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Business News of Thursday, 17 September 2020

Source: Class FM

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

Ghana’s economy recorded a negative 3.4 percent 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 percent growth rate in the second quarter.

Speaking to journalists, the Government Statistician, Prof. Samuel Kobina Annim, said: “From the second quarter of 2020, Ghana’s economy has contracted by 3.2 percent 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 Gross Domestic Product (GDP) being GH¢35,590.4 million relative to GH¢36,839.7million 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 percent and the non-oil sector contracted by 3.4 percent.”

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