Deloitte identifies 5 sectors requiring govt attention
INTERNATIONAL accounting and audit firm, Deloitte, has identified five critical sectors of the Ghanaian economy that require greater attention this year because of their enormous growth potential.
These are: Mining and quarrying; Information and communication; Construction; Finance and insurance, and agriculture.
Consequently, the firm, in its report dubbed, “A Sneak Preview of 2025: What lies ahead”, is urging the Mahama administration to critically monitor those sectors as he seeks to restore an economy riddled with debt, massive unemployment and low domestic revenue generation.
Mining and quarrying
Mining and quarrying grew significantly by 14.8% in Q2 2024 from 1.4 per cent a year ago.
This is positive because “Mining exports from gold is a major source of export proceeds and forex for Ghana,” Deloitte observed.
It held the view that government investments and expansion plans would spur growth in the sector.
ICT
In the Information and Communications Technology sector, Deloitte said, “This is one of the fastest-growing sectors in Ghana”, although it recorded a sharp slowdown in its pace of growth from 25.1 per cent in Q2 2023 to 12.8 per cent in Q2 2024.
However, it said sector linkages and the growing use of technology and Artificial Intelligence make it a significant growth driver the government must closely watch to reverse its dwindling fortunes.
Construction
In the area of construction, the sector grew by 8.4 per cent in Q2 2024 from a contraction of -11.7 per cent in Q2 2023.
The government is increasing its investments in infrastructure with programmes such as the Economic Roads Improvement Programme (ERIP).
Despite that, analysts still believe that there is more room for improvement in the road sub-sector in particular where investments must result in not only road construction but quality to stand the test of time.
Finance, insurance
For Finance and Insurance, the sector expanded by 7.6 per cent in Q2 2024 from 0.4 per cent in Q2 2023.
The sector, Deloitte said, provides critical services to economic agents and supports economic growth, a reason it should not be overlooked.
The World Bank approved a $250 million International Development Association (IDA) credit over five years under the Ghana Financial Stability Project to support the financial sector players which were impacted by the government’s domestic debt exchange programme.
Agric
Agriculture, according to the report, grew by 5.4 per cent in Q2 2024 from 4.4 per cent in Q2 2023.
That, Deloitte maintained, has a far-reaching impact on the overall economy and livelihoods.
It said: “Ongoing government initiatives such as the enhanced Planting for Food and Jobs 2.0 programme will boost transparency and efficiency along the value chain.