We hold our positive consumer outlook for Ghana over the remainder of 2017 and in 2018. The country's economy will experience robust growth, underpinned largely by the strong performance in the hydrocarbons sector. Monetary easing will boost access to credit, while cooling inflation will further support household purchasing power. Nonetheless, incomes will remain relatively low in the medium term and a still difficult situation in the labour market will keep consumer spending below its vast potential.
Ghana's economy will experience a strong rebound in 2017 and 2018, following a challenging 2016. Economic gains will be led primarily by the strong performance of the hydrocarbons sector, though the large services sector will also begin to accelerate as monetary easing gradually boosts credit to consumers.
The large agricultural sector will offer a somewhat more mixed picture over a multiyear time horizon, with structural constraints set to weigh on growth, though this will not be sufficient to undermine the largely positive economic trajectory of the country. In light of these factors, our Country Risk team expect that Ghana's economy will see real growth of 6.3% in 2017 and 6.1% in 2018, up from 3.5% in 2016.