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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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GDP grows by 6.7% in first quarter

bycitibusinessnews
June 25, 2014
in Business, News
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Ghana’s Gross domestic product (GDP) for the first quarter of this year grew by 6.7 percent. The GDP measures the country’s monetary value of the goods and services produced in the country over a period.

The latest development announced by the Ghana Statistical Service (GSS) on Wednesday means that the value of goods and services produced in Ghana in the first quarter of this year grew by 6.7percent compared to the first quarter of last year. This however revealed a decline in growth as GDP had increased by about 9 percent from first quarter of 2012 to first quarter of 2013.

The total value of Ghana’s goods and services is at GHS 25.73 billion, which includes revenue from oil.

This figure however indicates a drop from about GHS 25.82 billion recorded in the last quarter of 2013.

Non-oil GDP for the first quarter however was GHS 23.03 billion also recording a decline from GHS 23.96 billion recorded in the last quarter of 2013.

Services sector continued to be the largest contributor making up about 51.2 percent of GDP. This sector however recorded the lowest growth rate of 4.6 percent.

The Agricultural sector which contributes about 14.9 percent to GDP in the first quarter of this year recorded the highest year-on-year growth rate of about 12.7 percent.

Industry however, recorded a negative year-on-year growth rate of about 1.1 percent. Industry currently contributes about 34 percent to GDP.

The main contributors to this year’s first quarter GDP were Livestock Production which expanded by about 25.7 percent, fishing activities which grew up about 20 percent, and the Financial and Insurance sectors which grew by about 20 percent compared to the same period in 2013.  The others were Community, social and personal activities which was up by 10.7 percent and Information and communication increased by 10.3 percent.

However manufacturing declined by about 19 percent.

Deputy Government statistician, Baah Wadieh explained that “we have realized that for some time in manufacturing for example, we have been experiencing a lot of power and water problems, competition from outside with cheaper goods, and some major industries closing down.”

According to him the decline in public administration by about 8 percent was because “they are mainly funded by government through the budget and they have not received enough funding compared to the first quarter of 2013 and so their activities are virtually minimal.”

The GDP for the first quarter however grew by 2.6 percent compared to the last quarter of 2013. The key drivers for this quarter-on-quarter growth were Forestry which increased by 19 percent, Fishing activities expanding by 14.1 percent, mining and quarrying activities increasing by 8.4percent and Livestock production which grew by 4.5 percent.

Some other industries however declined. Public administration’s GDP declined by 7.3 percent compared to the fourth quarter of 2013. Real estate also declined by 5.1 percent, Manufacturing by 0.1percent and Financial and Insurance activities which declined by 3.9 percent.

 

By: Kwaku Anim Boadu/citifmonline.com/Ghana

Follow @boaduanim

 

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[From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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