Ghana Economic Outlook
August 25, 2020The economy is expected to have contracted in Q2 due to Covid-19 and containment measures. Central Bank data showed a contracting economy in April–May, while the private-sector PMI showed operating conditions deteriorated at an accelerated pace in Q2. Consequently, government revenues took a hit and this, coupled with fiscal stimulus, led to a deterioration in the government’s fiscal position: Provisional data for H1 shows a much larger shortfall than budgeted, likely limiting room for further stimulus ahead. Furthermore, low oil prices and foreign lockdowns hurt the external sector: Oil exports in the first half were down notably compared to the same period a year prior. Turning to Q3, prospects seemingly improved somewhat as private-sector operating conditions broadly stabilized in July. Moreover, in late July the president announced a further easing of restrictions, boding well for activity.
Ghana Economic GrowthGDP is expected to expand at a markedly reduced pace this year as Covid-19 and associated containment measures extinguish domestic and foreign demand. Moreover, subdued oil prices will weigh on the external sector, while local job losses will further dent domestic activity. Volatile commodity prices and a potential prolonged viral outbreak cloud the outlook further. FocusEconomics panelists project the economy will expand 0.8% in 2020, which is down 0.3 percentage points from last month’s forecast, and 4.7% in 2021.
Ghana Economy Data
5 years of Ghana economic forecasts for more than 30 economic indicators.
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|Exchange Rate||5.70||0.0 %||Jan 01|
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Ghana Economic News
September 16, 2020
The economy contracted for the first time in four years in Q2 as the Covid-19 pandemic and associated containment measures dealt a heavy blow to domestic and foreign activity.
September 10, 2020
Consumer prices fell a seasonally-adjusted 0.41% in August over the previous month, swinging from the 0.50% rise logged in July.
September 8, 2020
Midway through the third quarter, the economic recovery seems to be taking hold as private-sector business conditions improved: The IHS Markit Ghana Purchasing Managers’ Index (PMI) rose to 51.2 in August from 49.7 in July.
August 12, 2020
Consumer prices rose a seasonally-adjusted 0.50% in July over the previous month, which was below the 1.00% rise recorded in June.
August 6, 2020
At the outset of the third quarter, business conditions in Ghana’s private-sector economy continued to decrease from the prior month: The IHS Markit Ghana Purchasing Managers’ Index (PMI) came in at 49.7 in July, unchanged from June.