Current Account in Ghana
Ghana - Current Account (billions of U.S. Dollars)The 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 - 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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June 17, 2021
The economy lost some steam in the first quarter amid a second wave of Covid-19 infections and the reimposition of restrictions, with GDP growth slowing to 3.1% in annual terms from 3.3% in Q4 2020.
June 9, 2021
Consumer prices rose a seasonally-adjusted 0.78% from the previous month in May, slowing down from April’s 1.54% increase.
June 3, 2021
The IHS Markit Ghana Purchasing Managers’ Index (PMI) dropped to a four-month low of 51.5 in May from April’s 52.4.
May 31, 2021
At its meeting on 19–21 May, the Monetary Policy Committee of the Bank of Ghana surprised market analysts by lowering its policy rate by 100 basis points to 13.50%, having held the rate steady for six consecutive meetings.
May 12, 2021
Consumer prices rose a seasonally-adjusted 1.51% from the previous month in April, quickening from the 0.89% increase logged in March.