Ghana Economic Outlook
January 22, 2019Growth surged to a one-year high in the third quarter of 2018, thanks to robust activity in the non-oil economy. The industrial sector once again led the expansion, growing at a double-digit pace in large part thanks to booming mining and quarrying output. Furthermore, the agricultural sector continued to expand healthily in Q3, helped by higher crop yields, while the services sector posted strong gains on the back of a solid expansion in the health and social work sub-sector. In addition, external sector metrics improved again in the third quarter: Exports rose at the highest rate since Q2 2017, propped up by higher oil exports. Meanwhile, incoming data suggests solid growth carried over into the fourth quarter. The PMI hit a six-month high in December amid improving demand conditions in the domestic market, leading to a strong increase in new orders.
Ghana Economic GrowthThe economy should remain steady this year, with elevated consumer spending and healthy investment activity growth spearheading the overall expansion. Furthermore, a favorable price outlook for Ghana’s key export commodities bodes well for the country’s external sector performance. High debts levels and the volatile energy and financial sectors pose key risks to the outlook, however. Met the why particular panelists expect the economy to expand 6.0% in 2019, up 0.1 percentage points from last month’s forecast, and 5.7% in 2020.
Ghana Economy Data
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|Exchange Rate||5.18||0.0 %||Feb 14|
|Stock Market||0.1||0.0 %||Feb 14|
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Ghana Economic News
February 5, 2019
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) fell from a six-month high of 52.3 points in December to 51.6 in January.
January 28, 2019
At its three-day meeting concluding on 25 January, the Monetary Policy Committee (MPC) of the Bank of Ghana (BOG) cut its policy rate by 110 basis points to a five-year low of 16.00%.
January 9, 2019
Consumer prices rose 1.1% in monthly terms in December, up slightly from November’s 0.7% uptick.
January 4, 2019
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) rose from 50.5 points in November to a six-month high of 52.3 points in December.
December 19, 2018
According to provisional data released by Ghana’s Statistical Service, the economy expanded 7.4% in annual terms in the third quarter, a one-year high and up markedly from the 5.4% growth logged in the second quarter.