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Wednesday, May 22, 2024

Statistical Service Confirms Ghana’s Economic Comeback

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Report by Nana POKU


The Ghana Statistical Service has released its annual GDP growth rate. According to them, the country’s growth that couldn’t stand the vagaries of Covid 19 has shown a significant leap from the abysmal 0.5 to astronomical 5.4 % growth rate. 

This remarkable turnaround of the economy makes Ghana’s growth rate the 4th best in Africa and 7th best in the world cancelling the IMF and World Bank prediction of a tentative 4.3 %.

The acting Government Statistician Professor Samuel Anim announced this at a press briefing in his office on the 20th of April, 2022 in Accra.

Explaining the circumstances the Government Statistician intimated that this came about as a result of significant growth rate depicted by the Agriculture and Service sectors over the year in the Covid era. The CEO indicated that his outfit used expenditure and output approach to arrive at the estimate which is provisional. However the manufacturing, Health and Social and Education sectors shrank.

According to the Government Statistician they used data and figures from official sources to arrive at the provisional estimate using 2013 as the base year. The service sector grew by 50 %, Industry 29 % and Agriculture 21%. The GDP with oil in current price value is 128,623 4 million Ghana cedis; but it is estimated at 122,642.8 million GHC without oil component. Overall, the Agriculture sector grew by 8.2 %, Service by 8.1 and the Industry by 4.8 % in the period under review.

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