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The economy posted solid growth in the second quarter, propped up by soaring output within the
industrial sector. The industrial sector’s strong performance was underpinned by the booming mining
and quarrying industry, which expanded by nearly a quarter in Q2 in annual terms. On the external
front, solid global demand and higher prices for gold and cocoa—Ghana’s top two export
commodities—were likely behind a marked acceleration in exports in the second quarter. Incoming
data suggests that the economy likely lost some traction in the second half of the year, however. The
PMI slipped into negative territory in September, signaling a deterioration in Ghanaian business
conditions and, despite bouncing back to positive territory in October, points to a slowdown in private
sector activity in the second half of 2018. Meanwhile, inflation remained moderately elevated in Q3
which, coupled with a weakening currency, potentially weighed on household purchasing power,
boding ill for private consumption growth in Q3.