Ghana’s economy contracts – GSS reveals

Government Statistician
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Government Statistician, Professor Samuel Kobina Annim, has revealed that Ghana’s economy has contracted for the first time in 37 years.

This, he said is due to restrictions on activities in the economy following the coronavirus pandemic.

Speaking at a press conference in Accra on Wednesday September 17, Prof Annim said “For the first time, in 37 years, Ghana’s economy has seen a contraction of 3.2%.

“Specifically, from a current prices point of view, the GDP estimates for the second quarter of 2020 was 85, 758.1 million Ghana cedis relative to 84, 312.0 million Ghana Cedis for the second quarter of 2019.

“This increase in GDP is strictly from a current prices point of view and the influence of price changes over time is the main reason we are seeing the increase of about 1,446 million Ghana cedis.”

He further revealed that the agric sector recorded the highest growth rate of 2.5 per cent between April and June 2020.

Industry and services sectors however grew by -5.7% and -2.6% respectively for 2020 Quarter Two.

The livestock sub-sector recorded the highest year-on-year growth rate of 5.7% in the agric sector. Once again, the Forestry and logging sub-sector recorded the lowest GDP, with a contraction (-8.4%).

For industry, the Electricity sub-sector recorded the highest year-on-year quarterly GDP growth rate of 16.0% for 2020 Q2, while the Manufacturing sub-sector recorded the lowest, with a contraction (-14.3%).

By Laud Nartey|3news.com|Ghana

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