Ghana Economic Outlook
May 26, 2020
The economy is likely being hard hit in the second quarter by evaporating domestic and foreign demand amid the global pandemic. According to PMI data, activity contracted at the steepest rate on record in April due to falling output, new orders and purchasing activity. Moreover, private consumption will be suffering amid job losses and intensifying price pressures; inflation reached an over two-year high in April. The external sector, meanwhile, will be feeling the pinch from weakened global demand for oil and low oil prices due to an oversupplied market. More positively, however, prices for gold and cocoa—two other key exports—have risen recently, which should be supporting exports somewhat after they dropped at the sharpest rate in 15 months in March. The lifting of the national lockdown in late April, a USD 1.0 billion loan from the IMF and government measures—including most recently USD 170 million to support business—should also be beginning to provide some respite to domestic activity.Ghana Economic Growth
The economy is forecast to slow markedly this year amid weak foreign demand for oil and low oil prices, as well as softening domestic demand due to restrictive measures, job losses and a weaker currency. Moreover, the external sector and government finances remain vulnerable to volatile commodity prices. FocusEconomics panelists project the economy will expand 1.1% in 2020, which is down 0.8 percentage points from last month’s forecast, and 5.7% in 2021.Ghana Economy Data
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Ghana Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 5.70 | 0.0 % | Jan 01 |
| Stock Market | 0.1 | 0.0 % | Dec 31 |
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Ghana Economic News
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Ghana: Private-sector conditions worsen marginally in June
July 3, 2020
Business conditions in Ghana’s private sector nearly stabilized at the end of the second quarter, with the IHS Markit Purchasing Managers’ Index (PMI) coming in at 49.7 in June from 46.7 in May.
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Ghana: Economic growth slows to near four-year low in Q1
June 17, 2020
The economy lost traction in the first quarter of this year on the back of the fallout from Covid-19, with GDP growth slowing from 7.9% year-on-year in Q4 2019 to a near four-year low of 4.9%.
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Ghana: Inflation rises in May
June 11, 2020
Consumer prices increased 1.7% over the last month in May, coming in below the 3.2% rise logged in April.
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Ghana: PMI rises in May but remains in contractionary territory
June 3, 2020
Business conditions in Ghana’s private sector deteriorated in May, albeit at a softer pace compared to April.
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Ghana: Bank of Ghana stands pat in May amid greater upside risk to inflation
May 15, 2020
At its 15 May meeting, which was brought forward from 22 May due to the Covid-19 crisis, the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) opted to stand pat and keep the policy rate unchanged at 14.50%, the lowest level since May 2012.
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