Thursday January 09 2020
Ghana December Inflation Rate Edges Down to 7.9%
Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The annual inflation rate in Ghana decreased to 7.9 percent in December 2019 from 8.2 percent in the previous month, as prices slowed mostly for food. Still, cost was higher for non-food products.

Year-on-year, prices increased less for food & non-alcoholic beverages (7.2 percent vs 8.4 percent in November), of which vegetables, tubers, plantains, cooking bananas and pulses (6.6 percent vs 9.2 percent); ready-made food and other food products n.e.c (6.3 percent vs 12.7 percent); fish and other seafood (6.3 percent vs 7.7 percent); live animals, meat and other parts of slaughtered land animals (4 percent vs 5.3 percent) and fruits & nuts (14.9 percent vs 17.1 percent).

Meanwhile, inflation edged higher for non-food products (8.5 percent vs 8 percent), mainly pushed up by housing & utilities (10.5 percent vs 9.6 percent); restaurants & hotels (5.5 percent vs 3.8 percent); education (6.6 percent vs 4.4 percent) and recreation & culture (9.3 percent vs 7.7 percent). Conversely, cost went up at slower pace for transport (11 percent vs 12.3 percent); clothing & footwear (6.7 percent vs 6.8 percent); furnishings (4.7 percent vs 4.9 percent); health (6.7 percent vs 7 percent) and miscellaneous goods & services (7.4 percent vs 8.2 percent).

On a monthly basis, consumer prices went up 0.3 percent, after rising 0.7 percent in the prior month.




Wednesday December 18 2019
Ghana Q3 GDP Annual Growth at Over 1-Year Low
Ghana Statistical Service | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The economy of Ghana advanced 5.6 percent year-on-year in the third quarter of 2019, little-changed from a 5.7 percent growth in the previous period. It was the slowest expansion since the second quarter of 2018, due to a slowdown in both the services and industrial sectors.

The services sector grew 5.7 percent in the third quarter of 2019, slowing from a 6.5 percent rise in the second quarter of the year, as activity moderated in information & communication (26.4 percent vs 52.8 percent in Q2); professional, administrative & support service activities (0.9 percent vs 5.9 percent); hotels & restaurants (3 percent vs 6.6 percent); finance & insurance activities (1.1 percent vs 1.4 percent) and health & social work (4.5 percent vs 10.3 percent). On the other hand, sharper gains were recorded in real estate (22.1 percent vs 14.9 percent); transport & storage (5.1 percent vs 3.7 percent); trade, repair of vehicles and household goods (2.5 percent vs 2.0 percent); education (9.5 percent vs 8.9 percent). Also, public administration expanded 6.1 percent, after shrinking 2.8 percent in the previous period.

The industrial sector advanced 5.7 percent, lower than a 6.1 percent expansion in Q2. Output rose less for mining & quarrying (8.5 percent vs 14 percent); oil & gas (17.6 percent vs 25.2 percent) and manufacturing (4.6 percent vs 7.4 percent). In addition, water supply, sewerage, waste management & remediation activities shrank (-1.3 percent vs -7.9 percent). Conversely, activity rebounded in electricity supply (10.8 percent vs -7.5 percent) and construction (1.4 percent vs -8.3 percent).

Agriculture, however, posted the highest growth rate in two years (5.9 percent vs 3.1 percent), boosted by crops & cocoa (7.3 percent vs 4.0 percent); livestock (5.7 percent, the same pace as in Q2) and fishing (0.4 percent vs -2.1 percent). Meanwhile, forestry output continued to decrease, but at a slower pace (-0.6 percent vs -6.5 percent).

On a quarterly basis, the GDP expanded 1.4 percent, the same pace as in the preceding quarter which was the slowest in over a year. 




Wednesday December 11 2019
Ghana Inflation Rate at 4-Month High of 8.2%
Ghana Statistical Service Luisa Carvalho | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The annual inflation rate in Ghana rose to 8.2 percent in November 2019 from 7.7 percent in the previous month. It was the highest inflation rate since July, as prices climbed for food while slowed for non-food products. Meantime, the weakness of the cedi is adding to price pressures.

Year-on-year, prices rose at a faster pace for food & non-alcoholic beverages (8.4 percent vs 7.0 percent in October). 

Meanwhile, cost slowed slightly for non-food products (8.0 percent vs 8.2 percent), of which housing & utilities (9.6 percent vs 9.9 percent); clothing & footwear (6.8 percent vs 7.4 percent); transport (12.3 percent vs 12.9 percent); restaurants & hotels (3.8 percent vs 4.1 percent); furnishings & household equipment (4.9 percent vs 5.9 percent); recreation & culture (7.7 percent vs 7.9 percent); communication (2.9 percent vs 3 percent and health (7 percent vs 8.5 percent). At the same time, inflation was steady for miscellaneous goods & services (8.2 percent). In contrast, prices advanced further for alcoholic beverages, tobacco & narcotics (13.4 percent vs 13.2 percent) and education (4.4 percent vs 3.3 percent). 

On a monthly basis, consumer prices went up 0.7 percent, after increasing 0.4 percent in the previous month. 


Wednesday November 13 2019
Ghana October Inflation Rate Ticks Up to 7.7%
Ghana Statistical Service Luisa Carvalho | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The annual inflation rate in Ghana increased to 7.7 percent in October 2019 from 7.6 percent in the previous month. Prices advanced faster for non-food products, in particular transport and alcoholic beverages, tobacco & narcotics; while food cost slowed.

Year-on-year, prices advanced at a faster pace mainly for non-food products (8.2 percent vs 7.0 percent in September), namely transport (12.9 percent vs 8.7 percent), amid increased fares on bus transport, fuels; and alcoholic beverages, tobacco & narcotics (13.2 percent vs 12.2 percent), of which alcoholic beverages (12.4 percent) and narcotics (33.8 percent). Additional upward pressure came from clothing & footwear (7.4 percent vs 6.1 percent); miscellaneous goods & services (8.2 percent vs 6.9 percent); furnishings & household equipment (5.9 percent vs 5.6 percent); education (3.3 percent vs 2.7 percent); recreation & culture (7.9 percent vs 7.5 percent); communication (3 percent vs 2 percent) and health (8.5 percent vs 5.5 percent). Meanwhile, cost slowed a bit for housing & utilities (9.9 percent vs 10 percent) and restaurants & hotels (4.1 percent vs 4.2 percent).  

Meantime, inflation softened for food & non-alcoholic beverages (7 percent vs 8.5 percent).

On a monthly basis, consumer prices inched up 0.4 percent, after dropping 0.1 percent in the preceding month.


Wednesday October 16 2019
Ghana Inflation Rate at Over 6-Year Low of 7.6%
Ghana Statistical Service Luisa Carvalho | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The annual inflation rate in Ghana eased to 7.6 percent in September 2019, its lowest level since August 2013, from 7.8 percent in the previous month. Prices continued to slow for non-food products while rose further for food.

Year-on-year, prices slowed further for non-food products (7.0 percent vs 7.4 percent in August), of which clothing & footwear (6.1 percent vs 6.6 percent); transport (8.7 percent  vs 10.2 percent); furnishings (5.6 percent vs 6.1 percent); alcoholic beverages & tobacco (12.2 percent sv 12.9 percent); restaurants & hotels (4.2 percent vs 4.8 percent). Meanwhile, cost rose faster for housing & utilities (10 percent vs 9.9 percent), on the back of recent electricity and water tariffs hikes; health (5.5 percent vs 5.4 percent) and recreation & culture (7.5 percent vs 7.4 percent). At the same time, inflation was steady for education (at 2.7 percent).

On the other hand, food inflation picked up (8.5 percent vs 8.2 percent), mainly pushed up by fruits & nuts (26.9 percent); coffee and coffee substitutes (15.3 percent); cocoa drinks (14.8 percent); fruit & vegetable juices (11.4 percent); cereals & cereal products (9.9 percent) and vegetables, tubers, plantains, cooking bananas and pulses (8.9 percent).

On a monthly basis, consumer prices dropped 0.1 percent.


Thursday September 19 2019
Ghana Inflation Rate Lowest since 2013
Ghana Statistical Service Luisa Carvalho | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The annual inflation rate in Ghana fell to 7.8 percent in August 2019, the lowest level since September 2013, from 9.4 percent in the previous month, and below the mid-point of Bank of Ghana's target range of 6-10 percent. Prices slowed for non-food products while picked up for food.

Year-on-year, prices increased at a softer pace for non-food products (7.4 percent vs 10.4 percent in July), namely clothing & footwear (6.6 percent vs 14.9 percent); hotels, cafes & restaurants (4.8 percent vs 9.9 percent); education (2.7 percent vs 6.4 percent); health (5.4 percent vs 7.9 percent); furnishings (6.1 percent vs 14.6 percent) and recreation & culture (7.4 percent vs 14.8 percent). Meanwhile, cost rose further for alcoholic beverages & tobacco (12.9 percent vs 10.3 percent); housing & utilities (9.9 percent vs 9.8 percent), mainly attributable to hikes in electricity and water tariffs with effect from July and transport (10.2 percent vs 6.9 percent), following hikes in fuel prices.

Contrastingly, food inflation jumped to 8.2 percent from 6.6 percent in the prior month, boosted by prices of fruits and nuts (25.2 percent); cereals and cereal products (10.6 percent); sugar, confectionery and deserts (9.0 percent), and ready-made food and other food products (8.3 percent).

The base year for the consumer price index was changed to 2018 from 2012 and the new basket was expanded to 307 items compared with 267 before.


Wednesday September 18 2019
Ghana GDP Growth Slows to 1-Year Low in Q2
Ghana Statistical Service | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The economy of Ghana advanced 5.7 percent year-on-year in the second quarter of 2019, following a 6.7 percent growth in the previous period. It was the slowest expansion since the second quarter of 2018, amid sharp contraction in construction, water supply and electricity. Also, mining and financial services grew less.

The industrial sector rose 6.1 percent, following a 8.4 percent advance in the first quarter of 2019. Output growth weakened for mining & quarrying (14.0 percent vs 20.9 percent) while contractions were recorded for construction (-8.3 percent vs -8.7 percent); water supply, sewerage, waste management and remediation activities (-7.9 percent vs -6.4 percent) and electricity supply (-7.5 percent vs 11.1 percent). In contrast, oil & gas (25.2 percent vs 14.6 percent) and manufacturing (7.4 percent vs 5.6 percent) grew solidly and at a faster clip.

The services sector expanded 6.5 percent, slower than 7.2 percent in the previous period, as activity moderated in financial services (1.4 percent vs 2.1 percent); trade, repair of vehicles and household goods (2.0 percent vs 2.9 percent); hotels & restaurants (6.6 percent vs 8.6 percent); professional, administrative & support service activities (5.9 percent vs 6.8 percent) and health & social work (10.3 percent vs 22.1 percent). In addition, public administration, defense & social security posted a decline (-2.8 percent vs 3.2 percent). Conversely, sharper gains were seen for information & communication (52.8 percent vs 37 percent); real estate (14.9 percent vs 9.1 percent); transport & storage (3.7 percent vs 3.1 percent) education (8.9 percent vs 8.5 percent).

Agriculture grew 3.1 percent, much faster than 2.2 percent in the prior quarter, pushed by livestock (5.7 percent vs 5.5 percent) and crops and cocoa (4 percent vs 2.4 percent). However, forestry & logging (-6.5 percent vs -5.8 percent) and fishing (-2.1 percent vs -1.5 percent) reported declines.

On a quarterly basis, the GDP grew 1.4 percent, the least in a year, compared to 1.6 percent in the previous quarter. 



Wednesday August 14 2019
Ghana Inflation Rate Edges Up to 9.4% in July
Ghana Statistical Service Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The annual inflation rate in Ghana rose to 9.4 percent in July of 2019 from 9.1 percent in the previous month, driven by prices of both food and non-food products.

Year-on-year, prices advanced at a faster clip for food & non-alcoholic beverages (6.6 percent vs 6.5 percent in June), namely vegetables (8.4 percent vs 8.2 percent); fruits (11 percent vs 10.7 percent); cereals & cereal products (5.4 percent vs 4.8 percent); sugar, jam, honey, chocolate and confectionery (7 percent vs 6.4 percent); milk, cheese & eggs (4.1 percent vs 3.3 percent); meat & meat products (8.6 percent vs 8.1 percent) and fish and sea food (5.8 percent vs 5.4 percent).

In addition, cost rose further for non-food products (10.4 percent vs 10.3 percent), mainly pushed up by housing & utilities (9.8 percent vs 6.8 percent); hotels, cafes & restaurants (9.9 percent vs 9.5 percent); education (6.4 percent vs 6.2 percent); communications (7.6 percent vs 6.9 percent); health (7.9 percent vs 7.5 percent) and alcoholic beverages & tobacco (10.3 percent vs 9.9 percent). Meantime, inflation was steady for transport (at 6.9 percent) and furnishings (at 14.6 percent).

On the other hand, prices slowed slightly for clothing & footwear (14.9 percent vs 15.2 percent); miscellaneous goods & services (11.2 percent vs 11.3 percent) and recreation & culture (14.8 percent vs 15 percent). 

On a monthly basis, consumer prices went up 0.6 percent, following a 0.8 percent rise in the prior month. It was the lowest monthly inflation rate since September last year.


Wednesday July 10 2019
Ghana Inflation Rate at 5-Month Low of 9.1%
Ghana Statistical Service | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The annual inflation rate in Ghana fell to 9.1 percent in June 2019 from 9.4 percent in the previous month. It was the lowest inflation rate since January, as prices rose slightly less for both food and non-food products.

Year-on-year, prices slowed for food & non-alcoholic beverages (6.5 percent vs 6.7 percent in May), of which oils & fats (4.8 percent vs 5.2 percent); mineral water, soft drinks, fruit and vegetable juices (7.2 percent vs 8 percent); fish and sea food (5.4 percent vs 5.9 percent); vegetables (8.2 percent vs 8.4 percent) and fruits (10.7 percent vs 10.9 percent).

Meantime, inflation dropped for non-food products (10.3 percent vs 10.6 percent), as cost rose less for transport (6.9 percent vs 12.5 percent) and increased at the same pace for education (6.2 percent) and recreation & culture (15.0 percent). In contrast, prices went up at a faster pace for other items such as housing & utilities (6.8 percent vs 6.5 percent); clothing & footwear (15.2 percent vs 15.0 percent); miscellaneous goods & services (11.3 percent vs 9.5 percent) and hotels, cafes & restaurants (9.5 percent vs 9.2 percent).

On a monthly basis, consumer prices increased 0.8 percent, following a 0.9 percent rise in the previous month. It was the lowest monthly inflation rate since November last year.


Thursday June 20 2019
Ghana GDP Annual Growth Rate at 6.7% in Q1
Ghana Statistical Service | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The economy of Ghana advanced 6.7 percent year-on-year in the first quarter of 2019, following a 6.8 percent growth in the previous period, mainly boosted by services and the industrial sector.

The services sector expanded 7.2 percent, faster than 5.8 percent in the fourth quarter of 2018, mainly supported by information & communication (37 percent vs 12.3 percent in Q4); health & social work (22.1 percent vs 12.5 percent); real estate (9.1 percent vs -3.1 percent); hotels & restaurants (8.6 percent vs 1.1 percent); education (8.5 percent vs 4 percent) and professional, administrative & support service activities (6.8 percent vs 5.6 percent). Meanwhile, softer rises were seen in trade, repair of vehicle and household goods (2.9 percent vs 8.6 percent); transport & storage (3.1 percent vs 3.2 percent); public administration, defense & social security (3.2 percent vs 7.3 percent) and other personal services activities (2.5 percent vs 4.4 percent). At the same time, finance & insurance grew at the same pace (at 2.1 percent).

The industrial sector performed solidly overall, advancing 8.4 percent, after a 8.9 percent rise in the previous period. Main positive contributions came from mining & quarrying (20.9 percent vs 20 percent); oil & gas (14.6 percent vs -7.2 percent); manufacturing (5.6 percent vs 1.9 percent) and electricity supply (11.1 percent vs 6.3 percent). In contrast, sharp contractions were posted in construction (-8.7 percent vs 2.5 percent) and water supply, sewerage, waste management and remediation activities (-6.4 percent vs -7.3 percent).

Agriculture grew 2.2 percent, much slower than 4.4 percent in the prior quarter, as output rose less for crops & cocoa (2.4 percent vs 6.5 percent) and it shrank for forestry & logging (-5.8 percent vs -1.1 percent) and fishing (-1.5 percent vs -19.1 percent). On the other hand, production advanced at a faster pace for cocoa (5.6 percent vs 3.7 percent) and livestock (5.5 percent vs 5.0 percent).

On a quarterly basis, the GDP advanced 1.6 percent compared to 1.7 percent in the previous quarter.