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
February 10, 2021
Consumer prices rose a seasonally-adjusted 0.93% from the previous month in January, picking up slightly from the 0.90% increase logged in December 2020.
February 3, 2021
The IHS Markit Ghana Purchasing Managers’ Index (PMI) bounced back from 50.3 in December 2020 to 51.2 in January.
February 1, 2021
At its 26–29 January meeting, the Monetary Policy Committee of the Bank of Ghana decided to keep the policy rate steady at 14.50%, marking the fifth consecutive hold.
January 21, 2021
GDP declined at a more moderate pace of 1.1% year-on-year in the third quarter, above the 3.2% contraction logged in the second quarter. The print came on the back of stronger growth in the agricultural sector (Q3: +8.3% year-on-year; Q2: +2.5% yoy), while the contractions in the industrial and services sectors softened from 5.7% and 2.6% to 5.1% and 1.1%, respectively.
January 11, 2021
Consumer prices rose a seasonally-adjusted 0.93% from the previous month in December, accelerating from the 0.29% increase logged in November.