Ghana Economic Outlook
June 21, 2022Growth 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 GrowthGrowth 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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|Exchange Rate||5.70||0.0 %||Jan 01|
|Stock Market||0.1||0.0 %||Dec 31|
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Ghana Economic News
September 14, 2022
Inflation increased to 33.9% in August, following July’s 31.7%.
September 5, 2022
The S&P Purchasing Managers’ Index (PMI) fell to 45.9 in August from July's 48.8.
August 17, 2022
At an extraordinary meeting on 17 August, the Monetary Policy Committee of the Bank of Ghana (BoG) hiked its policy rate by 300 basis points to 22.00%—the largest hike in 22 years.
August 10, 2022
Consumer prices rose a seasonally-adjusted 3.15% in July over the previous month, picking up from the 3.02% rise recorded in June.
August 3, 2022
The S&P Purchasing Managers’ Index (PMI) rose to 48.8 in July from June's 48.5.