Ghana has recorded a Gross Domestic Product (GDP) growth of 5.6 percent in the third quarter of 2019, a report by the Ghana Statistical Services has shown.
In terms of monetary value, activities in the third quarter generated an estimated GH¢ 85.2 billion for the economy, compared to GH¢74.2 billion recorded same period last year. However, when inflation is taken out (GDP at constant prices), the economy is worth some GH¢ 41.5 billion in the period under consideration.
Analysis of the data further shows that the Ghana is relying heavily on oil for its economic growth as the non-oil sector continues to experience growth slower than the oil sector.
Compared to Q3 of 2018, when overall GDP grew by 7.4 percent, the non-oil sector grew by 8.5 percent. However, growth has slumped by half to record 4.6 percent in the third quarter.
Commenting on this development, professor of economics at the University of Ghana, Prof. Eric Osei-Assibey told local media B&FT that even though growth is slower than expected, he is positive that the economy will soon respond to some programmes initiated by government and growth will rebound.
“Most often you see the economy picking up in the last quarter and given that there is quite a number of One District, One Factory projects actually beginning to operate, that will add some significant growth to the fourth quarter of the year.
We can clearly see that the financial sector cleanup is stabilizing and we also expect that within the fourth quarter, there will be addition to GDP,” he said.
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