Ghana Economic Outlook
July 17, 2018First-quarter annual growth came in at 6.8%, as the economy continued to gradually lose momentum at the outset of the year, after growth hit a five-year high in 2017. A subdued performance by the non-oil sector was mostly behind the slowdown; considerably weaker growth in the industrial sector weighed on economic activity, driven by a feeble increase in manufacturing production that mostly offset strong growth in mining and quarrying activity. In addition, agricultural output growth fell sharply in Q1, partly driven by a weak harvest. Meanwhile, second-quarter prospects point to a further slowdown in growth; the PMI fell to a five-month low in June, whereas inflation jumped back to double-digit territory in the same month. Together with a weaker cedi, higher inflation signaled potential headwinds for sustained domestic demand growth.
Ghana Economic GrowthDespite a soft first quarter, exports should drive the economy forward this year amid a favorable outlook for gold, cocoa and oil prices, and an expected increase in domestic oil output. Meanwhile, healthy private consumption and robust investment activity growth should keep domestic demand strong in 2018. FocusEconomics panelists see GDP expanding 7.1% in 2018, which is unchanged from last month’s forecast, and 6.1% in 2019.
Ghana Economy Data
5 years of Ghana economic forecasts for more than 30 economic indicators.
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|Exchange Rate||4.80||0.0 %||Jul 17|
|Stock Market||0.6||0.0 %||Jul 09|
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Ghana Economic News
July 12, 2018
Inflation creeped up again in June, coming in at 10.0% (May: 9.8%) and marking the second month of acceleration after reaching an over five-year low of 9.6% in April.
July 6, 2018
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) dropped to 52.7 points in June from 55.8 points in May, marking the lowest reading in five months.
June 27, 2018
A provisional estimate released by Ghana’s Statistical Service on 27 June shows that the economy kicked off 2018 on softer footing.
June 13, 2018
Consumer prices rose 1.0% over the previous month in May, edging up marginally from April’s 0.9% (previously reported: +1.1% month-on-month) increase.
June 5, 2018
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) surged to 55.8 points in May, up from 54.5 points in April.