Wpid Money Growth

Ghana’s economy grew 6.8 percent year-on-year during the first quarter of 2018, compared with the 6.7 percent year-on-year growth rate recorded during the same period last year, provisional figures released here on Wednesday by the Ghana Statistical Service (GSS) have indicated.

“The provisional 2018 Quarter 1 (first quarter) real Gross Domestic Product (GDP), which includes oil, grew by 6.8 percent year-on-year, compared to 6.7 percent recorded for the first quarter of 2017,” Baah Wadieh, Acting Government Statistician, announced.

He added that the non-oil provisional real GDP growth rate for the period under review was 5.4 percent year-on-year, compared to 4.0 percent recorded for the first quarter last year.

While the year-on-year GDP growth rate for the agriculture sector stood at 2.8 percent for the first quarter of 2018, the rate for the industry sector was 9.6 percent, with the services sector recording a year-on-year quarterly GDP growth rate of 5.2 percent.

Ghana exports gold, cocoa and oil in commercial quantities with cocoa remaining the backbone of the economy.

The Chief statistician attributed the current economic growth trends to the increased oil and gas production from the Jubilee; Tweneboa-Enyenra-Ntomme(TEN) and the Sankofa offshore fields from where the country produces more than 170,000 barrels of oil per day.

However, the seasonally adjusted quarter-on-quarter growth rate for the first quarter shrank to 1.5 percent, down from 2.1 percent in the fourth quarter of last year.

Wadeh listed the poor performance in Fishing, Construction, Finance and Insurance, Transport as well as Hotel and Restaurants, among others, as the factors leading to the poor quarter-on-quarter GDP performance.

Ghana’s economy grew by 8.5 percent last year and expectations have been mixed for the performance this year as factors seem unstable for a firm projection. Enditem

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