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Economy of Ghana vs Romania compared: GDP & Debt

Updated on by Georank

Ghana has a GDP of $114B compared to $429B for Romania, ranking 69/197 and 39/197 by economy size, respectively.

Ghana has $55.8B in government debt (48.8% of GDP), compared to $260B (60.6% of GDP) in Romania.

Ghana vs Romania GDP by year

Ghana
Romania
1x
Year GDP, current $
Ghana Romania
2025 $114,209,905,279 $428,677,977,855
2024 $83,288,585,604 $382,564,217,989
2023 $80,547,146,876 $347,757,995,759
2022 $73,919,003,212 $295,317,862,856
2021 $79,514,204,730 $285,072,444,957
2020 $70,008,243,860 $250,624,575,872
2019 $68,352,629,246 $250,080,428,512
2018 $67,259,353,966 $241,791,427,224
2017 $60,385,409,435 $210,147,385,855
2016 $56,144,179,398 $185,290,759,249
2015 $49,436,806,230 $177,885,131,240
2014 $54,678,533,806 $199,722,319,676
2013 $62,845,721,960 $189,798,603,751
2012 $41,271,701,061 $179,117,323,107
2011 $39,336,668,081 $192,623,977,894
2010 $32,197,655,567 $170,064,350,672
2009 $26,048,720,006 $174,110,532,659
2008 $28,679,383,241 $214,315,932,061
2007 $24,827,339,138 $174,588,782,939
2006 $20,885,037,597 $122,023,735,993
2005 $10,744,568,381 $98,454,380,120
2004 $8,881,417,907 $74,973,656,852
2003 $7,632,723,556 $57,806,384,143
2002 $6,166,197,848 $46,065,502,703
2001 $5,314,872,854 $40,395,116,581
2000 $4,982,850,662 $37,253,739,511
1999 $7,718,109,982 $35,953,156,754
1998 $7,482,069,162 $41,696,091,974
1997 $6,891,443,192 $35,575,214,078
1996 $6,932,991,739 $36,937,074,278
1995 $6,464,382,808 $37,430,162,103
1994 $5,446,383,727 $30,072,805,104
1993 $5,968,922,939 $26,361,160,450
1992 $6,416,103,926 $25,121,666,667
1991 $6,603,185,268 $28,850,634,900
1990 $5,889,106,573 $38,247,882,300
1989 $5,251,858,440 $41,450,777,202
1988 $5,197,765,032 $40,424,528,302
1987 $5,074,829,932 $38,067,567,568
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/romania | CC BY

GDP per capita in Ghana vs Romania by year

Ghana
GDP per capita

GDP per capita, PPP
Romania
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ghana Romania
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $3,257 - $22,538 -
2024 $2,419 $8,020 $20,080 $49,077
2023 $2,384 $7,556 $18,244 $45,982
2022 $2,230 $7,208 $15,503 $41,979
2021 $2,445 $6,608 $14,908 $37,534
2020 $2,195 $6,047 $13,009 $34,194
2019 $2,187 $6,003 $12,910 $33,425
2018 $2,195 $5,536 $12,416 $29,383
2017 $2,012 $5,171 $10,728 $26,943
2016 $1,912 $5,011 $9,405 $23,905
2015 $1,723 $5,191 $8,977 $21,625
2014 $1,950 $5,517 $10,032 $20,633
2013 $2,295 $5,215 $9,498 $19,678
2012 $1,544 $4,934 $8,930 $19,808
2011 $1,507 $4,381 $9,561 $18,804
2010 $1,264 $3,855 $8,400 $17,355
2009 $1,048 $3,617 $8,548 $16,641
2008 $1,183 $3,516 $10,435 $16,782
2007 $1,050 $3,241 $8,360 $13,703
2006 $906 $3,103 $5,758 $11,554
2005 $479 $2,904 $4,618 $9,602
2004 $406 $2,729 $3,495 $8,989
2003 $358 $2,584 $2,679 $7,559
2002 $297.5 $2,475 $2,120 $7,162
2001 $263.5 $2,397 $1,825 $6,520
2000 $253.7 $2,315 $1,660 $5,850
1999 $403 $2,239 $1,600 $5,596
1998 $400 $2,167 $1,853 $5,545
1997 $378 $2,097 $1,577 $5,564
1996 $389 $2,026 $1,633 $5,746
1995 $372 $1,947 $1,650 $5,429
1994 $321 $1,875 $1,323 $4,995
1993 $360 $1,821 $1,158 $4,699
1992 $396 $1,739 $1,102 $4,515
1991 $418 $1,678 $1,254 $4,795
1990 $383 $1,581 $1,648 $5,280
1989 $350 - $1,790 -
1988 $355 - $1,753 -
1987 $355 - $1,659 -
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/romania | CC BY

Ghana's GDP per capita is $3,257, ranking 139/197, compared to $22,538 in Romania, ranking 57/197. Adjusted for purchasing power (GDP per capita PPP), Ghana ranks 140th at $8,020, while Romania ranks 47th at $49,077.

Economic indicators

Ghana Romania
Gross domestic product
$114B
2025
$429B
2025
GDP rank
69/197
2025
39/197
2025
GDP growth
5.95%
2024-2025
0.68%
2024-2025
GDP per capita
$3,257
2025
$22,538
2025
GDP per capita rank
139/197
2025
57/197
2025
GDP per capita, PPP
$8,020
2024
$49,077
2024
GDP per capita PPP rank
140/197
2024
47/197
2024
Government debt
$55.8B
2025
$260B
2025
Debt-to-GDP ratio
48.8%
2025
60.6%
2025
Government debt per person
$1,590
2025
$13,650
2025
Government debt per person rank
128/185
2025
48/185
2025
Average annual personal income after taxes
$2,135
2026
$13,510
2026
Market capitalization of domestic companies
$16.4B
2025
$70.9B
2025
Number of billionaires n/a
6
2026
Income share by richest 10%
32.2%
2016
21.8%
2023
Income share by poorest 10%
1.6%
2016
2.4%
2023
Government expenditure, % of GDP
17%
2025
40.5%
2025
Consumer prices inflation
14.2%
2024-2025
7.3%
2024-2025
Central bank interest rate
14%
2026
6.5%
2024
Unemployment rate
3.97%
2024
6.1%
2025
Population
36032857
18912567

Spending and national debt comparison by year

Ghana
Spending

Debt
Romania
Spending

Debt
1x
Year % of GDP
Ghana Romania
Government spending Government debt Government spending Government debt
2025 17% 48.8% 40.5% 60.6%
2024 22% 70.3% 40% 57.5%
2023 18.5% 79.1% 37% 52.6%
2022 27.5% 92.7% 37.5% 51.9%
2021 27.2% 86.9% 37.2% 51.8%
2020 31.5% 79.1% 38.3% 49.5%
2019 22.5% 62.9% 33.4% 36.8%
2018 20.9% 62% 31.9% 36.4%
2017 17.6% 57% 31% 37.1%
2016 19.9% 55.9% 31.8% 39.5%
2015 18.6% 53.9% 34.2% 39.4%
2014 21% 50.1% 33.8% 40.5%
2013 21.6% 42.9% 34.2% 39.3%
2012 22.1% 35.5% 33.5% 36.2%
2011 19.5% 31.2% 35% 32.6%
2010 19% 32.9% 37.4% 30.2%
2009 16.6% 25.4% 36.3% 22.5%
2008 16.6% 23.2% 35.3% 13%
2007 16.8% 21.1% 34.6% 12.4%
2006 14.4% 17.3% 33.9% 12.7%
2005 12.9% 31.7% 32.3% 17.8%
2004 13.7% 38.4% 33.7% 21.3%
2003 12.1% 49.3% 31.8% 24.9%
2002 10.7% 54.1% 32.1% 27.4%
2001 13.8% 57.8% 33.2% 27.4%
2000 12% 74.5% 35% 29.6%
1999 11.1% 51.7% 35.1% 21.7%
1998 11.8% 37.6% 34.7% 16.5%
1997 12% 45.2% 33.5% 15%
1996 12.4% 42.9% 33.5% 11%
1995 13% 47.6% 34.4% 6.91%
1994 12.7% 50.6% 33.1% -
1993 12.1% 34.1% 33.5% -
1992 9.2% 21.3% 41.5% -
1991 7.09% 17.3% 38.3% -
1990 6.59% 17.8% 38.4% -
1989 7.24% 23% 40.1% -
1988 7.23% 23.5% 36.6% -
1987 7.32% 26.8% 40.7% -
1986 7.29% 18.2% 42.5% -
1985 6.08% 14.4% 41.6% -
1984 4.64% 13% 28.6% -
1983 3.49% 9.21% 25.8% -
1982 4.73% 8.51% 28.5% -
1981 5.74% 8.77% 30.4% -
1980 7.51% 9.75% 33.6% -
1979 9.14% 11.5% 42% -
1978 6.54% 11.4% 42.1% -
1977 10.5% 20.7% 39.9% -
1976 12.8% 26% 37.5% -
1975 13.2% 21.8% 40.6% -
1974 9.52% 21.8% 37.6% -
1973 9.35% 25.4% 32.6% -
1972 11.4% 29.8% 29.9% -
1971 11.7% 29.5% 27.2% -
1970 12.2% 31.9% 28.1% -
1969 11.2% 31.4% 32.1% -
1968 12.3% 34.5% 31.8% -
1967 11.5% 33.9% 30.6% -
1966 9.12% 29.8% 27.3% -
1965 14.2% 30.2% 25.6% -
1964 15.8% 30.8% 25.1% -
1963 15.3% 30.5% 23.1% -
1962 12.5% 11.8% 43.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1999, retrieved 2026-07-08).

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

In 2025, Ghana's government spending was $19.4B, accounting for 17% of its GDP, while Romania spent $173B, or 40.5% of GDP.

Debt-to-GDP ratio is 48.8% in Ghana and 60.6% in Romania, ranking 108/185 and 76/185, respectively.

Government deficit by year

Deficit/surplus
Ghana

Romania
1x
Year Deficit/surplus, % of GDP
Ghana Romania
2025 -1.35% -7.64%
2024 -6.23% -8.68%
2023 -3.37% -5.66%
2022 -11.8% -5.85%
2021 -12% -6.74%
2020 -17.4% -9.6%
2019 -7.52% -4.58%
2018 -6.79% -2.76%
2017 -3.97% -2.86%
2016 -6.75% -2.5%
2015 -4.01% -1.35%
2014 -7.81% -1.76%
2013 -9.12% -2.44%
2012 -8.36% -2.39%
2011 -5.47% -4.14%
2010 -7.13% -6.22%
2009 -5.05% -6.86%
2008 -5.56% -4.6%
2007 -4.91% -3.05%
2006 -3.11% -1.36%
2005 -1.87% -0.69%
2004 -2.02% -3.39%
2003 -1.99% -2.29%
2002 -2.73% -2.59%
2001 -3.64% -3.2%
2000 -3.98% -3.99%
1999 -5.64% -3.58%
1998 -5.27% -5.33%
1997 -6.14% -5.19%
1996 -5.61% -4.74%
1995 -4.52% -3.32%
1994 -4.99% -2.2%
1993 -5.39% -0.35%
1992 -4.5% -4.55%
1991 -1.47% 3.23%
1990 -1.93% 1.03%
1989 -0.81% -2.87%
1988 -1.08% 8.4%
1987 -0.92% 2.37%
1986 -1.26% 5.72%
1985 -1.19% 6.36%
1984 -0.98% 15.2%
1983 -1.13% 9.35%
1982 -2.03% 0.36%
1981 -3.8% 0.61%
1980 -4.73% -1.95%
1979 -3.61% 0%
1978 -1.21% 0%
1977 -4.68% 0.23%
1976 -5.53% 0.66%
1975 -4.05% 0.41%
1974 -2.06% 0.51%
1973 -2.64% 1.53%
1972 -2.19% 1.21%
1971 0.13% 0.89%
1970 -2.35% 0.52%
1969 -2.67% 0.93%
1968 -2.34% 1.65%
1967 -2.32% 1.23%
1966 -1.29% 0.91%
1965 -3.29% -1.29%
1964 -3.72% -3.11%
1963 -5.66% -1.61%
1962 -5.04% -4.86%

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/romania | 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 Romania's deficit of $32.8B, or 7.64% of GDP.

Over the past 39 years, Ghana recorded a fiscal deficit in 39 of those years, while Romania ran a deficit in 35 years. On average, Ghana posted an annual deficit equal to 5.19% of GDP, compared to deficit of 3.19% of GDP for Romania.

Inflation comparison by year

Inflation
Ghana

Romania
1x
Year Consumer prices inflation
Ghana Romania
2025 14.2% 7.3%
2024 22.8% 5.6%
2023 38.1% 10.4%
2022 31.3% 13.8%
2021 9.97% 5%
2020 9.89% 2.6%
2019 7.14% 3.8%
2018 7.81% 4.6%
2017 12.4% 1.3%
2016 17.5% -1.6%
2015 17.1% -0.6%
2014 15.5% 1.1%
2013 11.7% 4%
2012 11.2% 3.3%
2011 8.73% 5.8%
2010 10.7% 6.1%
2009 19.2% 5.6%
2008 16.5% 7.8%
2007 10.7% 4.8%
2006 11.7% 6.6%
2005 15.4% 9%
2004 18% 11.9%
2003 29.8% 15.4%
2002 9.36% 22.5%
2001 41.5% 34.5%
2000 40.2% 45.7%
1999 4.87% 45.8%
1998 14.6% 59.1%
1997 27.9% 154.8%

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/romania | CC BY

Over the past 29 years, Ghana has recorded an average annual inflation rate of 17.4%, compared with 17.1% in Romania. In 2025, inflation was 14.2% in Ghana and 7.3% in Romania.

Top exports between countries

Ghana
Export category Export value
Raw materials & minerals $2.94M
Processed food, beverages & tobacco $524K
Animal & marine products $66K
Textiles & consumer goods $21K
Raw agricultural goods $7K
Romania
Export category Export value
Raw agricultural goods $8.23M
Animal & marine products $2.17M
Processed food, beverages & tobacco $1.24M
Textiles & consumer goods $801K
Machinery & equipment $392K
Wood & paper products $334K
Raw materials & minerals $130K
Chemicals & pharma $122K
Metals $59K
Miscellaneous $7K

Balance of trade

Ghana Romania
Current account balance
$9.39B
2025
-$33.9B
2025
Current account balance ranking
25/190
2025
186/190
2025
Current account balance, % of GDP
+8.22%
2025
-7.9%
2025
Goods imports
$17.5B
2025
$139B
2025
Goods exports
$31.2B
2025
$102B
2025
Service imports
$14.6B
2025
$35.9B
2025
Service exports
$10.1B
2025
$50.1B
2025
Imports of goods and services, % of GDP
33.9%
2024
40.7%
2025
Exports of goods and services, % of GDP
35.1%
2024
35.5%
2025

Economic freedom indices

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

Ghana Romania
Economic freedom 57.3 65.4
Economic freedom ranking 118/197 64/197
Property rights 50.2 81
Government integrity 45.4 50
Judicial effectiveness 57.5 67
Tax burden 79.4 89.1
Government spending 84 56.7
Fiscal health 10.1 21.4
Business freedom 64.5 74.4
Labor freedom 54.9 63.6
Monetary freedom 56.7 72.7
Trade freedom 65.2 79.4
Investment freedom 60 70
Financial freedom 60 60

Economic freedom comparison by year

Ghana
Romania
1x
Year Economic freedom index
Ghana Romania
2026 57.3 65.4
2025 56 66.5
2024 55.8 64.4
2023 58 64.5
2022 59.8 67.1
2021 59.2 69.5
2020 59.4 69.7
2019 57.5 68.6
2018 56 69.4
2017 56.2 69.7
2016 63 65.6
2015 63 66.6
2014 64.2 65.5
2013 61.3 65.1
2012 60.7 64.4
2011 59.4 64.7
2010 60.2 64.2
2009 58.1 63.2
2008 57 61.7
2007 57.6 61.2
2006 55.6 58.2
2005 56.5 52.1
2004 59.1 50
2003 58.2 50.6
2002 57.2 48.7
2001 58 50
2000 58.1 52.1
1999 57.9 50.1
1998 57 54.4
1997 56.7 50.8
1996 57.7 46.2
1995 55.6 42.9

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

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

The Economic Freedom Index for Ghana is 57.3, ranking 118/197, compared to 65.4 for Romania, ranking 64/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ghana Romania
Services, % of GDP
42.9%
2025
61.7%
2025
Industry, % of GDP
29.3%
2025
25.3%
2025
Agriculture, forestry, and fishing, % of GDP
21.3%
2025
3%
2025
GNI, Atlas method
$92.3B
2025
$384B
2025
GNI per capita, PPP
$8,080
2025
$49,550
2025
Total reserves including gold
$4.47B
2024
$90.6B
2025
Total reserves ranking
108/177
2024
31/177
2025
Net foreign direct investment
-$1.87B
2025
-$8.57B
2025
Net inflows of foreign direct investment
$1.77B
2024
$7.16B
2024
Net outflows of foreign direct investment
$5.37M
2024
$1.99B
2024
Servicing debt to the IMF, % of GNI
3.5%
2024
n/a
Poverty at national poverty lines
23.4%
2016
19%
2023
Gross capital formation, % of GDP
9.9%
2024
25.9%
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/romania | 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 (1962–1999, 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 (2019–2025, 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.