Ghana’s budget deficit will be more than double the initial forecast as the drop in oil prices and the coronavirus pandemic weigh on state income and economic growth. Ghana economic growth for 2016 was $55.01B, a 13.27% increase from 2015. The novel COVID-19 may cause Ghana’s GDP growth rate to fall to 2.2% by the end of the year due to slowdown of both local and global economic activities. Ghana economic growth for 2017 was $59.00B, a 7.25% increase from 2016. Production at Jubilee, Ghana's first commercial offshore oilfield, began … ACCRA, June 14, 2019 – Ghana’s annual economic growth continued on a strong path at 6.3 percent in 2018, although at a slower pace than the 8.1 percent in 2017.This trend was led largely by a strong growth in mining, petroleum, agriculture and sustained expansion in forestry and logging, according to a World Bank … Ghana Economic Growth Economic growth is projected to accelerate in 2021 from this year’s coronavirus-induced slowdown as external and domestic demand gain traction; however, the reading will be partly flattered by a favorable base effect. World Bank national accounts data, and OECD National Accounts data files. Ghana to post modest economic recovery in 2021 After a recession in 2020, Ghana's economy will recover in 2021, although reduced fiscal spending will temper growth… Further, under the Mahama-led NDC government, Ghana recorded an accumulated GDP growth of 15.836 which translates into an average of 3.959% growth … Volatile commodity prices and lingering uncertainty over the … Data Source: World Bank The GDP growth rate projected for 2020, 0.9%, is the lowest, which many attribute to the negative impact of the COVID-19 pandemic on Ghana’s economy. Expansion of Ghana’s nascent oil industry has boosted economic growth, but the fall in oil prices since 2015 reduced by half Ghana’s oil revenue. Ghana economic growth for 2018 was $65.56B, a 11.12% increase from 2017. Download Historical Data Save as Image. Gold, oil, and cocoa exports, and individual remittances, are major sources of foreign exchange. This page has economic forecasts for Ghana including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Ghana economy. In addition, USAID is working with the Government of Ghana to strengthen management of the oil and gas sector. GDP growth (annual %) - Ghana. USAID economic growth programs in Ghana enhance the competitiveness of agricultural firms in domestic, regional and international markets. Macroeconomic performance and outlook Ghana’s economy continued to expand in 2019, with real GDP growth estimated at 7.1%. Improvements in the macroeconomic environment were accompanied by … High growth momentum since 2017 has consistently placed Ghana among Africa’s 10 fastest-growing economies. According to Ofori-Atta, the doubling of the budget deficit is calculated at 11.4 percent of gross domestic product compared with a projection …
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