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.
While Ghana’s growth figures have proved even more volatile and subject to significant revisions post-rebasing, we forecast real GDP growth to increase in 2019, driven by robust industrial output growth and a rebound in services sector activity. Medium-term growth prospects also remain very encouraging. News that the Obuasi mine will start producing gold again towards end-2019 is very positive. Oil exploration being ramped up by the likes of Tullow Oil and more recently Aker Energy means production is set to rise steadily. Consumer demand is also forecast to gain more traction over the medium term. (Source: Ghana Annual Country Profile, published April 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) |
6.2 |
|
GDP per Capita, US$ |
2,215 |
|
Import Cover (months) |
3.8 |
|
Population, million |
29.5 |
| Total External Debt (as a % of GDP) |
35.3 |