Ghana Economic Outlook
June 21, 2022
Growth likely slowed in Q1 compared to Q4 2021, with the private-sector PMI slipping on average into contractionary territory and inflation rising to multi-year high levels. Turning to Q2, economic output should be slowing further. April and May’s PMIs moved deeper into contractionary territory amid steeper declines in output and new orders. This was chiefly driven by shortages of key inputs and a continued rise in inflation, which reached an 18-year high in May. Moreover, tighter monetary policy could be affecting investment growth, while the 2021–2022 cocoa crop fell by over 20% from the prior year. More positively, higher prices for key export commodities such as gold and oil will be supporting activity somewhat. In other news, in mid-June Ghana reportedly secured USD 1 billion from international lenders, which should aid the fiscal position.Ghana Economic Growth
Growth will soften in 2022, as soaring inflation, tighter monetary policy and a depreciating currency should dampen private sector activity and household consumption. However, higher prices for some of Ghana’s exports—oil and gold—will provide support. An elevated sovereign yield and a looming debt crisis due to a rising public debt-to-GDP ratio are the main downside risks. FocusEconomics panelists project the economy to expand 4.6% in 2022, which is unchanged from last month’s forecast, and 4.8% in 2023.Ghana Economy Data
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Ghana Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 5.70 | 0.0 % | Jan 01 |
| Stock Market | 0.1 | 0.0 % | Dec 31 |
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Ghana Economic News
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Ghana: PMI deteriorates in May
June 3, 2022
The S&P Global Purchasing Managers’ Index (PMI) came in at 47.4 in May, down from April's 48.3.
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Ghana: Inflation comes in at highest level since January 2004 in April
May 11, 2022
Consumer prices rose a seasonally-adjusted 5.17% in April over the previous month, picking up from the 4.02% increase logged in March.
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Ghana: PMI picks up in April but stays below the 50 mark
May 5, 2022
The S&P Global Purchasing Managers’ Index (PMI) came in at 48.3 in April, up from March's 47.2.
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Ghana: Inflation comes in at highest level since August 2009 in March
April 13, 2022
Consumer prices increased a seasonally-adjusted 4.05% from the previous month in March, accelerating from February's 2.33% rise.
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Ghana: PMI continues decline in March
April 6, 2022
The S&P Global Purchasing Managers’ Index (PMI) came in at 47.2 in March, down from February's 49.6.
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