Ghana’s economy began to show signs of recovery with higher petroleum production and better industry performance as the economy recorded a 9-percent growth in the second quarter, compared with 1.1 percent in the same quarter of 2016, according to figures released by the Ghana Statistical Service (GSS) on Wednesday.
The value of the estimates based on current price was 45.35 billion Ghana cedis or 10.30 billion U.S. dollars relative to 38.06 billion cedis for the same period last year.
Ghana’s total economy at the end of December 2016 was valued at 42 billion dollars as it had started emerging from a crippling energy crisis and a downturn in petroleum production.
The GSS also revised the annual gross domestic product (GDP) estimates for 2016 to 3.7 percent from the 3.5-percent estimates released in April.
“During the second quarter (Q2) 2017 industry recorded the highest growth rate of 19.3 percent, followed by the services sector with 5.6 percent and the agriculture sector with 3.4 percent,” Baah Wadieh, Acting Government Statistician, disclosed.
Wadieh explained that the quantum of growth in the economy over the first two quarters of the year were attributable to the work carried out to restore petroleum production on the Jubilee field as well as the coming on stream of the Twineboa-Enyinra-Ntomme (TEN) and the ENI(Sankofa-Gye Nyame) fields, adding that efforts at stabilizing power production and supply in the country were also paying off.
Per capita income in the cocoa, gold and oil exporting country in West Africa is estimated at 1,500 dollars.