$2.49B
2024
Current account balance ranking
25/190
2025
148/190
2024
Current account balance, % of GDP
+8.22%
2025
-11%
2024
Goods imports
$17.5B
2025
$8.38B
2024
Goods exports
$31.2B
2025
$8.21B
2024
Service imports
$14.6B
2025
$2.11B
2024
Service exports
$10.1B
2025
$1.15B
2024
Imports of goods and services, % of GDP
33.9%
2024
55.7%
2025
Exports of goods and services, % of GDP
35.1%
2024
41.4%
2025

Economic freedom indices

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

Ghana Mozambique
Economic freedom 57.3 49.6
Economic freedom ranking 118/197 164/197
Property rights 50.2 29.7
Government integrity 45.4 25.1
Judicial effectiveness 57.5 43.4
Tax burden 79.4 75.8
Government spending 84 67
Fiscal health 10.1 39.1
Business freedom 64.5 40.2
Labor freedom 54.9 47.7
Monetary freedom 56.7 76.2
Trade freedom 65.2 71.2
Investment freedom 60 40
Financial freedom 60 40

Economic freedom comparison by year

Ghana
Mozambique
1x
Year Economic freedom index
Ghana Mozambique
2026 57.3 49.6
2025 56 50.7
2024 55.8 50.7
2023 58 52.5
2022 59.8 51.3
2021 59.2 51.6
2020 59.4 50.5
2019 57.5 48.6
2018 56 46.3
2017 56.2 49.9
2016 63 53.2
2015 63 54.8
2014 64.2 55
2013 61.3 55
2012 60.7 57.1
2011 59.4 56.8
2010 60.2 56
2009 58.1 55.7
2008 57 55.4
2007 57.6 54.7
2006 55.6 51.9
2005 56.5 54.6
2004 59.1 57.2
2003 58.2 58.6
2002 57.2 57.7
2001 58 59.2
2000 58.1 52.2
1999 57.9 48.9
1998 57 43
1997 56.7 44
1996 57.7 48.4
1995 55.6 45.5

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

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

The Economic Freedom Index for Ghana is 57.3, ranking 118/197, compared to 49.6 for Mozambique, ranking 164/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ghana Mozambique
Services, % of GDP
42.9%
2025
42%
2025
Industry, % of GDP
29.3%
2025
22.1%
2025
Agriculture, forestry, and fishing, % of GDP
21.3%
2025
25.6%
2025
GNI, Atlas method
$92.3B
2025
$20.4B
2025
GNI per capita, PPP
$8,080
2025
$1,540
2025
Total reserves including gold
$4.47B
2024
$3.84B
2024
Total reserves ranking
108/177
2024
112/177
2024
Net foreign direct investment
-$1.87B
2025
-$3.55B
2024
Net inflows of foreign direct investment
$1.77B
2024
$3.51B
2024
Net outflows of foreign direct investment
$5.37M
2024
-$44.1M
2024
Servicing debt to the IMF, % of GNI
3.5%
2024
22.4%
2024
Poverty at national poverty lines
23.4%
2016
65%
2022
Gross capital formation, % of GDP
9.9%
2024
24.2%
2025

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/mozambique | 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. 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 (2022–2024, 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.