Ghana Economic Outlook
August 24, 2021Available indicators for the second quarter paint a mixed picture. Economic activity averaged higher in April–May compared to the previous quarter—with April registering the highest growth rate on record. Moreover, demand dynamics gained traction in May: Both merchandise imports and exports improved at a quicker pace compared to the previous month. On the other hand, both consumer and business confidence slipped to multi-month lows in May. Additionally, the private sector PMI averaged slightly lower in April–June than in Q1 before falling to the lowest reading in a year in July, pointing to an ongoing deterioration in business conditions at the outset of Q3. Meanwhile, the country is currently scrambling to administer vaccines as it battles a third wave of Covid-19 cases and an overwhelmed health system, boding ill for activity going forward.
Ghana Economic GrowthStrengthening private and capital spending should bolster economic growth in 2021, following last year’s contraction. Moreover, the gradual easing of restrictions abroad bodes well for the external sector, which should contribute to overall growth. Nevertheless, increased pandemic-related uncertainty amid a rise in cases of the Delta variant clouds the outlook. FocusEconomics panelists project the economy to expand 4.5% in 2021, which is up 0.1 percentage points from last month’s forecast, and 5.3% in 2022.
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
September 3, 2021
The IHS Markit Purchasing Managers’ Index (PMI) came in at 49.7 in July, down from June's 51.0 and marking the worst reading in over a year.
August 15, 2021
Consumer prices rose a seasonally-adjusted 1.63% from the previous month in July, picking up from June’s 0.30% increase.
August 6, 2021
The IHS Markit Purchasing Managers’ Index (PMI) came in at 49.7 in July, down from June's 51.0, marking the lowest reading in a year.
July 27, 2021
At its meeting on 21–23 July, the Monetary Policy Committee of the Bank of Ghana (BoG) decided to keep its policy rate at 13.50%, after surprising market analysts by lowering the rate by 100 basis points at its previous meeting.
July 7, 2021
Consumer prices rose a seasonally-adjusted 1.30% from the previous month in June, picking up from April’s 0.78% increase.