Ghana's GDP hits GHC140 billion; Banking, Insurance lead the way

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September 25, 2015 2:38 PM

This is 1 percent higher than the Ministry of Finance's own projections of growth rate for the year which is 3 percent. At this rate the country's economy is set to hit over GHC140 billion by end of 2015.

Minister of Finance, Seth Tekper

Ghana's Gross Domestic Product is projected to grow by 4 per cent by the end of 2015, according to projections by the Ghana Statistical Service.

This is 1 percent higher than the Ministry of Finance's own projections of growth rate for the year which is 3 percent. At this rate the country's economy is set to hit over GHC140 billion by end of 2015.

Data available to Pulse Business from the Statistical Service, analysis released in a press briefing Friday morning, of the performance of the economy in the second half of the year.

Based of on 60 percent of data to be collected on economic activity in 2015, the Statistical Service is projecting a 4.1 percent growth in GDP compared to government's own projections of 3.5 per cent.

The data from the Statistical Service also presented a sectoral quarter -on -quarter analysis between the second and third quarters of 2015.

Services sector recorded 5.3 percent in terms of quarter on quarter growth for 2015 comparing the first and second quarters of 2015.

Industry also recorded a 15.3 per cent increase for the third quarter.

The Agriculturalsector on the other hand recorded no growth at all. This was attributed to unfavourable climate and rainfall patterns affecting the agricultural sector.

According to Dr. Baah Wadie, Assistant Government Statistician, industry in the second quarter of 2015.

The construction sector grew by 6.5 percent, and the financial and insurance services sector was the highest improved sector in the country.

However, the sector which is supposed to support employment are not doing so well. According to the Statistical Services' data, manufacturing sector recorded -1.6 percent owing to the energy crises. The electricity sector -23.5, and food crop sector grew by -5.6 percent.

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