Ghana: The economy bounced-back in 2021, recording 5.4%y/y, as the services industry spurred the recovery. GDP growth rates were broadly aligned with our expectation, coming-in only 0.2 ppt lower than what we had initially anticipated. Under the services industry, “Trade; Repair of Vehicles, Household Goods”, posted a strong recovery of 5.9% in 2021 versus a contraction of 2.9%y/y in 2020.

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