Ghana's economy grows by 6.7 per cent

Ghana’s economy grew year on year by 6.7 per cent in the first quarter of 2013, compared to 10.3 per cent for the same period in 2012, Dr Philomena Nyarko, acting Government Statistician has said.

She said services recorded the highest growth of 12 per cent, agriculture registered a growth rate of 1.1 per cent, and industry, on the other hand, declined by 0.8 per cent.

Dr Nyako told the GNA in Accra that, on quarter- on-quarter basis, the value of goods and services produced in the first quarter of 2013 declined by 3.1 per cent.

She said all the major sectors fell during the period; agriculture dropped by 0.2 per cent, industry dipped by 2.3 per cent while services declined by one per cent.

Dr Nyako said: “Economic activity in the crops and cocoa and forestry industry recorded negative growth of 4.9 per cent and 5 per cent respectively during the first quarter of 2013.

She said in the industry sector, mining and quarrying recorded 1.4 per cent growth while construction fell to negative growth of 6.1 per cent.

Dr Nyarko said manufacturing and water also recorded a negative growth rate of 1.5 per cent and 6.8 per cent respectively.

She said in the services sector, activities that showed strong growth were public administration, 14 per cent, health 6.1 per cent and other personal services, 10 per cent.

There were, however, a decline in financial and insurance activities of 4.8 per cent, information and communication 1.5 per cent and hotel and restaurant 3.6 per cent, Dr Nyarko said.