Current Account in Ghana
Ghana - Current AccountThe economy ended 2018 on a softer note, with growth decelerating in Q4 on the heels of an impressive Q3 outturn. Despite the deceleration, which was chiefly driven by a downturn in the oil and gas sector, the overall expansion remained sturdy, thanks to robust non-oil sector activity growth. Turning to 2019, momentum seemingly weakened again in the first quarter. The cedi’s sharp dive against the U.S. dollar, coupled with still-high inflation, likely weighed on private consumption growth in Q1. Significant volatility in the foreign exchange markets, particularly from mid-February onwards, also likely weighed on investment activity in the quarter. On the external front, metrics were also rather bleak: Merchandise exports contracted on an annual basis in Q1, amid lower shipments of cocoa and stagnant gold exports. A slump in imports, reflecting softer consumer demand, shielded the sector from a more significant downturn.
Ghana - Current Account Data
|Current Account (% of GDP)||-12.6||-9.9||-7.8||-6.7||-4.5|
5 years of economic forecasts for more than 30 economic indicators.
Ghana Current Account Chart
Source: Bank of Ghana
|Exchange Rate||5.39||0.0 %||Jun 14|
|Stock Market||0.4||0.0 %||Jun 14|
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June 20, 2019
According to a preliminary estimate released by Ghana’s Statistical Institute, the economy expanded 6.7% year-on-year in the first quarter of the year, down slightly from the previous quarter’s 6.8% increase.
June 12, 2019
Consumer prices rose 0.9% over the previous month in May, following a 1.1% month-on-month increase in April.
June 6, 2019
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) ticked down from 51.2 points in April to 50.6 in May, the weakest reading since November 2018.
May 27, 2019
At its three-day meeting which concluded on 27 May, the Monetary Policy Committee (MPC) of the Bank of Ghana (BOG) kept its key policy rate unchanged at a five-year low of 16.00%.
May 16, 2019
Consumer prices rose 1.1% over the previous month in April, following a 1.2% month-on-month increase in March.