In-Depth Analysis
Ghana
Ghana’s debt metrics remain a cause for concern, but hopefully this situation will be addressed with the help of the International Monetary Fund (IMF), while inflation and interest rates are declining. Political risk is low.
Ghana’s nominal GDP was revised higher by 25% following a recently completed rebasing exercise. However, this also meant that growth was revised lower to 5.4% in the first quarter, while the economy is estimated to have expanded at the same rate in Q2. Higher oil production boosting industrial value add remains a key driver, but the services sector’s performance is now estimated to be much weaker, partly ascribed to financial sector vulnerabilities. Fiscal revenues also continue to fall short of targets with Accra now on course to record a wider-than-budgeted deficit this year. (Source: Ghana Quarterly Update, published October 2018.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-4.6 |
|
Consumer Price Index (% change y-o-y, avg) |
10.0 |
|
Current Account Balance (as a % of GDP) |
-2.9 |
|
Real GDP (annual % change) |
5.2 |
|
GDP per Capita, US$ |
2,173 |
|
Import Cover (months) |
3.4 |
|
Population, million |
29.5 |
| Total External Debt (as a % of GDP) |
38.6 |