Tag: GDP
-
Public debt hits GHS 575.5 billion; now 71.9% of GDP
Ghana’s public debt has increased to GH₵575.5 billion as of June 2023, representing 71.9% of Gross Domestic Debt (GDP). This is a marginal rise of GH₵6.3 billion compared to the GH₵569.2 billion recorded in April 2023. According to the Bank of Ghana’s Summary of Economic and Financial Data for September 2023, the country’s public debt…
-
Ghana’s economy grows by 3.2% in quarter two of 2023
The economy of Ghana saw a 3.2% growth in the second quarter of 2023 according to provisional data from the Ghana Statistical Service (GSS). When seasonally adjusted, the real GDP increased by 0.7 percent in the second quarter of 2023, a 0.1 percentage point lower than what was recorded in the first quarter of 2022.…
-
Ghana’s economy grows by 4.2% in first quarter of 2023
According to the Ghana Statistical Service (GSS), Ghana’s economy experienced a notable growth of 4.2 percent in the first quarter of 2023 when compared to the corresponding period in 2022. The GSS data further revealed a positive development in the country’s real GDP, with a 1.1 percent increase in the first quarter, surpassing the previous…
-
Economy to rebound strongly as GDP growth nears 5% – Akufo-Addo
President Akufo-Addo says Ghana is expected to have a GDP growth rate of about 5 percent following a year affected by the COVID-19 pandemic. Speaking during his State of the Nation address, President Akufo-Addo said this growth rate would beat observer projections. This is in line with the 4.9 percent growth projection made by the…
-
-1.1% GDP growth is in line with Central Bank’s economic projection – Dr. Addison
The Governor of the Bank of Ghana, Dr. Ernest Addison has stated that the recent 3rd quarter contraction of the economy is in line with the Central Bank’s economic recovery projection. His comments come on the back of new data from the Ghana Statistical Service indicating that the Ghanaian economy has contracted for the second…
-
Inflation drops to 9.8%; lowest rate since outbreak of COVID-19
Ghana has for the first time since the outbreak of the novel Coronavirus pandemic in the country recorded a drop in inflation below 10%. The year-on-year inflation rate for November which is 9.8% percent, is lower than the revised inflation target of about 11 percent announced in the 2020 mid-year budget statement. The figure also…
-
Finance Minister requests GHS27.4 billion for 2021 1st quarter expenditure
The Minister of Finance, Ken Ofori-Atta, has requested for GHS27. 4 billion for the running of the country for the first three months of 2021. He made the request in Parliament today, October 28, 2020. The Finance Minister asked Parliament to approve “by resolution, the withdrawal of the sum of twenty-seven billion, four hundred and…
-
Ghana’s economy records first contraction in 37 years
Provisional figures released by the Ghana Statistical Service, GSS, show that for the first time in 37 years the Ghanaian economy contracted by 3.2%. According to the same data, the country’s second quarter Gross Domestic Product (GDP), that is the value of goods and services produced from April to June, increased to GHS85.7 billion cedis,…
-
‘No economy is revived without spending’ – Economist backs Gov’t’s expenditure
Economist, Dr. Adu Owusu Sarkodie, says government must necessarily spend to revive the economy following the Finance Minister’s presentation of the 2020 Mid-Year budget Review, during which he requested a supplementary budget of GHS11.8 billion cedis. According to Dr. Owusu Sarkodie, with the severe economic impact caused by the coronavirus pandemic, this is one of…
-
Marginal slowdown in Ghana’s growth rate a cause for concern – Economist
A Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Peter Quartey, says the slowdown in Ghana’s growth rate for the first quarter is worrying. Latest data from the Ghana Statistical Service indicates that Ghana’s GDP growth rate slowed down to 4.9% in the first quarter of 2020, as compared to…