Ghana’s economic growth slows down in third quarter

Ghana's economy grew 3.6 percent year-on-year during the third quarter of 2015 compared with the 3.9 percent year-on-year growth in the second quarter, latest statistics showed.

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Investment Led Growth
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Data released by the Ghana Statistical Service (GSS) indicated the economy was estimated at 38.00 billion Ghana cedis (10 billion U.S. dollars) during the period.

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Baah Wadieh, Deputy Government Statistician, said agriculture sector grew by 3.2 percent while industry grew by 3.6 percent.

The statistician noted that the collapsing world gold prices brought about negative growth in mining and quarrying, as some leading mining firms are closing their operations.

Declines were also registered in hotel and restaurants sector.

The services sector, which grew at 4.9 percent, saw Information and Communications recording the highest growth rate of 12.6 percent, followed by Public Administration and Defence, Social Security Education, and Health and Social Work.

Two years of crippling energy crisis has affected economic activity in the west African nation, dragging growth down from 8.8 percent in 2012 to 7.6 percent in 2013, and 4.0 percent in 2014. Enditem

Source: Xinhua

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