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.
Real GDP growth dipped slightly to 6.7% y-o-y at the start of 2019, dragged down by slower agricultural output growth. Regardless, the growth outlook in general remains encouraging. Rising oil production will continue to provide industry with a boost, although base effects should have a minor dampening effect here. There is also scope for a more broad-based rebound in demand-side activity given the looser monetary policy stance and slightly lower inflation. Fiscal pressures are mounting though, and off-budget spending related to financial sector reforms will fuel debt sustainability concerns. (Source: Ghana Quarterly Update, published July 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-3.8 |
|
Consumer Price Index (% change y-o-y, avg) |
9.8 |
|
Current Account Balance (as a % of GDP) |
-3.2 |
|
Real GDP (annual % change) |
6.3 |
|
GDP per Capita, US$ |
2,201.1 |
|
Import Cover (months) |
3.8 |
|
Population, million |
29.8 |
| Total External Debt (as a % of GDP) |
35.1 |