Ghana's Economy: Real GDP Dipped By 3.2% YoY in Q2 2020

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Friday, September 18, 2020/ 03:00PM / United Capital Research / Header Image Credit: Brand Spur


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Earlier in the week, Ghana Statistical Service published the country's GDP report for Q2-2020. According to the report, the Ghanaian economy contracted for the first time since Q2-2016 amid the negative impacts of the COVID-19 induced global lockdowns as well as declines in key export commodity prices. Specifically, the country's real GDP dipped 3.2% y/y in Q2-2020 (vs. +5.7% and +4.9% in Q2-2019 and Q1- 2020, respectively).

 

Although the performance compares favourably to recent numbers seen in South Africa (-17.1% y/y) and Nigeria (-6.1% y/y), the sweet spots or the resilient sectors remain the same across the respective economies. Like in Nigeria and South Africa, the Ghanaian Agriculture sector stayed resilient in Q2-2020, up 2.5% y/y while the Services and Industrial sector which contributes more than 80.0% to Ghana's real GDP, dipped 2.6% and 5.7% respectively. Notably, the Information & Communication industry within the Services sector, recorded the sharpest growth during the period, up 74.2% y/y as the implementation of lockdown accelerated the adoption of technology across sectors. Meanwhile, Hotel & Restaurants recorded the steepest contraction during the period, down 79.4% amid lockdown.

 

Looking ahead, Ghana remains one of the few African countries we are tracking to record an economic growth by Q4-2020, under a base-case scenario. This is as the government has gradually eased lockdown measures since May-2020. Additionally, the latest PMI data from the region suggests that economic activity has stabilized since June-2020 and is on the path of recovery.

 

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Looking Forward

 

Angola

Aug-2020 Inflation Report - September 22nd

Aug-2020 Net Reserves - September 22nd

 

Ghana

Aug-2020 M2 Money Supply - September 24th

Jul-2020 Gross Reserves - September 24th

Sept-2020 MPC Meeting - September 28th

 

Kenya

Jul-2020 M3 Money Supply - September 18th

Jul-2020 Overseas Remittances - September 18th

 

Morocco

Aug-2020 Inflation Report - September 22nd

Q2-2020 GDP Report - September 26th

 

Nigeria

Sept-2020 MPC Meeting - September 22nd

Aug-2020 Private Sector Credit - September 27th

 

South Africa

Q2-2020 Unemployment Data - September 28th

Aug-2020 Private Sector Credit - September 30th

Aug-2020 Inflation Report - September 30th

Aug-2020 Trade Balance - September 30th

Aug-2020 Monthly Budget Balance - September 30th

 

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     Proshare Nigeria Pvt. Ltd.


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