The Ghana Statistical Service (GSS) has revealed that Ghana’s economy grew by 6.3% in the year 2018; a decline from 8.1% in 2017.
In the year 2018, the total value of goods and services produced in the country also amounted to GHC154.5 billion.
We understand that the industry sector experienced the highest growth of 10.6%, and this was followed by the agriculture sector with 4.8%.
Per a report by Citibusinessnews.com, the services sector recorded the least growth of 2.7%.
Shedding light on the details, the government’s statistician, Professor Samuel Annim stated, “This simply means that we have accounted for the population within the country. On the average, this is the annual amount but the distribution is another argument.”
He further noted, “Statistically we can compute the average but that doesn’t mean there is an equal distributional effect in which case the poorest in the economy are going to benefit from the richest.”
Meanwhile, from October to December 2018, Ghana’s economy grew by 6.8 percent, which was an increase, compared to the 5.5%recorded in the same period in 2017.
The GSS attributed the rise to growth recorded in sectors like mining and quarrying, health and social work.
However, a further analysis shows that the decline in oil and gas production led to a slow growth of 20 percent in the last quarter of 2018 compared to the same period the preceding year.
In addition, the informal sector’s share of the total value of goods and services between 2013 and 2018 increased from 36.1 billion to 42.6 billion cedis.