GDP

Ghana’s Economy Grows By 7.2 Per Cent In 2024 Q3
11 Dec

Ghana’s Economy Grows By 7.2 Per Cent In 2024 Q3

wontumionlineBusiness
Ghana’s economy grew by 7.2 per cent in the third quarter of 2024, marking a significant recovery compared to the 2.2 per cent growth recorded during the same period in 2023, according to data released today by the Ghana Statistical Service. The growth is the strongest since pre-pandemic levels, with the last comparable performance being a 9.1 per cent expansion in the second quarter of 2019. On a seasonally adjusted basis, the country’s real Gross Domestic Product (GDP) increased by 1.7 per cent in Q3 2024 compared to the second quarter, slightly higher than the 1.6 per cent recorded in…
Read More
6.9% GDP Growth In 2024 Q2 Shows Economic Recovery – Finance Ministry
20 Sep

6.9% GDP Growth In 2024 Q2 Shows Economic Recovery – Finance Ministry

wontumionlineBusiness, ,
The Ministry of Finance has announced that the latest Gross Domestic Product (GDP) figures from the Ghana Statistical Service (GSS) indicate a rapid recovery of the Ghanaian economy despite global challenges and ongoing debt restructuring. The Ministry attributes this strong economic rebound to the government’s macroeconomic stability and growth initiatives under the IMF-supported Post-Covid-19 Programme for Economic Growth (PC-PEG). “Overall real GDP growth for the first half of 2024 has shown a significant resurgence, with an average year-on-year growth of 5.8% for the period, a notable increase from the 2.9% recorded during the same period in 2023. This growth includes…
Read More
GDP Growth: Ghana’s Economy Regaining Momentum; It’s On A Steady Rebound – Ahiagbah
21 Jun

GDP Growth: Ghana’s Economy Regaining Momentum; It’s On A Steady Rebound – Ahiagbah

wontumionlineBusiness, ,
The Director of Communications for the New Patriotic Party (NPP) Richard Ahiagbah has said that Ghana’s economy is regaining its strength as seen in the growth of the Gross Domestic Product (GDP). The GDP in volume terms was estimated to have increased by 4.7 % in quarter 1 (January to March) of 2024 compared to the same period in 2023, the Ghana Statistical Service (GSS) has announced. When seasonally adjusted, Ghana real GDP increased to 1.2% in quarter one (January to March) of 2024; a 0.2 percentage point higher than what was recorded in quarter four (October to December) of…
Read More
Ghana’s Economy Hits Brakes: Q2 Of 2023 Growth Rate Slows To 3.2%
20 Sep

Ghana’s Economy Hits Brakes: Q2 Of 2023 Growth Rate Slows To 3.2%

wontumionlineBusiness, , ,
The latest GDP figures released by the Ghana Statistical Service have highlighted a decline in the growth of the Ghanaian economy, particularly in the industrial sector, which continues to face challenges. During the second quarter of 2023, the economy expanded at a rate of 3.2%, a figure notably smaller than the previous year’s performance (3.5%). Several key subsectors, including construction, electricity, and manufacturing, all experienced contractions during this period, contributing to the overall economic slowdown. Statistical Service also revised the growth rate for the first quarter of 2023, adjusting it from the earlier reported 4.2% down to 3.3%. In the…
Read More
Ghana Records US$ 1.77Bn Trade Surplus; Represents 2.4% Of GDP
24 Jul

Ghana Records US$ 1.77Bn Trade Surplus; Represents 2.4% Of GDP

wontumionlineBusiness
Ghana gained a trade surplus of $1.77 billion in the first six months of 2023. This amount is almost 2.4 percent of the country’s Gross Domestic Product (GDP). Overall exports were estimated to be $8.17 billion in the first half of the year. Total imports were estimated to be $6.40 billion for the same period, which is less than the $7.40 billion recorded in June 2022. These figures are from the Bank of Ghana’s Summary of Economic and Financial Data for July 2023. However, according to the data, gold was the most significant contributor to exports.  It contributed $3.45 billion…
Read More
Statistical Service To Integrate Natural Resources In Determination Of GDP
08 Jun

Statistical Service To Integrate Natural Resources In Determination Of GDP

wontumionlineBusiness,
The Ghana Statistical Service (GSS) will soon begin the integration of the country’s natural resources in the determination of Gross Domestic Product (GDP). This is in line with the United Nations System for Environmental and Economic Accounts (SEEA) framework adopted in 2012 for all countries. The framework offers a common methodology to measure a country’s wealth as a combination of produced infrastructure, social and human natural resources, which are referred to as Natural Capital. At a pre-forum media engagement on Natural Capital Accounting (NCA), Mr Kwame B. Fredua, Ghana/World Bank NCA Programme Coordinator, Environmental Protection Agency (EPA), noted that Ghana’s natural assets were undervalued…
Read More
Ghana’s Public Debt Reduces To GH¢434.6 Billion, 71% Of GDP
22 May

Ghana’s Public Debt Reduces To GH¢434.6 Billion, 71% Of GDP

wontumionlineBusiness,
Ghana’s public debt stood at GH¢434.6 billion as of December 2022 according to the Bank of Ghana’s Summary of Economic and Financial Data for April 2023. This is a reduction of GH¢141.1 billion in the country’s public debt. This represents 71.6% of the country’s Gross Domestic Product. This is a reduction of 23.1% away from the 93.5% recorded in November 2022. In November 2022, the country’s public debt stood at GH¢575.7 billion representing 93.5% of GDP. According to the Bank of Ghana, a chunk of Ghana’s debt is held in the external debt portfolio to the tune of GH¢240.2 billion representing 39.4%,…
Read More
Exchange Rate Depreciations Contributed To Africa’s Public Debt By 10% Of GDP – IMF
15 May

Exchange Rate Depreciations Contributed To Africa’s Public Debt By 10% Of GDP – IMF

wontumionlineBusiness, ,
The International Monetary Fund has pointed out that exchange rate depreciations contributed to Africa’s rise in public debt by about 10 percentage points of Gross Domestic Product (GDP) on average by end-2022. According to the Fund, weaker currencies pushed up public debt, with about 40% of public debt external in Sub-Saharan Africa and over 60% of that debt in US dollars for most countries. Again, it said in an analysis on the theme “African Currencies Are Under Pressure Amid Higher-for-Longer US Interest Rates” that growth and inflation (which reduces the real value of existing debts) helped to contain the public…
Read More
Ghana’s GDP Growth Slows To 3.7% In Q4 2022
24 Apr

Ghana’s GDP Growth Slows To 3.7% In Q4 2022

wontumionlineBusiness
Ghana’s gross domestic product (GDP) size grew by 3.7% year-on-year in the fourth quarter of 2022, compared with 5.6% during the same quarter of the previous year, the country’s statistics service said on Wednesday. On yearly comparison, Ghana’s economy grew 3.1% year-on-year in 2022, compared with a growth rate of 5.1% the previous year, the country’s statistics agency said on Wednesday. Having defaulted from its debt repayments, the country is still facing economic pressures amidst fiscal slippage, and an inaccessible external market for borrowing to support large earnings deficits. The country has been asked to restructure its debt book to…
Read More
Africa’s Average GDP Growth To Stabilise In 2023-2024 – Afdb Report
10 Mar

Africa’s Average GDP Growth To Stabilise In 2023-2024 – Afdb Report

wontumionlineBusiness,
African economies remain resilient with a stable outlook in 2023-2024 despite the tightening global financial conditions, the African Development Bank has projected in a new report. The report, Africa’s Macroeconomic Performance and Outlook (MEO) 2023, estimates Africa’s average GDP to stabilise at 4 percent in the next two years, up from 3.8 percent in 2022. Presenting the report on 17th February on the sidelines of the 36th African Union Assembly in Addis Ababa, African Development Bank Chief Economist and Vice President Kevin Urama said that the continent could benefit from high demand for its commodities as countries seek alternatives for…
Read More