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.
GDP growth came in stronger-than-anticipated in Q3, with encouraging signs of a rebound in consumer demand hinting at a more broad-based recovery in economic activity. The country’s short-term growth prospects are also favourable. While base effects will come into play, rising oil production will remain a key driver, with a number of new wells set to come online at the TEN project while the Jubilee field is pumping near capacity. We also expect the pressure on banks to start subsiding this year and for consumer demand to gain more traction in line with lower inflation and looser monetary policy. (Source: Ghana Quarterly Update, published January 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-4.6 |
|
Consumer Price Index (% change y-o-y, avg) |
9.8 |
|
Current Account Balance (as a % of GDP) |
-2.7 |
|
Real GDP (annual % change) |
6.2 |
|
GDP per Capita, US$ |
2,179.1 |
|
Import Cover (months) |
3.0 |
|
Population, million |
29.5 |
| Total External Debt (as a % of GDP) |
36.5 |