Ghana’s economy up 9.3 percent in third quarter on oil

Oil Rig
Oil Rig

Economic growth in Ghana reached a provisional figure of 9.3 percent year-on-year in the third quarter of 2017, compared with the 4.6 percent year-on-year growth recorded a year earlier, according to data released Wednesday by the Ghana Statistical Service.

Acting Government Statistician Baah Wadieh said the value of that growth was 56.19 billion Ghana cedis (12.41 billion U.S. dollars), compared with 45.46 billion cedis (10.04 billion dollars) recorded for the same period last year.

Growth in the second quarter was 9 percent, and in the first quarter, 6.6 percent.

Wadieh attributed the growth to the commissioning of two new oil production fields, saying oil and gas grew by 200 percent in the second quarter and 72 percent in the third quarter.

“What we are seeing is due to the high growth rate of the oil industry,” Wadieh said.

The services sector, with a gross domestic product (GDP) estimate of 6.20 billion dollars in value and a 53.4 percent share in the whole GDP basket, grew by 5.7 percent, while the industry sector, with an estimated value of 2.74 billion dollars and a share of 23.6 percent in overall GDP, grew by 16.6 percent.

Agriculture, which accounts for 23 percent of total GDP, grew 10 percent to reach an estimated value of 2.66 billion dollars, Wadieh said. Enditem

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