Ghana's economy back on growth path - GSS

Ghana's economy returned to the path of growth in the fourth quarter of 2020 after suffering contractions in the previous two quarters.

It expanded by 0.8 per cent between October and December 2020 compared to the second and third quarters of 2020 when it contracted by 0.8 per cent and 3.2 per cent respectively, data from the Ghana Statistical Service (GSS) showed.

The April 21, 2021 data from the GSS showed that the fourth quarter growth rate was largely driven by strong growth in the agricultural sector and bolstered by a positive showing in the service sector.

The agricultural sector grew by 8.2 per cent while the service sector expanded by 4.6 per cent, according to the data which was released by the Government Statistician, Prof. Samuel Kobina Annim.

The industry sector, however, contracted by 0.4 per cent in spite of a 14.2 per cent growth rate recorded in the manufacturing subsector, according to the data.

The data also revised the third quarter growth rate from the earlier negative 1.1 per cent to negative 0.8 per cent and announced a provisional year-end growth rate of 0.4 per cent.

The government had targeted a growth rate of 0.9 per cent for 2020.