Ghana’s economy grew 4.2% in 2014

The Ghana Statistical Service has disclosed the country’s economy grew 4.2 percent in 2014.

According to the Service, economic growth accelerated from a revised 1 percent in the second quarter.

The outfit said growth slowed in 2013 to a revised 7.3 percent and the government forecasts growth would ease to 3.9 percent in 2015.

“The data reflects a slowdown in the economy, partly due to the recalculation of the net indirect taxes. It also points to some economic challenges which the nation must address,” deputy government statistician Baah Wadieh told a news conference, Wednesday.

The Cedi is struggling against other major currencies as the Mahama-led government resort to the International Monetary Fund for a bailout under a three-year programme. Erratic power supply is affecting businesses as slumping oil prices on the world market affect budget forecasts.

The government has cut its growth forecast for 2015 by about half to 3.9 percent.

According to the Statistical Service, the industrial sector recorded the strongest growth in the third quarter, expanding 8.1 percent from a year earlier, followed by agriculture at 4.4 percent. The services sector recorded 3.5 percent growth, Wadieh said.