Economic growth in Ghana surprised to the upside in 2Q, accelerating to 4.8 percent y/y from 3.4 percent y/y in the first three months of 2022.
The 2Q GDP print exceeded consensus expectations of a slowdown to 2.7 percent y/y and was driven by manufacturing and cocoa production. Growth in the manufacturing sector accelerated to 4.4 percent from a year earlier, compared with a 0.5 percent contraction in the prior quarter.
The better-than-expected growth figure in 2Q is, however, unlikely to signal a reversal in Ghana’s growth trajectory, given that the effects of the war in Ukraine are yet to fully filter through, inflation continues to surge, monetary policy is tightening and business conditions continue to deteriorate
