Ghana’s GDP registers impressive growth rate of 8.5 percent

Ghana’s GDP registers impressive growth rate of 8.5 percent

Ghana’s Gross Domestic Product (GDP) registered an impressive growth rate of 8.5% in 2017 from a rate of 3.5% in 2016, breaking the downward trend since 2011, while per capita growth increased from 1.4% in 2016 to 6.1 percent in 2017.

In 2017, the services sector, which represents more than half of GDP, registered a growth rate of 4.3%, compared to 5.7% in 2016, while industry, the second largest sector, recorded an increase of 16.7% in 2017, compared to a decrease of 0.5 in 2016.

For the agricultural sector, a growth rate of 8.4 percent was recorded in 2017, as against 3.0 percent in 2016.

Ghana’s GDP registers impressive growth rate of 8.5 percent

Ghana's Finance Minister, Ken Ofori Atta
Source: Depositphotos

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These are contained in the State of the Ghanaian Economy Report, 2017, which was launched in Accra, on October 2, 2018.

According to Professor Felix Ankomah Asante, Director, University of Ghana’s Institute of Statistical, Social and Economic Research (ISSER), the report which was launched by Nana Osei-Bonsu, Chief Executive Officer, Private Enterprise Foundation, and Chairman for the occasion.

The report explains that the outstanding performance by the industrial sector in 2017 was attributable to the production in upstream oil and gas, and has little direct impact bearing on diversification of the Ghanaian economy based on value addition.

The report also revealed that, the end-of-year inflation rate in 2017 was 11.8% as against 15.4% in 2016, with the average annual inflation rate falling substantially from 17.5% in 2016 to 12.4% on 2017 and achieving the target rate.

Broad money supply, including foreign currency deposits, the Report says, grew by 16.7% in 2017 as against 22.0% in 2016.

The report further stated that a new medium-term national development framework—An Agenda for Jobs: Creating Prosperity and Equal Opportunity for All, 2018-2021 (First Step)—has been developed, and indicates that since many of the projects under the framework were initiated in 2017, it is too early to effectively assess progress.

However, the report says it is anticipated that the four initiatives under the policy will expand employment across districts, increase the supply of secondary school graduates and strengthen local authorities financially.

The report notes that implementation of the initiatives under the new development framework will require additional financial resources, with possible adverse implications for fiscal balance.

The chairman for the occasion, Nana Osei-Bonsu, stressed the need to address revenue shortages by reducing tax exemptions.

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Nana Osei-Bonsu said Ghana’s future depended on proper and strategic planning, while on corruption, he said the citizenry had a responsibility to support government in fighting it.

ISSER is one of the three Research institutions at the University of Ghana, Legon. The other two are the Regional Institute for Population Studies and the Institute of African Studies.

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