Ghana 11.11.24

• Ghana’s inflation is at a four-month high. The inflation rate was 22.1% in October, up from 21.5%. On the 25th of November, the Central Bank will make its next rate decision. https://www.bloomberg.com/news/articles/2024-11-06/ghana-inflation-at-four-month-high-reduces-chance-of-rate-cut

• An opinion poll this week saw Ghana’s main opposition leader, John Dramani Mahama, as the likely winner of the upcoming presidential election. https://www.reuters.com/world/africa/main-ghana-opposition-leader-tipped-win-presidential-vote-poll-shows-2024-11-11/

• Mahama has said he will renegotiate the IMF deal if he is to become leader. https://www.bloomberg.com/news/videos/2024-11-07/ghana-opposition-leader-mahama-says-he-d-renegotiate-imf-deal

• Ghana’s crude oil output has increased over 10% year-on-year in the first six months of 2024. This is the first increase in output the country has seen in 5 years. Gas output also saw a 7.5% rise to 139.86 million standard cubic feet. https://www.reuters.com/markets/commodities/ghana-sees-first-oil-output-increase-five-years-2024-11-07/

• Fitch Solutions has warned that Ghana’s economy could slow significantly in 2025 due to the post-election austerity measures. Ghana’s GDP is projected to grow by 4.4% in 2025 – slower than the 5.5% expected in 2024. https://citinewsroom.com/2024/11/fitch-solutions-warns-of-post-election-austerity-impact-on-ghanas-2025-growth/