COVID-19: Ghana’s informal sector records lowest GDP in 6 years
Business & Economy section is brought to you by Jiji.gh — #1 Ghanaian online marketplace
Visit website

COVID-19: Ghana’s informal sector records lowest GDP in 6 years

- Ghana's informal sector has reportedly recorded the lowest Gross Domestic Product (GDP) since 2014

- The Ghana Statistical Service (GSS), however, reports that the informal sector grew by 5.9% in 2019 against 2.6% in 2018

- The outbreak of the coronavirus also presents a challenge to the informal sector as it has brought businesses to a standstill

Our Manifesto: This is what YEN.com.gh believes in

YEN.com.gh has learned that Ghana’s informal sector has recorded the lowest Gross Domestic Product (GDP) in 6 years.

This comes at a time when the country recorded a growth rate which more than doubled the figure recorded in 2018.

Information from the Ghana Statistical Service (GSS) shows that the informal sector grew by 5.9% in 2019 against 2.6% in 2018.

Ghana’s informal sector records lowest GDP in 6 years due to COVID-19

Professor Samuel Kobina Annim, Government Statistician Source: ucc.edu.gh
Source: UGC

READ ALSO: Inflation remains unchanged at 7.8% - GSS

Per a report by thebftonline.com, the informal sector declined by 1.6% point to 27% in 2019.

In the year 2014, the sector contributed 29.2% to GDP but declined to 28.1% and 28.6% in 2013 and 2012.

YEN.com.gh understands that the decline in contribution to GDP is likely to be a better option, compared to the economic effects of the outbreak of the coronavirus.

Information available shows that the economy is expected to record its slowest growth of 1.5% in 37 years since the infamous 1983 drought when it was plunged into a recession.

YEN.com.gh earlier reported that the Ghana Statistical Service (GSS) reports that Ghana’s economy grew by 6.5% in the year 2019.

This is according to revised estimates by the Service and has been compared with the 6.3% recorded in 2018 and 8.1% recorded in 2017.

The economy also recorded a growth of 5.8% of the Gross Domestic Product (GDP) for the non-oil sector.

READ ALSO: Ghana's per capita has slightly fallen;p no change in living standards since 2019 - GSS

Enjoyed reading our story? Download YEN's news app on Google Playstore now and stay up-to-date with major Ghana news!

"I've recovered from COVID-19 but my barber doesn't want to shave me" - Fred Drah | #Yencomgh

Subscribe to watch new videos

Want to be featured on YEN.com.gh? Send us a message on our Facebook page or on Instagram with your stories, photos or videos

Source: Yen

Mailfire view pixel