Ghana Economic Forecast

Ghana Economic Outlook

December 16, 2021

Following 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 Growth

In 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

2015 2016 2017 2018 2019
Population (million)27.728.328.929.630.2
GDP per capita (USD)1,7211,9262,0142,1732,164
GDP (USD bn)47.754.658.364.265.3
Economic Growth (GDP, annual variation in %)
Consumption (annual variation in %)
Investment (annual variation in %)-2.712.21.013.2-10.0
Industrial Production (annual variation in %)1.14.315.710.66.4
Unemployment Rate-  -  -  -  -  
Fiscal Balance (% of GDP)-5.3-6.9-5.0-3.8-4.5
Public Debt (% of GDP)55.157.357.259.1-  
Money (annual variation in %)26.624.619.815.716.0
Inflation Rate (CPI, annual variation in %, eop)17.715.411.89.47.9
Inflation Rate (CPI, annual variation in %)17.217.512.49.88.7
Exchange Rate (vs USD)3.814.304.544.835.70
Policy Interest Rate (%)26.0025.5020.0017.0016.00
Exchange Rate (vs USD, aop)3.783.944.404.685.35
Current Account (% of GDP)-5.9-5.2-3.4-3.2-2.5
Current Account Balance (USD bn)-2.8-2.8-2.0-2.0-1.7
Trade Balance (USD billion)-3.2-
Exports (USD billion)10.311.113.814.915.7
Imports (USD billion)13.612.912.613.113.3
Exports (annual variation in %)-21.67.924.28.04.9
Imports (annual variation in %)-6.5-4.7-
International Reserves (USD)
External Debt (% of GDP)42.238.838.436.3-  

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Ghana Facts

Value Change Date
Exchange Rate5.700.0 %Jan 01
Stock Market0.10.0 %Dec 31

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