Ghana Economic Outlook
October 19, 2021National accounts data revealed that the economy expanded at the fastest rate in over a year in the second quarter, amid quicker growth in both the services and agricultural sectors. Although Q2’s result was bolstered by a favorable base effect, quarter-on-quarter growth also indicated improving underlying momentum. Turning to Q3, high frequency indicators point towards a sustained recovery. Although economic activity moderated slightly in July, it still posted double-digit growth. Moreover, the private sector PMI came in at a nearly one-year high in September, suggesting firming capital spending, while household spending was likely propped up by higher consumer confidence in the same month. In pandemic-related news, a stagnating vaccination campaign led authorities to leave restrictions unchanged at the end of September, which will likely cap activity going forward.
Ghana Economic GrowthFirming household and capital spending should bolster GDP growth in 2021, while the gradual easing of restrictions abroad bodes well for the external sector. In 2022, the economy is set to grow at a slower pace amid a subsiding base effect and normalizing activity. Uncertainty regarding the pandemic and a slow vaccination campaign continue to dampen the outlook. FocusEconomics panelists project the economy to expand 5.1% in 2022, which is down 0.1 percentage points from last month’s forecast, and 4.7% in 2023.
Ghana Economy Data
5 years of Ghana economic forecasts for more than 30 economic indicators.
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Ghana Economic News
October 13, 2021
Consumer prices rose a seasonally-adjusted 0.64% from the previous month in September, picking up from August’s 0.27% increase.
October 5, 2021
The IHS Markit Purchasing Managers’ Index (PMI) came in at 52.6 in September, up from August's 48.9.
September 27, 2021
At its meeting on 22–24 September, the Monetary Policy Committee of the Bank of Ghana (BoG) decided to keep its policy rate at 13.50%, as expected by market analysts. The decision to leave rates unchanged was mainly due to a need to balance both the ongoing economic recovery and inflationary pressures.
September 25, 2021
According to data released by the Ghana Statistical Service, GDP growth accelerated to 3.9% year-on-year in the second quarter, gaining steam from the 3.1% expansion logged in the first quarter and marking the fastest increase since Q1 2020. Q2’s improvement came despite largely unchanged Covid-19 restrictions throughout the period.
September 15, 2021
Consumer prices rose a seasonally-adjusted 0.27% from the previous month in August, waning markedly from July’s 1.63% increase.