Ghana | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
Republic of Ghana
Records
63
Source
Ghana | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 2.86308222
1971 2.33550229
1972 3.47730771
1973 4.95930815
1974 4.82726183
1975 5.51700183
1976 5.75413654
1977 7.40909377
1978 6.37810292
1979 6.61414694
1980 8.72003765
1981 6.99761192
1982 8.53011284
1983 7.02766949
1984 5.69745876
1985 4.30537503
1986 4.86764993
1987 5.73622939
1988 5.89885279
1989 5.67444374
1990 6.8627407
1991 6.39332588
1992 7.58566675
1993 9.60397698
1994 13.66693104
1995 12.84473487
1996 13.7777338
1997 12.49940652
1998 12.04866124
1999 7.82931688
2000 13.75972358
2001 12.74606357
2002 13.42490789
2003 15.61977238
2004 12.39741015
2005 11.73180446
2006 7.57618461
2007 8.82815309
2008 9.16190193
2009 10.81158268
2010 10.11462924
2011 16.07068747
2012 15.82267718
2013 10.88921407
2014 12.24953468
2015 10.56351682
2016 8.64980291
2017 10.37004043
2018 9.79040787
2019 9.76736656
2020 8.48657958
2021 13.3474845
2022

Ghana | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
Republic of Ghana
Records
63
Source