Ghana Economic Data & Projections

Economic growth:

The economy recorded average annual growth of 4.9% in the decade to 2022. To read more about GDP growth in Ghana, go to our dedicated page.

Fiscal policy:

Ghana's fiscal deficit averaged 8.6% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 4.0% in the decade to 2022. For more information on Ghana's unemployment click here.

Inflation:

Inflation averaged 13.8% in the decade to 2022. Go to our Ghana inflation page for extra insight.

Monetary Policy:

Ghana's monetary policy rate ended 2022 at 27.00%, up from 15.00% a decade earlier. See our Ghana monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the cedi weakened by 81.4% vs the U.S. dollar. For more info on the cedi, click here.

GDP growth rose to 6.9% year on year in Q2 (Q1: +4.8% yoy), hitting a five-year high and smashing market expectations. The upturn was driven by improvements in exports; the domestic economy was less buoyant. In Q3, our Consensus is for GDP growth to have shifted into a lower gear, with available data supportive of the forecast: Economic activity rose 1.6% year on year in July, below Q2’s 1.9%, and the PMI averaged below Q2 in Q3 as a whole. More positively, average inflation receded to its lowest since Q1 2022, likely stirring private spending by increasing purchasing power and—by allowing the Bank of Ghana to resume its loosening cycle—aiding consumer sentiment. Turning to Q4, in further positive news, the government announced on 3 October that 99% of international bondholders had agreed to restructure USD 13 billion of debt; Ghana should now exit its debt-default status imminently, which prompted Moody’s to upgrade the country’s credit rating to ‘Caa2’ with a positive outlook on 11 October.

Projections out to 2034.

44 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 15 expert analysts.

Want to get insight on the economic outlook for Ghana in the coming years? FocusEconomics collects projections out to 2034 on 44 economic indicators for Ghana from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Ghana economy. To download a sample report on the Ghana's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.