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 is anticipated to have weathered the coronavirus outbreak relatively well last year as real GDP growth stood at 0.2% y-o-y over the first nine months of the year. Accordingly, we have adjusted our real GDP growth estimate upwards – we now expect the country’s economy would have grown by 0.2% in 2020. We forecast strong growth of 4.7% this year, despite the persistence of the pandemic. Growth is expected to be driven by a rebound in local and global trade activity, improved market sentiment, better monetary conditions and continued fiscal support. (Source: Ghana Quarterly Update, published March 2021.)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-13.4 |
|
Consumer Price Index (% change y-o-y, avg) |
9.9 |
|
Current Account Balance (as a % of GDP) |
-3.3 |
|
Real GDP (annual % change) |
0.2 |
|
GDP per Capita, US$ |
2,121.8 |
|
Import Cover (months) |
3.5 |
|
Population, million |
31.1 |
| Total External Debt (as a % of GDP) |
52.7 |