Ghana Economic Outlook
April 16, 2019While Q4 2018 national accounts have yet to be released, growth in the quarter was likely supported by solid domestic demand, compensating for the external sector’s downturn on falling exports. Going into Q1 2019, higher oil prices, coupled with a boost in petroleum production, likely helped improve the current account. However, the cedi fell sharply in the quarter after foreign holders of sovereign debt opted not to roll back their maturing investments, making it one of the worst performing currencies globally. The Central Bank was unable to cushion the FX dive as the IMF program, which the country exited on 2 April, stipulated upholding a certain level of reserves. Meanwhile, concerns remain over fiscal prudence going forward. The country is planning to issue a 50-year bond after a highly oversubscribed USD 3 billion Eurobond sale on 19 March; the bulk of the funds will finance infrastructure projects, while the rest will be used to pay off maturing debts.
Ghana Economic GrowthThe economy should sustain a solid pace of expansion again this year, thanks to higher export growth and robust domestic demand dynamics. A surge in government spending owing to increased infrastructure development, however, raises uncertainties around fiscal discipline. Volatility in commodity prices also clouds the outlook. FocusEconomics panelists expect the economy to expand 6.3% in 2019, up 0.1 percentage points from last month’s forecast, and 6.0% in 2020.
Ghana Economy Data
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|Exchange Rate||5.13||0.0 %||Apr 22|
|Stock Market||0.1||0.0 %||Apr 22|
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Ghana Economic News
April 18, 2019
The economy logged a robust performance in the final quarter of 2018, although the pace of expansion moderated somewhat.
April 15, 2019
Consumer prices rose 1.2% over the previous month in March, following a 1.0% month-on-month increase in February.
April 15, 2019
The Ghanaian cedi bounced back at the outset of the second quarter, after depreciating sharply in Q1.
April 3, 2019
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) ticked up from 51.3 points February to 51.5 in March.
April 1, 2019
At its three-day meeting concluding on 1 April, the Monetary Policy Committee (MPC) of the Bank of Ghana (BOG) held off further policy easing following an unexpected rate cut in the previous meeting.