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• We at Fitch Solutions forecast that Ghana’s current account deficit will widen from an estimated 2.6% of GDP in 2021 to 2.9% in 2022.
• This will be driven primarily by sluggish oil and cocoa production alongside a ramp up in domestic demand, which will narrow the country’s goods trade surplus.
• That said, by historic standards the

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• Commercial operations at the heavily delayed Tema LNG import terminal are now expected to start-up in Q222, which will position Ghana as a net importer of LNG.
• Plans are consideration by the Ghana National Petroleum Corporation (GNPC) to re-sell LNG throughout the Sub-Saharan Africa (SSA) region, however, we remain bearish on these

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• Ghana’s medical device market will be constrained by a slow vaccine rollout and the risk of the spread of the Omicron variant.
• Despite this, we forecast that Ghana’s medical device market will grow by high-single digits, driven by the rising population and investment into healthcare and infrastructure.
• Ghana’s medical device market

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• At Fitch Solutions, we expect that the Bank of Ghana (BoG) will raise its benchmark interest rate by a further 50 basis points (bps) to 15.00% by the end of 2022, after hiking by 100 bps at its November 2021 meeting.
• Economic growth will gather momentum in the coming quarters, thus providing the central bank with room to focus on

Key view: We at Fitch Solutions hold a positive outlook for Mass Grocery Retail (MGR) in Ghana. We believe that the positive growth in household spending will support food and non-alcoholic drinks spending growth, pushing consumers into the formal MGR sector. We note that while we forecast disposable income growth to be positive, inflation will

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• We forecast real household spending in Ghana to begin to recover over 2021, growing by 4.1% y-o-y. We note that the economic impact of the Covid-19 pandemic created a significantly low base from which to grow from. Ghana’s real household spending contracted by an estimated 1.1% y-o-y over 2020.
• In 2022, we forecast real household

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• We maintain a positive long-term outlook for port construction in Ghana, supported by strong demand for port infrastructure improvements and a favourable risk profile.
• We expect that Ghana will be able to attract port infrastructure investment, as the country competes with other West African markets to establish itself as a regional

Key View

• Our positive outlook for road infrastructure opportunities in Ghana is supported by a catalogue of robust fundamentals that will sustain demand for road infrastructure improvements, including a well-stocked project pipeline, a strong trade growth outlook, and an expanding vehicle fleet.
• Companies will further benefit from a