GDP in Ghana
Ghana - GDP
Growth picks up steam in the third quarter
According to provisional data released by Ghana’s Statistical Service, the economy expanded 7.4% in annual terms in the third quarter, a one-year high and up markedly from the 5.4% growth logged in the second quarter. Buoyant non-oil activity spearheaded the reading, pointing to the solid fundamentals of the Ghanaian economy.
All three key sectors of the economy posted an improvement in Q3. Industrial production growth accelerated, increasing 11.7% in annual terms, up from 11.1% in Q2, largely on the back of the booming mining and quarrying sub-sector which more than offset a contraction in the water supply, sewerage, waste management and remediation activities sub-sector. Furthermore, annual growth in the agricultural sector edged up to 5.5% in Q3, from 4.8% in Q2, against the backdrop of higher crop yields. Lastly, the services sector shifted into a much higher gear in the third quarter, expanding 3.5% year-on-year, up from a meagre 0.5% yoy increase in the previous quarter amid a marked expansion in the health and social work sub-sector.
In quarter-on-quarter seasonally-adjusted terms, the economy grew 1.8% in the third quarter, up from the previous quarter’s 1.3% increase.
Ghana GDP Forecast
FocusEconomics panelists expect GDP to expand 5.9% in 2019, which is down 0.3 percentage points from last month’s forecast, and 5.6% in 2020.
Ghana - GDP Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 7.3 | 4.0 | 3.8 | 3.7 | 8.5 |
Ghana GDP Chart
Source: Ghana Statistical Services
Ghana Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 4.96 | 0.0 % | Jan 30 |
| Stock Market | 0.1 | 0.0 % | Jan 30 |
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Economic News
Ghana: Inflation inches up in March
April 15, 2019
Consumer prices rose 1.2% over the previous month in March, following a 1.0% month-on-month increase in February.
Ghana: Cedi recovers some lost ground at the beginning of Q2
April 15, 2019
The Ghanaian cedi bounced back at the outset of the second quarter, after depreciating sharply in Q1.
Ghana: PMI ticks up in March
April 3, 2019
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) ticked up from 51.3 points February to 51.5 in March.
Ghana: Bank of Ghana holds the key rate stable in April
April 1, 2019
At its three-day meeting concluding on 1 April, the Monetary Policy Committee (MPC) of the Bank of Ghana (BOG) held off further policy easing following an unexpected rate cut in the previous meeting.
Ghana: Cedi continues to plummet following policy rate cut
March 18, 2019
The Ghanaian cedi plunged after the Bank of Ghana (BOG) unexpectedly slashed its key policy rate by 100 basis points on 28 January to a five-year low of 16.00% and signaled that further policy easing may be underway.
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