Ghana’s economy contracts to -3.2 percent in second quarter 2020

Ghana economy

Ghana’s economic growth contracted to -3.2 percent in the second quarter(Q2) of 2020, compared with a 5.7 percent growth rate over the same period in 2019, according to the Ghana Statistical Service (GSS).

The second quarter 2020 growth rate was the first time the Ghanaian economy contracted since 1983, the year the West African country embarked upon the economic recovery program, supported by the International Monetary Fund.

The value of the economy contracted to 38.67 billion Ghana cedis (6.68 billion U.S.dollars) in Q2 2020, compared with 39.95 billion cedis (6.9 billion dollars) over the same period last year, said the GSS.

The government statistician Samuel Kobina Annim said the heavy slump was due to restrictions on some economic activities during the partial lockdown period, as a result of the COVID-19 outbreak.

“The agriculture sector recorded the highest growth rate of 2.5 percent between April and June, while the Industry and services sectors grew by -5.7 percent and -2.6percent respectively,” Annim said.

Meanwhile, the consumer inflation rate in Ghana dropped to 10.5 percent in August, relative to 11.4 percent in July. Enditem

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