Ghana's economy records -3.4% growth in Q2 for the first time in 37 years

Ghana’s economy recorded a negative 3.4 per cent in growth for the second quarter of this year for the first time in 37 years.
According to the Ghana Statistical Service (GSS), the heavy fall is largely attributed to some restrictions on activities in the economy, which virtually came to a standstill during the period as a result of the COVID-19 outbreak.
With oil, the country recorded a 3.2 per cent growth rate in the second quarter.
Speaking to journalists, the Government Statistician, Prof. Samuel Kwabena Annim, said: “From the second quarter of 2020, Ghana’s economy has contracted by 3.2 per cent from an oil perspective".
“From a non-oil perspective, we also saw a contraction in the economy specifically for the second quarter of 2020.
“We saw our GDP being GHS35, 590.4 million relative to GHS36, 839.7million that was recorded for the second quarter of 2019.
“For the first time in 37 years, Ghana’s economy has seen a contraction, which indicates that the last time the economy contracted was in 1983 and for emphasis, the oil sector contracted by 3.2 per cent and the non-oil sector contracted by 3.4 per cent.”
Trending Business
Free Zones Authority engages Libyan business delegation to deepen investment ties
15:49Plastic prices to increase by 7% from July 1 due to new excise tax – GPMA announces
12:01GIPC CEO backs deployment of investment officers in District Assemblies
16:16SIC Insurance PLC inaugurates new board of directors
09:25Ghana Gold Board fully implements new licensing regime to curb illegal gold trade
01:08Ghana bags $3.9bn Chinese investment in ten years- GIPC CEO hints
14:34Oti Regional Minister confirms economic shutdown in Nkwanta amid renewed tribal clashes
12:06Gov't operationalises 24-hour economy today
04:51Agric Minister secures FAO support to deepen agricultural transformation agenda
11:23CEMSE boss slams PURC over sudden 2.45% tariff hike
11:15