Ghana’s economy recorded a negative 3.4 percent in growth for the second quarter of this year for the first time in 37 years.
According to the Ghana Statistical Service (GSS), the heavy fall is largely attributed to some restrictions on activities in the economy, which virtually came to a standstill during the period as a result of the COVID-19 outbreak.
With oil, the country recorded a 3.2 percent growth rate in the second quarter.
Speaking to journalists, the Government Statistician, Prof. Samuel Kobina Annim, said: “From the second quarter of 2020, Ghana’s economy has contracted by 3.2 percent from an oil perspective".
“From a non-oil perspective, we also saw a contraction in the economy specifically for the second quarter of 2020.
“We saw our Gross Domestic Product (GDP) being GH¢35,590.4 million relative to GH¢36,839.7million that was recorded for the second quarter of 2019.
“For the first time in 37 years, Ghana’s economy has seen a contraction, which indicates that the last time the economy contracted was in 1983 and for emphasis, the oil sector contracted by 3.2 percent and the non-oil sector contracted by 3.4 percent.”
- Ken Ofori-Atta meets Crown Prince of Bahrain to strengthen bilateral ties
- MoMo transactions increase to GH¢1.91 trillion in 2023 - Report
- Delays in rolling out Planting for Food and Jobs 2.0 risk worsening food insecurity - Farmers
- New ship repair dock project at Takoradi port funding sealed as financiers sign US$94m syndicated loan
- Long-term industrial vision will drive africa’s transformation – Prof. Boateng
- Read all related articles