Current Account in Ghana
Ghana - Current Account (billions of U.S. Dollars)Growth likely slowed in Q1 compared to Q4 2021, with the private-sector PMI slipping on average into contractionary territory and inflation rising to multi-year high levels. Turning to Q2, economic output should be slowing further. April and May’s PMIs moved deeper into contractionary territory amid steeper declines in output and new orders. This was chiefly driven by shortages of key inputs and a continued rise in inflation, which reached an 18-year high in May. Moreover, tighter monetary policy could be affecting investment growth, while the 2021–2022 cocoa crop fell by over 20% from the prior year. More positively, higher prices for key export commodities such as gold and oil will be supporting activity somewhat. In other news, in mid-June Ghana reportedly secured USD 1 billion from international lenders, which should aid the fiscal position.
Ghana - Current Account (USD bn) Data
|Current Account Balance (USD bn)||-2.8||-2.8||-2.0||-2.0||-1.7|
5 years of economic forecasts for more than 30 economic indicators.
Ghana Current Account (USD bn) Chart
Source: Bank of Ghana
|Exchange Rate||5.70||0.0 %||Jan 01|
|Stock Market||0.1||0.0 %||Dec 31|
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November 3, 2022
The IHS Markit Purchasing Managers’ Index (PMI) fell to 44.0 in October from September's 45.6.
October 6, 2022
At its meeting on 6 October, the Monetary Policy Committee of the Bank of Ghana (BoG) hiked its policy rate by 250 basis points to 24.50%.
October 5, 2022
The IHS Markit Purchasing Managers’ Index (PMI) came in at 45.6 in September, down from August's 45.9.
September 20, 2022
GDP growth sped up to 4.8% year on year in the second quarter, from 3.4% in the first quarter. Both the oil and non-oil sectors expanded at faster paces.
September 14, 2022
Inflation increased to 33.9% in August, following July’s 31.7%.