Ghana Economic Outlook
September 18, 2018Although the full picture is still unclear, available economic data signals that the pace of growth decelerated in recent months. The PMI deteriorated markedly through August from May’s eight-month high, suggesting that momentum in Ghanaian business conditions continued to lose steam due to lower output and slower growth in new orders. On the other hand, exports accelerated significantly in the second quarter amid robust global demand for gold and cocoa, the country’s top export commodities. In addition, import growth slipped in Q2 as the weak cedi and elevated inflation weighed on consumer demand for foreign goods. In mid-September, the government agreed to coordinate a price floors for cocoa farmers with neighboring Cote d’Ivoire, in an effort to better control supply in the global market. Meanwhile, on 14 September, S&P Global Ratings upgraded Ghana’s credit rating from 'B-' to 'B' citing improved monetary policy effectiveness and banking sector stability.
Ghana Economic GrowthGrowth is expected to taper in the coming years following last year’s robust outturn. Nevertheless, the expansion should remain solid and strong domestic demand will be propped up by buoyant private consumption and healthy investment activity. Meanwhile, the external sector is expected to perform sturdily next year amid a favorable price outlook for Ghana’s key commodity exports. FocusEconomics panelists see GDP expanding 6.8% in 2018 and 6.2% in 2019, which is 0.1 percentage points up from last month’s forecast.
Ghana Economy Data
5 years of Ghana economic forecasts for more than 30 economic indicators.
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|Exchange Rate||4.92||0.0 %||Oct 12|
|Stock Market||0.4||0.0 %||Oct 12|
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Ghana Economic News
Ghana: PMI slips into negative territory for the first time in over two-and-a-half years in September
October 3, 2018
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) fell to 49.2 points in September, from 51.8 points in August.
September 24, 2018
At its three-day meeting concluding on 24 September, the Monetary Policy Committee (MPC) of the Bank of Ghana (BOG) held the monetary policy rate steady at 17.00%.
September 12, 2018
Inflation accelerated to 9.9% in August, from 9.6% in July.
September 5, 2018
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) remained stable from July at a nearly two-year low of 51.8 points in August.
August 15, 2018
Inflation came in at 9.6% in July, down from 10.0% in June.