Consumer Confidence
(FILES)-- A file photo taken on March 20, 2014 shows shoppers at the new South African retail giant Shoprite outlet in Kano, northern Nigeria. Nigeria has overtaken South Africa as the continent's largest economy with a GDP of $453 billion in 2012, officials said on April 6, 2014. The figure is based on a long-overdue rebasing of Nigeria's gross domestic product to reflect changes in the structure of production and consumption, and compares with South Africa's 2012 result of $384 billion. AFP PHOTO / AMINU ABUBAKAR

Annual economic growth rate in Ghana, with oil production included increased to 6.7 percent in the first quarter of 2019, compared with the 5.4 percent growth rate in the same quarter last year, Ghana Statistical Service (GSS) disclosed here on Wednesday.

Excluding oil, the economy grew at 6.0 percent in the first quarter, compared with the 4.2 percent growth rate for the first quarter last year.

Comparing quarterly growth rates Prof. Samuel Kobina Annim, Government Statistician said the economy grew 1.6 percent in the first quarter of 2019, compared with the 1.7 percent growth rate recorded in the fourth quarter of last year.

“While mining and quarrying grew at 20.9 percent to propel the industry sector to record the highest annual growth rate of 8.4 percent, Services grew at 7.2 percent, with the agricultural sector growing at 2.2 percent,” Prof. Annim said.

Whereas the country’s industry inflation rate rose to 6.7 percent in May compared with the 7.1 percent recorded in April and March, the consumer inflation rate for the same month reduced 0.1 percentage point to 9.4 percent, compared with the 9.5 percent recorded in April.

Oil production has been a major factor in Ghana’s economic growth in recent years as it continues to induce growth in both the industry and the services sectors of the economy.

Analysts have however urged the government to ensure that part of the oil funds is invested in the agriculture sector to make the country self-sufficient in food production as well as create sustainable agriculture sector jobs. Enditem


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