In-Depth Analysis
Ghana
Economic growth has accelerated sharply in recent years and rising oil production will continue to support the economy moving forward. That said, while reforms brought about under the auspices of an IMF support programme have aided in correcting macroeconomic imbalances, the poor finances of state-owned enterprises and the risk of fiscal slippages still serve to fuel debt sustainability concerns.
Ghana managed to resist the worst effects of the Covid-19 crisis as growth of 0.3% was recorded in 2020. Economic activity may still have struggled to gain traction early in 2021 due to a second wave of Covid-19 infections and the reintroduction of containment measures, but the outlook for the rest of the year is more encouraging. The fiscal deficit is forecast to narrow after widening sharply last year, while the current account deficit is expected to widen further as the gold price rally slows, profit repatriation rebounds, and unilateral transfers normalise. Overall, real growth of 4.7% is forecast for 2021. (Source: Ghana Annual Country Profile, published June 2021.)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-11.1 |
|
Consumer Price Index (% change y-o-y, avg) |
9.9 |
|
Current Account Balance (as a % of GDP) |
-3.2 |
|
Real GDP (annual % change) |
0.3 |
|
GDP per Capita, US$ |
2,210.4 |
|
Import Cover (months) |
3.5 |
|
Population, million |
31.1 |
| Total External Debt (as a % of GDP) |
47.7 |