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.
Ghana’s economic prospects deteriorated throughout the course of 2021 as inflationary pressures intensified, while export growth and fiscal revenue collection underperformed. Oil output has declined in line with Covid-19-related supply cuts, while gold production has fallen due to increased smuggling. Taking these factors into account, we have revised our real GDP growth forecast for this year down to 4.0%. That said, a stronger performance is on the cards next year as some pent-up growth from this year spills over and gold and oil production recover. As a result, we currently envision economic growth to accelerate to 5.3% in 2022. (Source: Ghana Quarterly Update, published December 2021.)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-11.2 |
|
Consumer Price Index (% change y-o-y, avg) |
9.9 |
|
Current Account Balance (as a % of GDP) |
-3.2 |
|
Real GDP (annual % change) |
0.2 |
|
GDP per Capita, US$ |
2,210.4 |
|
Import Cover (months) |
3.5 |
|
Population, million |
31.1 |
| Total External Debt (as a % of GDP) |
45.4 |