Wednesday September 27 2017
Ghana GDP Growth at Near 3-Year High of 9%
Ghana Statistical Service | Joana Taborda | joana.taborda@tradingeconomics.com

Ghana´s economy advanced 9 percent year-on-year in the second quarter of 2017, above a 6.6 percent rise in the previous period. It is the highest growth rate since the third quarter of 2014, mainly boosted by a 188 percent jump in the oil and gas sector. On a quarterly basis, the economy expanded 2 percent.

The industrial sector went up 19.3 percent, following an 11.6 percent rise in the previous period. Mining jumped 75 percent (33.1 percent in Q1) and manufacturing rose 6.6 percent (5.9 percent in Q1) while construction went up at a slower 0.8 percent (2.9 percent in Q1). 

The services sector increased 5.6 percent, also higher than 3.4 percent in the previous period.

Agriculture slowed (3.4 percent compared to 7.7 percent in Q1), mainly due to a 17.6 percent drop in fishing (+13.6 percent in Q1). 

GDP growth for 2016 was revised higher to 3.7 percent from an earlier estimate of 3.5 percent. 




Thursday September 14 2017
Ghana Inflation Rate Rises to 12.3% in August
Ghana Statistical Service | Stefanie Moya | stefanie.moya@tradingeconomics.com

The inflation rate in Ghana increased to 12.3 percent in August of 2017 from 11.9 percent in July. It is the highest increase in inflation rate since March of 2016, mainly due to a base drift effect compared to the index a year ago and higher petroleum prices. In addition, the government recently introduced a 3 percent flat VAT, replacing the 17.5 percent rate, thus increasing prices of several items, mainly imported ones.

Year-on-year, prices advanced faster for the non-food group (14.7 percent compared to 14.2 percent in July), namely transport which recorded the highest inflation (22.3 percent compared to 22 percent in July); housing and utilities (6.8 percent vs 6.2 percent); clothing and footwear (16.6 percent vs 15.7 percent); miscellaneous goods and services (16.1 percent vs 14.8 percent in July); furnishings, household equipment and routine maintenance (19 percent from 18.7 percent) and recreation and culture (19.5 percent from 19.2 percent). Meanwhile, inflation was steady for health (13.8 percent) and communication (9.6 percent).

Food inflation rose to 7.4 percent from 7.2 percent. Prices went up faster for fish and sea food (14.6 percent vs 14.4 percent) but slowed for meat and meat products (9.5 percent compared to 10.1 percent)

On a monthly basis, consumer prices fell 0.2 percent asfter rising 0.7 percent in July.




Thursday August 17 2017
Ghana Inflation Rate Eases To 11.9% In July
Ghana Statistical Service |Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The inflation rate in Ghana declined to 11.9 percent in July of 2017 from 12.1 percent in May. The annual inflation rate fell for the third consecutive month to the lowest inflation rate since September of 2013, on the back of a stable cedi and easing non-food prices, namely transport. The country is committed to lowering inflation to 11.2 percent by the end of the year to restore restore macroeconomic stability under a three year assistance programme with the IMF.

Year-on-year, cost went up at a slower pace for: housing and utilities (6.2 percent vs 7.1 percent in June); clothing and footwear (15.7 percent vs 16.6 percent); transport (22 percent vs 23.1 percent); miscellaneous goods and services (14.8 percent vs 15.4 percent);  furniture and household equipment (18.7 percent vs 20.6 percent); education (9.3 percent vs 11 percent); recreation and culture (19.2 percent vs 20.8 percent); communication (9.6 percent vs 11.1 percent); health (13.8 percent vs 14.3 percent) and alcoholic beverages and tobacco (11.5 percent vs 11.7 percent).

Conversely, prices advanced faster for food and non-alcoholic beverages (7.2 percent vs 6.2 percent), including meat and meat products (10.1 percent) and fish and seafood (14.4 percent); and also for hotels, cafes and restaurants (12.2 percent vs 12 percent).

On a monthly basis, consumer prices went up 0.7 percent, easing from a 0.9 percent increase in June.


Friday July 14 2017
Ghana Inflation Rate At Near 4-Year Low of 12.1%
Ghana Statistical Service | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The inflation rate in Ghana decreased to 12.10 percent in June of 2017 from 12.6 percent in May. It is the lowest reading since September of 2013 as inflation slowed both for food (6.2 percent from 6.3 percent) and non-food (15.1 percent from 15.8 percent). The country expects inflation to reach 11.2 percent by the end of 2017, in order to restore macroeconomic stability under a three year assistance programme with IMF.

Year-on-year, prices slowed for: food and non-alcoholic beverages (6.2 percent vs 6.3 percent in May); housing and utilities (7.1 percent vs 7.4 percent); transport (23.1 percent 23.6 percent); miscellaneous goods and services (15.4 percent vs 16.4 percent); hotels and restaurants (12 percent vs 12.8 percent); furniture and household equipment (20.6 percent vs 20.7 percent); education (11 percent vs 14 percent); recreation and culture (20.8 percent vs 21.4 percent); communication (11.1 percent vs 11.3 percent); health (14.3 percent vs 14.9 percent) and alcoholic beverages and tobacco (11.7 percent vs 12.7 percent).

In contrast, cost rose faster for clothing and footwear (16.6 percent vs 16.5 percent).

On a monthly basis, consumer prices went up 0.9 percent, following a 0.7 percent rise in May. 


Wednesday June 28 2017
Ghana GDP Grows The Most Since Q3 2014
Ghana Statistical Service | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The Ghana's economy advanced 6.6 percent year-on-year in the first three months of 2017, following a 4.1 percent expansion in the previous period. It is the highest growth rate since the third quarter of 2014 as manufacturing recovered; oil and gas output jumped and agriculture rose the most in nearly three years while the services sector slowed. A year earlier, the GDP growth was lower at 4.4 percent. The government expects the economy to advance 6.3 percent in 2017.

The industry sector rose 11.5 percent, following a 3 percent increase in Q4. Output rebounded for manufacturing (5.9 percent vs -1.1 percent in Q4) and jumped for mining and quarrying (32.8 percent vs 8.9 percent in Q4), namely led by oil and gas (58.9 percent). Meanwhile, growth slowed for electricity (2.9 percent vs 7.2 percent in Q4) and water and sewerage (0.9 percent vs 2.6 percent in Q4).

Agriculture surged 7.6 percent, compared to a 1.9 percent rise in Q4. 

The services sector increased 3.7 percent (from 6.3 percent in Q4), as output went up at a softer pace for: finance and insurance (2 percent vs 3.4 percent in Q4); real estate, professional, administrative and others (1.6 percent vs 9.3 percent in Q4); information and communication (12 percent vs 19.2 percent in Q4) and declined for hotels and restaurants (-2 percent vs 2.7 percent in Q4) and public administration (-6.5 percent vs 5.3 percent in Q4). In contrast, both trade (6.4 percent vs 3.8 percent in Q4) and transport and storage (3.5 percent vs 2.7 percent in Q4) expanded faster.

On a quarterly basis, the GDP grew 1.5 percent, accelerating from 1.1 percent in the previous quarter. 


Wednesday June 14 2017
Ghana Inflation Rate Lowest Since September 2013
Ghana Statistical Service | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Consumer prices in Ghana increased 12.6 percent year-on-year in May of 2017, easing from a 13 percent rise in April. It is the lowest inflation rate since September of 2013, as declining fuel cost led to a general slowdown in prices.

Year-on-year, prices slowed for: food and non-alcoholic beverages (6.3 percent vs 6.7 percent in April); housing and utilities (7.4 percent vs 7.7 percent); clothing and footwear (16.5 percent vs 16.7 percent); transport (23.6 percent vs 24.9 percent); miscellaneous goods and services (16.4 percent vs 16.8 percent); furniture and household equipment (20.7 percent vs 21.9 percent), recreation and culture (21.4 percent vs 22.3 percent); communication (11.3 percent vs 11.4 percent) and health (14.9 percent vs 15.1 percent). Also, the inflation rate was steady for hotels, cafes and restaurants (12.8 percent) and  education (14 percent).

On a monthly basis, consumer prices went up 0.7 percent, lower than 1.6 percent in April.


Wednesday May 10 2017
Ghana Inflation Rate Rises To 13% In April
Joana Taborda | joana.taborda@tradingeconomics.com

Inflation rate in Ghana inched up to 13 percent in April from three and a half year low of 12.8 percent reported in March. While cost of transportation surged 24.9 percent dues to rise in transport fares, food inflation slowed to 6.7 percent which was the lowest since November 2014.

Year-on-year, prices increased at a faster pace for transport (24.9 percent from 15.3 percent in March) and miscellaneous goods and services (16.8 percent from 16.7 percent). In contrast, inflation slowed for food and non-alcoholic beverages (6.7 percent from 7.3 percent in March); housing and utilities (7.7 percent from 7.9 percent); clothing and footwear (16.7 percent from 18.2 percent) and health (15.1 percent from 15.8 percent). 

On a monthly basis, consumer prices increased 1.6 percent, higher than 1.3 percent in March.


Tuesday May 02 2017
Ghana Economy Expands 4.1% YoY In Q4
Ghana Statistical Service | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The GDP in Ghana advanced 4.1 percent year-on-year in the fourth quarter of 2016, following a downwardly revised 3.9 percent expansion in the previous quarter. The main drivers of growth were services and industry. A year earlier, GDP growth was lower at 3.9 percent.

The services sector advanced 6.3 percent (from 4.5 percent in Q3), boosted by trade (3.8 percent from 2.4 percent in Q3); hotels and restaurants (2.7 percent from -3.5 percent in Q3); transport and storage (2.7 percent from 0.6 percent in Q3); finance and insurance (3.4 percent, the same as in Q3); real estate, professional, administrative and others (9.3 percent from 1.4 percent in Q3) and public administration (5.3 percent from 0.6 percent in Q3).

The industry sector rose 3 percent, following a 0.9 percent increase in Q3. Output advanced for mining and quarrying (8.9 percent from 1.6 percent in Q3), electricity (7.2 percent from 3.9 percent in Q3) and rebounded for water and sewerage (2.6 percent from -9.2 percent in Q3).In contrast, output contracted further for manufacturing (-1.1 percent from -0.3 percent in Q3).

Agriculture increased at a slower 1.9 percent (from 2.8 percent in Q3).

On a quarterly basis, the economy grew 1.1 percent, at the same pace as in the previous quarter. Considering full 2016, the GDP advanced 3.5 percent, below 3.9 percent in 2015 on lower oil and gas production due to shutdowns. The government expects growth to reach 6.3 percent in 2017.


Wednesday April 12 2017
Ghana Inflation Rate Down To 12.8% In March
Joana Taborda | joana.taborda@tradingeconomics.com

Consumer prices in Ghana increased 12.8 percent year-on-year in March of 2017, from a 13.2 percent rise in February. The inflation fell for the sixth consecutive month to the lowest since September of 2013, mainly due to a slowdown in cost of transport and health.

Year-on-year, prices rose less for transport (15.3 percent from 23.3 percent in February) and health (15.8 percent from 17.1 percent). In contrast, inflation accelerated for food and non-alcoholic beverages (7.3 percent from 7.1 percent); housing and utilities (7.9 percent from 7.1 percent); clothing and footwear (18.2 percent from 17.8 percent) and miscellaneous goods and services (16.7 percent from 15.3 percent). 

On a monthly basis, consumer prices increased 1.3 percent, higher than 0.6 percent in February.


Wednesday March 15 2017
Ghana Inflation Rate Lowest Since November 2013
Deborah Neves | deborah.neves@tradingeconomics.com

The annual inflation rate in Ghana slowed slightly to 13.2 percent in February of 2017 from 13.3 percent in the previous month. It was the lowest inflation rate since November of 2013 mainly due to a decline in the price of fuel.

Non-food inflation fell to 16.4 percent (16.6 percent in the previous month) as cost increased at slower pace for transport (23.3 percent from 24.6 percent), miscellaneous goods and services (15.3 percent from 15.9 percent), clothing and footwear (17.8 percent from 18 percent), education (19.6 percent from 25.1 percent) and health (17.1 percent from 18.2 percent).

Additional upward pressure came from: recreation and culture (24.4 percent from 20.3 percent), furnishings and household items (22.5 percent from 22.1 percent), hotels, cafés and restaurants (13.9 percent from 13.3 percent), alcohol beverages and tobacco (13.9 percent from 13.7 percent) and communication (10.8 percent from 12.6 percent).

Meanwhile, prices of food and non-alcoholic beverages items rose faster by 7.1 percent from 7 percent in January, namely fish and sea food (14.3 percent), meat and meat products (11.2 percent), mineral water, soft drinks, fruit and vegetable juices (7.9 percent) and coffee, tea and cocoa (7.4 percent).

On a monthly basis, consumer prices increased 0.6 percent, following a 2.8 percent gain in the previous month.