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Economy of Ghana vs Uzbekistan compared: GDP & Debt

Updated on by Georank team

Ghana has a GDP of $82.8B compared to $115B for Uzbekistan, ranking 79/197 and 66/197 by economy size, respectively.

Ghana has $58.4B in government debt (66.4% of GDP), compared to $37.5B (33% of GDP) in Uzbekistan.

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

Ghana
GDP, current $

GDP, constant 2015 $
Uzbekistan
GDP, current $

GDP, constant 2015 $
Year GDP
Ghana Uzbekistan
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 $8,523,160,593 $28,089,418,035
1988 $5,197,765,032 $12,133,969,367 $10,722,799,639 $30,656,392,613
1989 $5,251,858,440 $12,751,087,602 $11,948,815,258 $31,604,071,830
1990 $5,889,106,573 $13,175,548,086 $13,362,340,338 $32,109,736,981
1991 $6,603,185,268 $13,871,457,663 $13,800,167,712 $31,951,757,074
1992 $6,416,103,926 $14,409,589,639 $12,953,801,760 $28,373,160,282
1993 $5,968,922,939 $15,108,454,816 $13,099,920,056 $27,720,577,595
1994 $5,446,383,727 $15,607,033,786 $12,899,074,922 $26,279,107,562
1995 $6,464,382,808 $16,248,860,404 $13,350,461,265 $26,042,595,592
1996 $6,932,991,739 $16,996,707,892 $13,948,892,216 $26,485,319,718
1997 $6,891,443,192 $17,709,950,508 $14,744,603,774 $27,862,556,343
1998 $7,482,069,162 $18,542,387,390 $14,988,971,211 $29,060,646,266
1999 $7,718,109,982 $19,358,251,847 $17,078,465,982 $30,310,254,055
2000 $4,982,850,662 $20,074,507,181 $13,760,513,969 $31,472,652,299
2001 $5,314,872,854 $20,877,487,494 $11,401,421,329 $32,783,122,633
2002 $6,166,197,848 $21,816,974,339 $9,687,788,513 $34,085,756,140
2003 $7,632,723,556 $22,951,457,033 $10,134,453,435 $35,528,479,188
2004 $8,881,417,907 $24,236,738,625 $12,030,023,548 $38,174,995,818
2005 $10,744,568,381 $25,666,707,130 $14,307,509,839 $40,828,160,774
2006 $20,885,037,597 $27,309,353,955 $17,330,833,853 $43,870,437,889
2007 $24,827,339,138 $28,496,442,170 $22,311,393,928 $48,026,286,798
2008 $28,679,383,241 $31,103,809,333 $29,549,438,884 $52,362,657,564
2009 $26,048,720,006 $32,610,629,349 $33,689,223,673 $56,578,340,213
2010 $32,197,655,567 $35,186,775,129 $49,765,676,402 $60,876,691,748
2011 $39,336,668,081 $40,129,504,915 $60,178,909,297 $65,457,747,965
2012 $41,271,701,061 $43,858,655,297 $67,517,349,212 $70,106,848,439
2013 $62,845,721,960 $47,065,830,438 $73,180,037,915 $75,222,229,948
2014 $54,678,533,806 $48,410,143,590 $80,845,385,809 $80,392,884,506
2015 $49,436,806,230 $49,436,806,230 $86,196,264,755 $86,196,264,755
2016 $56,144,179,398 $51,104,539,956 $86,138,288,644 $91,309,557,165
2017 $60,385,409,435 $55,258,774,289 $69,703,222,283 $95,322,862,969
2018 $67,259,353,966 $58,684,861,221 $58,695,899,092 $100,622,047,496
2019 $68,352,629,246 $62,503,939,827 $67,293,639,798 $107,444,145,840
2020 $70,008,243,860 $62,825,173,619 $66,443,265,418 $109,123,866,128
2021 $79,514,204,730 $66,014,472,471 $77,340,060,003 $117,891,622,987
2022 $73,919,003,210 $68,526,224,001 $90,095,926,567 $124,966,702,851
2023 $80,547,146,878 $70,678,009,792 $102,641,879,249 $132,828,878,428
2024 $82,825,288,889 $74,695,964,608 $114,965,293,467 $141,462,755,525

Economic indicators

Ghana Uzbekistan
Gross domestic product
$82.8B
2024
$115B
2024
GDP rank
79/197
2024
66/197
2024
GDP growth
2.83%
2023-2024
12%
2023-2024
GDP per capita
$2,406
2024
$3,162
2024
GDP per capita rank
150/197
2024
139/197
2024
GDP per capita, PPP
$8,027
2024
$11,879
2024
Government debt
$58.4B
2024
$37.5B
2024
Debt-to-GDP ratio
66.4%
2025
33%
2025
Government debt per person
$1,696
2024
$1,032
2024
Government debt per person rank
122/185
2024
142/185
2024
Average annual personal income after taxes
$1,836
2025
$3,203
2025
Market capitalization of domestic companies
$7.58B
2024
$18.8B
2024
Income share by richest 10%
32.2%
2016
25.7%
2024
Income share by poorest 10%
1.6%
2016
2.3%
2024
Government expenditure, % of GDP
18.8%
2025
27.8%
2025
Consumer prices inflation
22.8%
2023-2024
9.1%
2024-2025
Central bank interest rate
28%
2024
14%
2025
Unemployment rate
2.87%
2022
5.29%
2020
Population
35572974
37592263

GDP per capita in Ghana vs Uzbekistan

Ghana's GDP per capita is $2,406, ranking 150/197, compared to $3,162 in Uzbekistan, ranking 139/197. Adjusted for purchasing power (GDP per capita PPP), Ghana ranks 138th at $8,027, while Uzbekistan ranks 123rd at $11,879.

Ghana
GDP per capita

GDP per capita, PPP
Uzbekistan
GDP per capita

GDP per capita, PPP
Year Current $
Ghana Uzbekistan
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 - $450 -
1988 $355 - $551 -
1989 $350 - $598 -
1990 $383 $1,581 $653 $2,665
1991 $418 $1,678 $658 $2,676
1992 $396 $1,739 $603 $2,371
1993 $360 $1,821 $596 $2,318
1994 $321 $1,875 $574 $2,197
1995 $372 $1,947 $583 $2,178
1996 $389 $2,026 $597 $2,214
1997 $378 $2,097 $621 $2,329
1998 $400 $2,167 $621 $2,418
1999 $403 $2,239 $698 $2,522
2000 $253.7 $2,315 $555 $2,644
2001 $263.5 $2,397 $454 $2,782
2002 $297.5 $2,475 $381 $2,902
2003 $358 $2,584 $394 $3,047
2004 $406 $2,729 $462 $3,321
2005 $479 $2,904 $543 $3,618
2006 $906 $3,103 $649 $3,956
2007 $1,050 $3,241 $824 $4,386
2008 $1,183 $3,516 $1,075 $4,800
2009 $1,048 $3,617 $1,206 $5,135
2010 $1,264 $3,855 $1,753 $5,505
2011 $1,507 $4,381 $2,088 $5,949
2012 $1,544 $4,934 $2,307 $6,168
2013 $2,295 $5,215 $2,462 $6,413
2014 $1,950 $5,517 $2,675 $6,610
2015 $1,723 $5,191 $2,803 $6,800
2016 $1,912 $5,011 $2,753 $6,919
2017 $2,012 $5,171 $2,191 $7,818
2018 $2,195 $5,536 $1,813 $8,129
2019 $2,187 $6,003 $2,041 $8,544
2020 $2,195 $6,047 $1,978 $8,452
2021 $2,445 $6,608 $2,259 $9,248
2022 $2,230 $7,208 $2,579 $10,293
2023 $2,384 $7,556 $2,879 $11,107
2024 $2,406 $8,027 $3,162 $11,879

Spending and national debt comparison

In 2024, Ghana's government spending was $19.3B, accounting for 18.8% of its GDP, while Uzbekistan's spent $31.9B, or 27.8% of GDP.

Debt-to-GDP ratio is 66.4% in Ghana and 33% in Uzbekistan, ranking 64/185 and 155/185, respectively.

Ghana
Government spending

Government debt
Uzbekistan
Government spending

Government debt
Year % of GDP
Ghana Uzbekistan
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% 18% -
1993 12.1% 34.1% 39.6% -
1994 12.7% 50.6% 27.1% -
1995 13% 47.6% 29.4% -
1996 12.4% 42.9% 35.1% -
1997 12% 45.2% 31.8% 15.3%
1998 11.8% 37.6% 35.1% 18%
1999 11.1% 51.7% 33.6% 18.4%
2000 12% 74.5% 32.9% 29.5%
2001 13.8% 57.8% 30.6% 44.8%
2002 10.7% 54.1% 34.6% 41.6%
2003 12.1% 49.3% 31.5% 31.4%
2004 13.7% 38.4% 29.4% 26.9%
2005 12.9% 31.7% 28.1% 21%
2006 14.4% 17.3% 24.7% 13.5%
2007 16.8% 21.1% 24.8% 9.56%
2008 16.6% 23.2% 26.5% 8.33%
2009 16.6% 25.4% 27.5% 7.3%
2010 19% 32.9% 26.4% 6.61%
2011 19.5% 31.2% 23.7% 6.33%
2012 22.1% 35.5% 23.9% 6.76%
2013 21.6% 42.9% 25.2% 6.23%
2014 21% 50.1% 24.9% 6.09%
2015 18.6% 53.9% 24.6% 6.72%
2016 19.9% 55.9% 23.3% 8.19%
2017 17.6% 57% 19.9% 17.3%
2018 20.9% 62% 22.2% 17.5%
2019 22.5% 58.3% 24.3% 25.4%
2020 31.5% 72.3% 26% 33.7%
2021 27.2% 79.2% 27.4% 31.7%
2022 27.5% 85.7% 31.4% 30.5%
2023 18.5% 76.4% 29.9% 32.2%
2024 23.3% 70.5% 27.8% 32.6%
2025 18.8% 66.4% 27.8% 33%

Government deficit by year

In 2024, Ghana's government deficit, the difference between spending and revenue, was -$6.36B, equivalent to -7.68% of GDP. This compares to Uzbekistan's deficit of -$2.6B, or -2.26% of GDP.

Over the past 33 years, Ghana recorded a fiscal deficit in 33 of those years, while Uzbekistan ran a deficit in 20 years. On average, Ghana posted an annual deficit equal to -5.94% of GDP, compared to deficit of -0.86% of GDP for Uzbekistan.

Deficit/surplus
Ghana

Uzbekistan
Year Deficit/surplus, % of GDP
Ghana Uzbekistan
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% 7.15%
1993 -5.39% -12%
1994 -4.99% -4.47%
1995 -4.52% -1.77%
1996 -5.61% -1.57%
1997 -6.14% -2.05%
1998 -5.27% -3.04%
1999 -5.64% -2.91%
2000 -3.98% -3.66%
2001 -3.64% -3.28%
2002 -2.73% -6.31%
2003 -1.99% -4.87%
2004 -2.02% -3.74%
2005 -1.87% -3.52%
2006 -3.11% 2.72%
2007 -4.91% 3.55%
2008 -5.56% 5.97%
2009 -5.05% 1.82%
2010 -7.13% 2.56%
2011 -5.47% 5.11%
2012 -8.36% 5.89%
2013 -9.12% 2.15%
2014 -7.81% 1.9%
2015 -4.01% -0.28%
2016 -6.75% 0.7%
2017 -3.97% 1.04%
2018 -6.79% 1.64%
2019 -7.52% -0.26%
2020 -17.4% -2.95%
2021 -12% -4.1%
2022 -11.8% -3.65%
2023 -3.37% -3.98%
2024 -7.68% -2.26%
2025 -2.76% -2.27%

Inflation comparison by year

Over the past 29 years, Ghana has recorded an average annual inflation rate of 18.6%, compared with 17.9% in Uzbekistan. In 2024, inflation was 22.8% in Ghana and 9.1% in Uzbekistan.

Inflation
Ghana

Uzbekistan
Year Inflation
Ghana Uzbekistan Ghana Uzbekistan
1996 46.6% 54%
1997 27.9% 70.9%
1998 14.6% 29%
1999 4.87% 29.1%
2000 40.2% 25%
2001 41.5% 27.3%
2002 9.36% 27.3%
2003 29.8% 12.5%
2004 18% 7.3%
2005 15.4% 10.7%
2006 11.7% 13.1%
2007 10.7% 11.2%
2008 16.5% 13.1%
2009 19.2% 12.3%
2010 10.7% 12.3%
2011 8.73% 12.4%
2012 11.2% 11.9%
2013 11.7% 11.7%
2014 15.5% 9.1%
2015 17.1% 8.5%
2016 17.5% 8.8%
2017 12.4% 13.9%
2018 7.81% 17.5%
2019 7.14% 14.5%
2020 9.89% 12.9%
2021 9.97% 10.8%
2022 31.3% 11.4%
2023 38.1% 10%
2024 22.8% 9.6%
2025 - 9.1%

Top exports between countries

Ghana
Export category Export value
Processed food, beverages & tobacco $51K
Machinery & equipment $14K
Uzbekistan
Export category Export value
Raw materials & minerals $416K
Machinery & equipment $3K

Balance of trade

Ghana Uzbekistan
Current account balance
$1.68B
2024
-$5.72B
2024
Current account balance ranking
48/189
2024
170/189
2024
Current account balance, % of GDP
+2.03%
2024
-4.97%
2024
Goods imports
$15.4B
2024
$33.2B
2024
Goods exports
$19.2B
2024
$19.6B
2024
Service imports
$11.5B
2024
$10.5B
2024
Service exports
$9.27B
2024
$6.55B
2024
Imports of goods and services, % of GDP
34.1%
2024
38%
2024
Exports of goods and services, % of GDP
35.3%
2024
22.8%
2024

Economic freedom indices

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

Ghana Uzbekistan
Economic freedom 56 58
Economic freedom ranking 124/197 111/197
Property rights 50.5 33.5
Government integrity 45.8 31.2
Judicial effectiveness 58.2 14.5
Tax burden 79.9 92.8
Government spending 81.6 73.6
Fiscal health 6.2 73.3
Business freedom 56.6 64.4
Labor freedom 55.9 47.9
Monetary freedom 52.7 64.6
Trade freedom 64.4 80.6
Investment freedom 60 60
Financial freedom 60 60

Economic freedom by year comparison

The Economic Freedom Index for Ghana is 56, ranking 124/197, compared to 58 for Uzbekistan, ranking 111/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Ghana
Uzbekistan
Year Economic freedom index
Ghana Uzbekistan
1995 55.6 -
1996 57.7 -
1997 56.7 -
1998 57 31.5
1999 57.9 33.8
2000 58.1 38.1
2001 58 38.2
2002 57.2 38.5
2003 58.2 38.3
2004 59.1 39.1
2005 56.5 45.8
2006 55.6 48.7
2007 57.6 51.5
2008 57 51.9
2009 58.1 50.5
2010 60.2 47.5
2011 59.4 45.8
2012 60.7 45.8
2013 61.3 46
2014 64.2 46.5
2015 63 47
2016 63 46
2017 56.2 52.3
2018 56 51.5
2019 57.5 53.3
2020 59.4 57.2
2021 59.2 58.3
2022 59.8 55.7
2023 58 56.5
2024 55.8 55.9
2025 56 58

More economic indicators

Ghana Uzbekistan
Services, % of GDP
43.9%
2024
45.2%
2024
Industry, % of GDP
28.8%
2024
31.8%
2024
Agriculture, forestry, and fishing, % of GDP
20.7%
2024
18.3%
2024
GNI, Atlas method
$79.8B
2024
$110B
2024
GNI per capita, PPP
$7,730
2024
$12,000
2024
Total reserves including gold
$3.62B
2023
$41.2B
2024
Total reserves ranking
112/177
2023
50/177
2024
Net foreign direct investment
-$1.76B
2024
-$2.8B
2024
Net inflows of foreign direct investment
$1.77B
2024
$2.84B
2024
Net outflows of foreign direct investment
$5.37M
2024
$36.7M
2024
Servicing debt to the IMF, % of GNI
1.71%
2023
8.24%
2023
Poverty at national poverty lines
23.4%
2016
8.9%
2024
Gross capital formation, % of GDP
9.96%
2024
33.3%
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.