Ghana Economic Outlook
November 13, 2018The economy posted solid growth in the second quarter, propped up by soaring output within the industrial sector. The industrial sector’s strong performance was underpinned by the booming mining and quarrying industry, which expanded by nearly a quarter in Q2 in annual terms. On the external front, solid global demand and higher prices for gold and cocoa—Ghana’s top two export commodities—were likely behind a marked acceleration in exports in the second quarter. Incoming data suggests that the economy likely lost some traction in the second half of the year, however. The PMI slipped into negative territory in September, signaling a deterioration in Ghanaian business conditions and, despite bouncing back to positive territory in October, points to a slowdown in private sector activity in the second half of 2018. Meanwhile, inflation remained moderately elevated in Q3 which, coupled with a weakening currency, potentially weighed on household purchasing power, boding ill for private consumption growth in Q3.
Ghana Economic GrowthStrong domestic demand dynamics will underpin growth next year thanks to an upturn in consumer spending and elevated fixed investment growth. Meanwhile, the external sector should benefit from a favorable price outlook for Ghana’s key commodity exports. Nevertheless, the financial sector remains vulnerable, partly due to high levels of non-performing loans, as reform measures pursued by the Central Bank have yet to prove effective in improving the availability of credit. Met the why particular panelists expect the economy to expand 6.2% in 2019, which is unchanged from last month’s forecast, and 5.8% in 2020.
Ghana Economy Data
5 years of Ghana economic forecasts for more than 30 economic indicators.
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|Exchange Rate||4.86||0.0 %||Nov 29|
|Stock Market||0.1||0.0 %||Nov 29|
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Ghana Economic News
November 26, 2018
At its three-day meeting concluding on 26 November, the Monetary Policy Committee (MPC) of the Bank of Ghana (BOG) decided to keep the policy rate on hold at 17.00%.
November 15, 2018
Consumer prices rose 0.7% in October from the previous month (September: 0.0% month-on-month).
November 5, 2018
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) rose to 50.2 points in October from 49.2 points in September.
October 17, 2018
Consumer prices came in flat from the previous month in September, matching August’s print.
Ghana: PMI slips into negative territory for the first time in over two-and-a-half years in September
October 3, 2018
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) fell to 49.2 points in September, from 51.8 points in August.