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                     Key Economic Indicators
            (Millions of cedis unless otherwise noted)

                                    1992      1993     1994 est.

Income, Production and Employment:

Real GDP (1985 prices) 1/           474,600   498,300   523,200
Real GDP Growth (pct.)                  3.9       5.0       5.0
GDP (at current prices) 1/        3,008,800 3,949,000 5,030,000
By Sector:
  Agriculture                     1,461,005 1,887,633       N/A
  Energy/Water                       63,130    71,082       N/A
  Manufacturing                     261,538   359,361       N/A
  Construction                      105,216   126,369       N/A
  Rents                                 N/A       N/A       N/A
  Financial Services                108,227   150,063       N/A
  Other Services                    941,036 1,259,739       N/A
  Government/Health/Education           N/A       N/A       N/A
Net Exports of Goods & Services     481,408   775,852 1,056,300
Real Per Capita GDP (1975 base)         491       501       511
Labor Force (000s)                      N/A       N/A     5,900

Money and Prices:

Money Supply (M2)                   360,690   461,347       N/A
Base Interest Rate (pct.)              30.0      35.0      35.0
Personal Saving Rate                    N/A       N/A       N/A
Retail Inflation (pct.)                13.3      27.7      22.5
Wholesale Inflation                     N/A       N/A       N/A
Consumer Price Index (1985=100)       510.8     645.6     790.9
Exchange Rate (USD/Cedi)
  Official                            1/520     1/780    1/1060
  Parallel                            1/545       N/A       N/A

Balance of Payments and Trade:  (USD millions) 3/

Total Exports (FOB) 2/                986.3    1051.0     490.9
  Exports to U.S.                      96.4     208.6     117.9
Total Imports (CIF) 2/               1457      1728       622
  Imports from U.S.                   123.8     214.5     253.0
Aid from U.S.                          43.0      63.7      50.0
Aid from Other Countries                570       760       N/A
External Public Debt                 4104.0    4603.3       N/A
Debt Service Payments (paid)          282.6     332.0       N/A
Gold and Foreign Exch. Reserves       388.2     420.4       N/A
Trade Balance 2/                     -470.7    -677.0    -131.1
  Trade Balance with U.S.             -27.4      -5.9    -135.1

N/A--Not available.

1/ GDP at factor cost.
2/ Merchandise trade.
3/ 1994 data is for six months.

1.  General Policy Framework

    Ghana operates in a free market environment under a
civilian government headed by elected President, Jerry John
Rawlings.  Rawlings headed a "provisional" regime from the end
of 1981 until January 1993 when democratic government, under a
written constitution, was restored.  A popularly-elected
parliament -- absent opposition parties which boycotted
parliamentary elections because of a belief that the
presidential vote was fraudulent -- took office in January
1993.  The executive branch takes the lead in promulgating
legislation which requires parliamentary approval before
enactment.  The judiciary, in particular the Supreme Court,
acts as the final arbiter of Ghanaian laws.  As an indication
of its independence, the Supreme Court rendered several
decisions in 1993 in favor of parties bringing suit against the
government's executive branch.

    The government has, on balance, maintained the reform
measures and budgetary stringencies of a structural adjustment
program (SAP) adopted in 1983 by the previous military
government.  During the period between 1983 - 1992 impressive
progress was made in reducing the fiscal deficit and bringing
down inflation and interest rates.  In 1992, with elections
approaching, fiscal discipline was relaxed and public sector
expenditures rose, resulting again in an increased fiscal
deficit.  A large wage increase was granted to civil servants
in an effort to maintain a stable political atmosphere during
the preparations for multiparty elections.  In addition,
performance in the fiscal sector was further undermined by a
shortfall in cocoa production and a sharp decline in world
cocoa prices.  Since 1993, renewed efforts have been made to
reduce public sector expenditures.

    In general, the SAP has been characterized by an emphasis
on development of Ghana's private sector, which historically
has been weak and more keenly involved in trading activities
rather than domestic production of goods and services.  Ghana
is seeking to privatize a large number of enterprises which
currently operate under government control or outright
ownership.  During the past year the privatization effort has
intensified, resulting in 15 firms being sold by the
government.  The prospects for 1995 are promising, with an
estimated 30 additional firms likely to be privatized.  Several
state-owned banks, Ghana Airways, Ghana Posts and
Telecommunications and the State Shipping Corporation are also
being prepared for sale.  

    Other reforms adopted under the SAP include the elimination
of exchange rate controls on the cedi and the lifting of
virtually all restrictions on imports, as well as the
liberalization of access to foreign exchange.  The tariff
structure in place is designed to discourage importation of a
limited number of luxury items deemed non-essential to the
growth needs of the economy.  A largely dysfunctional duty
drawback scheme has been totally revamped into a more
"user-friendly" duty relief instrument.  Whereas prior to 1994
no exports benefitted from the scheme, during the first six 

months of 1994 the cedi equivalent of $325,000 has been paid to
exporters.  Further, the elimination of virtually all local
direct production subsidies characterizes the overall greater
reliance on market conditions to determine the value of goods
and services introduced into channels of commerce.

    Ghana relies heavily on donor assistance and received
pledges amounting to $2.1 billion from the donor community for
the two-year period beginning January 1, 1994.  The World Bank
is the largest donor, offering assistance at an annual level of
approximately $300 million in the form of sectoral and
structural adjustment credits.  However, some of the assistance
is currently blocked pending further progress on
privatization.  Ghana succeeded in eliminating its remaining
debt arrears by mid-1991 and has not rescheduled official or
commercial bank credits in the meantime.  Ghana graduated from
its IMF enhanced structural adjustment facility in December
1991; current support from the IMF takes the form of a
surveillance regime monitoring developments in Ghana's

2.  Exchange Rate Policy

    Ghana's current exchange rate policy is aimed at achieving
macroeconomic stability and market-determined exchange rates. 
As imports have increased in recent years, the government --
with the encouragement of the World Bank and the IMF --  has
allowed the cedi to depreciate.  In March 1992, the foreign
exchange auction procedure was abandoned and the exchange rate
of the cedi is now determined freely in the context of an
extended interbank market.  

    The Bank of Ghana retains all hard currency earnings on the
sale of cocoa and a sliding scale percentage of earnings on
gold exports.  Foreign exchange is made available to importers
through the commercial and merchant banks as well as
independently-operated foreign exchange bureaus.  A chronic
shortage of forex supplied to banks by the Bank of Ghana has
caused frequent delays for importers settling their overseas
accounts.  Foreign currency accounts may be held in local banks
with interest (except on export earnings) exempt from Ghanaian
tax.  Transfers abroad are free from foreign exchange control
restrictions.  Taken in its entirety, the exchange rate regime
in Ghana is seen to have no particular impact on the
competitiveness of U.S. exports.

3.  Structural Policies

    Ghana is a member of the WTO; however its adherence to the
agreement's liberal trading principles has been compromised by
the need to stem the outflow of hard currency to overcome
external payments difficulties.  During the course of Ghana's
structural adjustment program, it progressively reduced import
quotas and surcharges.  Tariff structures are being adjusted in
harmony with the ECOWAS trade liberalization program and U.S.
companies are well-advised to make inquiries on a case-by-case
basis.  With the elimination of import licensing in 1989,
importers now are merely required to sign a declaration that
they will comply with Ghanaian tax and other laws.

    The Government of Ghana is committed to principles of free
trade, upon which support from the Bretton Woods institutions
is predicated.  However, the government is also committed to
the development of competitive domestic industries with
exporting capabilities.  The government is expected to continue
to support promising domestic private enterprise with
incentives and financial support.  Beyond this, Ghanaian
manufacturers clamor for stronger measures and voice
displeasure that Ghana's tariff structure places local
producers at a competitive disadvantage vis-a-vis imports from
countries enjoying greater production and marketing economies
of scale.  High costs of local production frequently boost the
price of locally manufactured items above the landed cost of
goods imported from Asia and elsewhere.  Reductions in tariffs
have increased competition for local producers and
manufacturers while reducing the cost of imported raw materials.

    Under the structural adjustment program, in addition to
reducing tariffs, the Government of Ghana has enacted various
forms of personal and corporate tax relief.  In 1993 the
government eliminated the experimental "super sales tax" on
luxury vehicles and consumer goods and maintained lower tax
rates on annual personal income below the equivalent of
$17,500.  The top corporate tax rate for producer industries is
35 percent.  Income earned by bank and other financial
institutions is taxed at the same rate.  The new investment
code provides that income earned from investment in export
industries will be taxed at 20 percent (this rate takes effect
in early 1995).  This should be a significant incentive for
increased investment, especially in the export sector.

4.  Debt Management Policies

    At year-end 1993 total outstanding public and
government-guaranteed external debt totalled $4.6 billion , or
approximately 116 percent of GDP at the current rate of
exchange.  External debt increased from 26 percent of total
exports of goods and services in 1992 to 37 percent in 1993. 
Domestic debt rose from 7.5 percent of GDP in 1992 to 12
percent in 1993.  However, nominal interest and principal
payments have declined significantly since 1988 and Ghana's
external debt indicators show significant improvement,
reflecting a change in the composition of new borrowing in
favor of financing with generous grant elements.  In 1990,
Ghana succeeded in clearing all external debt arrears and has
maintained this position ever since.

5.  Significant Barriers to U.S. Exports

    Import Licenses:  Ghana eliminated the last vestiges of its
import licensing system in 1989.  Tariffs, which in some cases
are very high, have replaced the import bans which until
recently were applied to certain goods.

    Services:  Foreign investors are permitted to participate
in all economic sectors save four reserved for Ghanaians in the
current investment code.  These activities are petty trading,

the operation of taxi services, lotteries (excluding football
pools) and the operation of beauty salons and barber shops.

    Standards, Testing, Labelling and Certification:  Ghana has
promulgated its own standards for food and drugs.  The Ghana
Standards Board, the testing authority, subscribes to accepted
international practices for the testing of imports for purity
and efficacy.  Under Ghanaian law, imports must bear markings
identifying in English the type of product being imported, the
country of origin, the ingredients or components, and the
expiration date, if any.  The thrust of this law is to set
reasonable standards for imported food and drugs.  Locally
manufactured goods are subject to comparable testing,
labelling, and certification requirements.

    Investment:  The new investment code eliminates the need
for prior project approval from the Ghana Investment Promotion
Center (GIPC).  Registration, which is for statistical
purposes, is normally accomplished within five working days. 
Investment incentives are no longer subject to discretionary
judgments -- they have been made automatic by incorporating
them into the corporate tax and customs codes.  Incentives
include zero-rating import tariffs for plant and generous tax
incentives.  Immigrant quotas for businesses, though relaxed,
remain in effect.  In anticipation of the new and liberalized
foreign investment regime, a marked increase in registration of
investments has been recorded by the GIPC, from 211 in 1991, to
250 in 1992, to 438 in 1993, and over 600 so far in 1994. 

    Government Procurement Practices:  Government purchases of
equipment and supplies are usually handled by the Ghana Supply
Commission (the official purchasing agency), through
international bidding, and, at times, through direct

    Former government import monopolies have been abolished. 
However, parastatal entities continue to import some
commodities.  The parastatals no longer receive government
subsidies to finance imports.

6.  Export Policies

    The Government of Ghana does not directly subsidize
exports.  Exporters are entitled to a 100 percent drawback of
duty paid on imported inputs used in the processing of exported
goods.  As noted earlier, this system, while moribund in the
past, has been restructured and exporters are now able to
receive this rebate.  Furthermore, over the past year four
bonded warehouses have been established which allow importers
to avoid duties on imported inputs used to produce merchandise
for export.  It is expected that investors taking advantage of
this duty relief arrangement will increase inward investment
flows substantially over the next 2-3 years.

7.  Protection of U.S. Intellectual Property

    After independence, Ghana instituted separate legislation
for copyright (1961) and trademark (1965) protection based on
British law.  In 1985 and 1992, the government passed new 

copyright and patent legislation respectively.  Prior to 1992,
the patent laws of the United Kingdom applied in Ghana.  Ghana
is a member of the Universal Copyright Organization, the
Intellectual Property Organization and the English-speaking
African Regional Intellectual Property Organization.  IPR
holders have access to local courts for redress of grievances. 
Few infringement cases have been filed in Ghana in recent years.

    Patents (product and process):  Patent registration in
Ghana presents no serious problems for foreign rights holders. 
Fees for registration by local and foreign applicants vary
according to the nature of the patent.  Normal minimums are $50
and $150 for local and foreign applicants respectively.

    Trademarks:  Ghana has not yet become a popular location
for imitation designer apparel and watches.  In cases where
trademarks have been misappropriated, the price and quality
disparity between the counterfeit and the genuine would trigger
warning signals to alert a potential buyer.

    Copyrights:  Local enforcement of foreign copyrights has
improved recently.  The current copyright law provided for the
establishment of a copyright office, an autonomous body.  In
addition, the establishment of the Copyright Society of Ghana
(COSGA) to protect the interests of local and foreign copyright
holders has improved copyrights administration in Ghana.

    Ghana is a signatory to the Universal Copyright Convention
and the Bern Convention.  Moreover, COSGA has signed
representation agreements with similar organizations in other
countries, including the United States.

    The current copyright statute provides for the protection
of computer software, satellite programming and cable
television distribution.  The duration of protection is
presently lifetime plus 50 years.

8.  Worker Rights

    a.  The Right of Association

    Trade unions are governed by the Industrial Relations Act
(IRA) of 1958, as amended in 1965 and 1972.  Organized labor is
represented by the Trades Union Congress (TUC), which was
established in 1958.  The IRA confers power on government to
refuse to register a trade union; however this right has not
been exercised by the current government or the previous
military government.  No union leaders have been detained in
recent years nor have workers' rights to associate freely been
otherwise circumscribed. 

    b.  The Right to Organize and Bargain Collectively

    The IRA provides a framework for collective bargaining and
protection against anti-union discrimination.  Civil servants
are prohibited by law from joining or organizing a trade
union.  However, in December 1992 the government passed a law
which allows each branch of the civil service to establish a
negotiating committee to engage in collective bargaining for
wages and benefits in the same fashion that trade unions 

function in the private sector.  While the right to strike is
recognized in law and in practice, the government has on
occasion taken strong action to end strikes, especially in
cases involving vital government interests or public
tranquility.  The IRA provides a mechanism for conciliation and
then arbitration before unions can resort to job actions or
strikes.  "Wildcat" strikes do, however, occur occasionally.

    c.  Prohibition of Forced or Compulsory Labor

    Ghanaian law prohibits forced labor, and it is not known to
be practiced.  The International Labor Organization (ILO)
continues to urge the government to revise various legal
provisions that permit imprisonment with an obligation to
perform labor for offenses that are not countenanced under ILO
Convention 105, ratified by Ghana in 1958.

    d.  Minimum Age of Employment of Children

    Labor legislation in Ghana sets a minimum employment age of
16 and prohibits night work and certain types of hazardous
labor for those under 18.  The violation of child labor laws is
prevalent and young children of school age can often be found
during the day performing menial tasks in the agricultural
sector or in the markets.  Observance of minimum age laws is
eroded by local custom and economic circumstances that
encourage people to become wage earners at an early age. 
Inspectors from the Ministry of Labor and Social Welfare are
responsible for enforcement of child labor laws.  Violators of
laws prohibiting heavy labor and night work by children are
occasionally punished.

    e.  Acceptable Conditions of Work

    A tripartite committee of representatives from government,
organized labor, and employers established a minimum wage of
780 cedis (less than one dollar) per day.  In real terms, the
minimum wage is less than in 1980.  The standard work week is
40 hours.  Occupational safety and health regulations are in
effect and sanctions are occasionally applied through the labor
department of the Ministry of Health and Social Welfare. 
Safety inspectors are few in number and inadequately trained. 
Inspectors will take action if matters are brought to their
attention but lack the resources to seek out violations.

    f.  Rights in Sectors with U.S. Investment

    U.S. investment in Ghana is dominated by a firm in the
primary and fabricated metals sector.  There is also
significant U.S. investment in the petroleum, seafood, mining,
telecommunications, chemicals and related products, as well as
wholesale trade sectors.  Labor conditions in these sectors of
the economy do not differ from the norm described above.  U.S.
firms in Ghana are obliged to adhere to Ghanaian labor laws and
no instances of noncompliance are known.

  Extent of U.S. Investment in Selected Industries.--U.S. Direct
Investment Position Abroad on an Historical Cost Basis--1993

                    (Millions of U.S. dollars)
              Category                          Amount          

Petroleum                                             (1)
Total Manufacturing                                   (1)
  Food & Kindred Products                     2
  Chemicals and Allied Products               0
  Metals, Primary & Fabricated              (1)
  Machinery, except Electrical                0
  Electric & Electronic Equipment           (1)
  Transportation Equipment                    0
  Other Manufacturing                         0
Wholesale Trade                                         0
Banking                                                 0
Finance/Insurance/Real Estate                           0
Services                                                0
Other Industries                                      (1)
TOTAL ALL INDUSTRIES                                  117      

(1) Suppressed to avoid disclosing data of individual companies
Source: U.S. Department of Commerce, Bureau of Economic Analysis

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