Ghana Economic Outlook
December 16, 2021Following swifter GDP growth in Q2, available data for the third quarter points to robust activity. Although economic activity moderated slightly in August–September, it still posted double-digit growth in annual terms, while the private sector PMI remained in expansionary territory through Q3. Turning to the current quarter, available data continues to paint a positive picture: Domestic activity was likely propped up by more upbeat consumer and business confidence in October, while the private sector PMI averaged higher in October–November compared to Q3. Lastly, after detecting the country’s first cases of the new Omicron variant, authorities have tightened restrictions for all travelers: Starting from 12 December, all foreign visitors must be fully vaccinated in order to enter the country, while Ghanaians arriving at or departing from an airport will be required to receive a jab.
Ghana Economic GrowthIn 2022, the economy is set to grow at faster pace as activity continues to return to pre-pandemic levels. Robust growth across all sectors should drive momentum. Meanwhile, lower oil production next year, the emergence of new Covid-19 variants and uncertainty regarding the development of the pandemic weigh on the outlook. FocusEconomics panelists project the economy to expand 5.3% in 2022, which is unchanged from last month’s forecast, and 5.1% in 2023.
Ghana Economy Data
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|Exchange Rate||5.70||0.0 %||Jan 01|
|Stock Market||0.1||0.0 %||Dec 31|
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Ghana Economic News
January 12, 2022
Consumer prices increased a seasonally-adjusted 1.26% over the previous month in December, coming in below November's 1.42% rise.
January 6, 2022
The IHS Markit Purchasing Managers’ Index (PMI) came in at 51.8 in December, up from November's 51.0.
December 22, 2021
GDP growth gained pace in the third quarter, reaching 6.6% year-on-year, following the second quarter’s 5.1% expansion.
December 15, 2021
Consumer prices increased a seasonally-adjusted 1.42% in November over the previous month, accelerating from the 0.61% rise seen in October.
December 6, 2021
The IHS Markit Purchasing Managers’ Index (PMI) came in at 51.0 in November, unchanged from the previous month’s result and remaining above the 50-threshold, signaling an improvement in business conditions from the previous month. November’s stable reading came as an improvement in production was tempered by a sharp spike in price pressures.