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.
Real GDP growth slowed sharply during the second quarter. Agriculture expanded at a faster pace and services activity remained robust, but industrial output growth slowed due to a weaker performance by the oil & gas subsector. The decline in growth during the second quarter, in addition to a less robust oil production outlook, prompted a sharp downward revision in our GDP forecast. While now on a lower trajectory, the medium-term growth outlook remains robust, supported by strong industrial prospects. (Source: Ghana Quarterly Update, published October 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) |
3.2 |
|
Population, million |
29.8 |
| Total External Debt (as a % of GDP) |
35.1 |