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 is set to be hit hard by the Covid-19 pandemic and oil price shock. The economic impact is expected to be severe, with real economic growth expected to slow to a four-decade low of -0.9% this year. The local partial lockdown that lasted for three weeks would have dampened economic activity. In addition, the oil price plunge will create a further drag on the economy. The government has limited fiscal space to support the economy during this time. We expect to see unemployment rising considerably this year, along with a big fall in FDI and reserves. (Source: Ghana Annual Country Profile, published April 2020.)
Macroeconomic Data
(2019)
|
Fiscal Balance (as a % of GDP) |
-4.5 |
|
Consumer Price Index (% change y-o-y, avg) |
8.7 |
|
Current Account Balance (as a % of GDP) |
-2.5 |
|
Real GDP (annual % change) |
5.8 |
|
GDP per Capita, US$ |
2,178.5 |
|
Import Cover (months) |
3.3 |
|
Population, million |
30.4 |
| Total External Debt (as a % of GDP) |
37.9 |