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.
The latest PMI figures suggest that economic activity in Ghana bottomed out in April. As a result, we project a deep contraction for the Ghanaian economy in Q2, followed by a gradual recovery over the second half of this year. Consumer price index inflation accelerated during Q2, while a revised budget tabled by the minister of finance indicated that the fiscal deficit will be much wider than initially expected. Nonetheless, oil prices started to pick up over the last month which holds some optimism for the oil-exporting country, albeit still forecast to average much lower this year than last year. (Source: Ghana Quarterly Update, published July 2020.)
Macroeconomic Data
(2019)
|
Fiscal Balance (as a % of GDP) |
-4.6 |
|
Consumer Price Index (% change y-o-y, avg) |
8.7 |
|
Current Account Balance (as a % of GDP) |
-2.8 |
|
Real GDP (annual % change) |
6.5 |
|
GDP per Capita, US$ |
2,201.7 |
|
Import Cover (months) |
3.3 |
|
Population, million |
30.4 |
| Total External Debt (as a % of GDP) |
37.5 |