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Ghana’s manufacturing sector is expected to contract by -2 percent in 2015, the third consecutive year of contraction.
The manufacturing sector contracted by -0.8 in 2014 and -0.5 in 2013.
According to the 2016 budget statement, the industry sector’s provisional growth rate is 9.1% against a target of 1.2% for 2015.
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** Provisional
Growth in the Industry Sector is expected to be driven by strong growth performances in the Construction and Water and Sewerage sub-sectors.
These sub-sectors are expected to record growth rates of 30.6 percent and 15.6 percent, respectively.
This is in stark contrast to their performances in 2014 when Construction stagnated, and Water and Sewerage contracted.
Mining and Quarrying, is expected to record negative growth rates this year, however, petroleum, is expected to record a growth of 2.0 percent.
Gov’t optimism in the medium term
The Industry Sector is projected to record an average growth rate of 13.2 percent in the medium-term, the highest rate among the sectors.
The Sector is expected to grow by 7 percent in 2016, 18.3 percent in 2017, and 14.3 percent in 2018.
The petroleum sub-sector is expected to record an average growth rate of 26.3 percent over 2016-2018, with the expected coming on stream of the Tweneboa Enyenra-Ntomme (TEN) and Sankofa Gye Nyame (SGN) fields.