GDP in Ghana
Ghana - GDP
GDP growth records best reading since Q1 2020 in the second quarter
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. The agricultural sector gathered momentum, growing 5.6% in Q2 (Q1: +4.3% yoy), while growth in the services sector accelerated to 11.0% from 4.0% in the previous quarter. That said, the industrial sector contracted 4.3% annually in the second quarter, contrasting the first quarter's 1.3% increase and weighing on the overall improvement somewhat.
On a seasonally-adjusted quarter-on-quarter basis, economic growth gained steam in Q2, rising to 0.9% from 0.8% in the previous quarter. The reading also marked the strongest increase since Q1 2020.
Looking ahead, GDP growth is expected to have picked up pace in Q3 amid an accelerating vaccine rollout and looser Covid-19 restrictions, but it should slow somewhat in Q4 due to a less favorable base effect. The Bank’s recent decision to hold rates steady will likely support economic activity going forward.
FocusEconomics Consensus Forecast panelists project GDP to expand 5.2 in 2022, which is down 0.1 percentage points from last month’s forecast, and 5.2 in 2023.
Ghana - GDP Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 2.2 | 3.4 | 8.1 | 6.3 | 6.5 |
Ghana GDP Chart
Source: Ghana Statistical Services
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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Economic News
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Ghana: Inflation rises to an over one-year high in September
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.
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Ghana: PMI hits highest reading since October 2020 in September
October 5, 2021
The IHS Markit Purchasing Managers’ Index (PMI) came in at 52.6 in September, up from August's 48.9.
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Ghana: Central Bank stands pat in September
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.
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Ghana: GDP growth records best reading since Q1 2020 in the second quarter
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.
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Ghana: Inflation hits five month high in August
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.
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