Ghana a few years back was seen as one of few African countries expected to see a significant growth in its economy.
Unfortunately for over two years, 2014- 2016 the country has been faced with a lot of challenges including high debt levels, depreciating currency, high inflation and power challenges among others.
The challenges pushed the country into a three year program with the International Monetary Fund (IMF) last year.
The program is expected to bring Ghana out of the woods by restoring debt sustainability and macroeconomic stability to foster a return to high growth and job creation, while protecting social spending.
The economy however in the medium to long term is expected to recover with a boost from vast gas reserves and new oil fields.
Increased private and public sector investments as well as an improves macroeconomic framework are also expected to strengthen growth of Ghana’s economy.
According to provisional figures from the Ghana Statistical Service (GSS) Ghana’s Real Gross Domestic Product (including Oil and Gas) for the 3rd quarter of 2015 grew by 3.6 per cent (year-on-year1).
Real Gross Domestic Product (GDP) for the 3rd quarter of 2015 grew by 3.6% (year on-year) compared to 12.2% recorded for the 3rd quarter of 2014.
The Services sector recorded the highest growth of 4.9%, the Industry sector followed with 3.6% and Agriculture sector, 3.2%.
Government is projecting that the country’s inflation will drop to 10 percent year end in 2016 which GDP will increase to 5.4 percent.
Figures published by the Ghana Statistical Service and the World Bank pegged the value of Ghana’s economy at 38.62 billion US dollars in 2014.