Ghana Economic Outlook
November 17, 2020The economic slump should have eased in Q3 after the economy suffered its first contraction in four years in Q2. Data suggests the downturn bottomed out in May: In July, the latest month for which the index is available, economic activity expanded for the second month in a row. Moreover, private sector business conditions improved in August–September. Turning to Q4, the private sector PMI rose to an over two-year high in October. While this bodes well for the economy in the final stretch of the year, prospects are somewhat gloomy nonetheless, as the global rise in new Covid-19 cases will likely weigh on external trade, oil prices and tourism. Meanwhile, the country is gearing up for the 7 December general election, which has been accompanied by spates of violence. The likely outcome is still too close to call, with the management of Covid-19 and corruption likely to be decisive factors.
Ghana Economic GrowthEconomic growth is projected to accelerate in 2021 from this year’s coronavirus-induced slowdown as external and domestic demand gain traction; however, the reading will be partly flattered by a favorable base effect. Volatile commodity prices and lingering uncertainty over the Covid-19 pandemic present key downside risks. FocusEconomics panelists project the economy to expand 4.8% in 2021, which is down 0.2 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
November 24, 2020
At its 18–20 November meeting, the Monetary Policy Committee of the Bank of Ghana opted to leave the policy rate unchanged at 14.50%, marking the fourth consecutive hold. The decision to stand pat was driven by easing inflationary pressures, with inflation nearly returning to the upper band of the Central Bank’s target range of 6.0%–10.0% in October, and a continued improvement in macroeconomic conditions.
November 12, 2020
Consumer prices rose a seasonally-adjusted 0.21% in October over the previous month, swinging from September's 0.20% drop.
Ghana: Ghanaians gear up for December elections; broadly market-friendly policies expected to continue
November 12, 2020
The Ghanaian electorate will head to the polls on 7 December to elect a president and Parliament.
November 4, 2020
Private-sector business conditions continued to improve at the start of the final quarter of the year, with the IHS Markit Ghana Purchasing Managers’ Index (PMI) ticking up to a nearly two-and-a-half-year high of 53.1 in October from 51.4 in September.
October 15, 2020
Consumer prices fell 0.20% in September over the previous month, a more moderate drop than the 0.41% fall seen in August.