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
5 years of Ghana economic forecasts for more than 30 economic indicators.
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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
July 7, 2021
Consumer prices rose a seasonally-adjusted 1.30% from the previous month in June, picking up from April’s 0.78% increase.
July 5, 2021
The IHS Markit Ghana Purchasing Managers’ Index (PMI) dropped to a five-month low of 51.0 in June from May’s 51.5.
June 17, 2021
The economy lost some steam in the first quarter amid a second wave of Covid-19 infections and the reimposition of restrictions, with GDP growth slowing to 3.1% in annual terms from 3.3% in Q4 2020.
June 9, 2021
Consumer prices rose a seasonally-adjusted 0.78% from the previous month in May, slowing down from April’s 1.54% increase.
June 3, 2021
The IHS Markit Ghana Purchasing Managers’ Index (PMI) dropped to a four-month low of 51.5 in May from April’s 52.4.