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Ghana GDP expands 4.9% in fourth quarter

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Staff writer ▼ | April 28, 2016
Ghana economy
Africa   The highest growth rate in Ghana in a year

Ghana's economy advanced 4.9 percent year-on-year in the fourth quarter of 2015, compared to an upwardly revised 3.7 percent growth in the three months to September.

This compares with a 4.5 percent expansion a year earlier, preliminary estimates showed.

It is the highest growth rate in a year boosted by a rebound in industrial production and an acceleration in services activities.

Year-on-year, the industrial sector grew 7.2 percent, rebounding from drops in the previous two quarters, mostly boosted by mining and quarrying (+9.6 percent), construction (+6.2 percent) and manufacturing (+4.2 percent).

Services advanced 5.2 percent: health and social work (+18.2 percent) and public administration and defense, social security (+17.1 percent) showed the highest growth rates.

Agriculture expanded by 4 percent, due to growth in livestock (+6.5 percent), crops and cocoa (+4 percent), fishing (+3.5 percent) and forestry and lodging (+1.4 percent).

Quarter-on-quarter, the GDP expanded 1.3 percent, following a 1 percent growth in the three months to September in 2015.

Considering full 2015, the economy advanced 3.9 percent, lower than 4 percent in 2014. It was the slowest growth rate in 20 years, due to a fall in production key commodities.

Cocoa bean production dropped to the lowest in five years in the last season. Gold and electricity production fell as well as oil. Excluding oil, the GDP expanded 4.1 percent.


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