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 Ghanaian economy delivered a robust performance in Q1 2021 as it expanded by 3.1% y-o-y. The agricultural and services sectors led the charge, while the industrial sector recorded positive, yet modest, growth for the first time in four quarters. Trade prospects for the year have improved following increased activity over the first half of 2021. Although consumer price pressures eased sharply in Q2, inflation is expected to tick up throughout H2 2021. While government continues to lend a hand to the economy as the pandemic persists, we now expect real GDP growth of 5.5% this year. (Source: Ghana Quarterly Update, published September 2021.)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-11.2 |
|
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 |