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 past quarter has not delivered many surprises, with macroeconomic releases justifying our current view of the country’s economic landscape. GDP growth has slowed, but remain robust, inflation is contained comfortably at the mid-point of the target range and the current account deficit narrowed. Ghana’s biggest challenge pertains to fiscal pressures, which would be further tested in the election year. The period leading up to elections will see political temperatures rise, but at present the incumbent has a good chance of retaining the presidency. This means policy certainty and consistency can be expected until 2024 at least. (Source: Ghana Quarterly Update, published January 2020.)
Macroeconomic Data
(2019)
|
Fiscal Balance (as a % of GDP) |
-4.5 |
|
Consumer Price Index (% change y-o-y, avg) |
8.7 |
|
Current Account Balance (as a % of GDP) |
-1.9 |
|
Real GDP (annual % change) |
5.8 |
|
GDP per Capita, US$ |
2,141.6 |
|
Import Cover (months) |
3.3 |
|
Population, million |
30.4 |
| Total External Debt (as a % of GDP) |
38.6 |