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Business News of Friday, 20 September 2019


Focus on agric, manufacturing sectors of economy – Prof Quartey to Government

Peter Quartey, Economist Professor Peter Quartey, Economist Professor

Economic Professor Peter Quartey has kicked against proposals for government to focus on the services sector following the sterling performance.

The Gross Domestic Product (GDP) estimates over the past years have shown that the service sector contributed significantly with minimal support.

The second quarter estimate for 2019 show that the service sector covered about 50 per cent of the economy and helped drive the 5.7 per cent jump in economic growth

But Prof Quartey who is head of the Institute of Statistical Social and Economic Research (ISSER) of the University of Ghana, said focusing on that sector alone because of its growth is not sustainable.

He told Joy FM Thursday September 19, 2019 that :“If you look at employment trajectory you will find that it is manufacturing and agriculture that employ a greater proportion of the labour force.

“So if that sector is not growing as rapidly as the services sector then it becomes a problem. The financial sector grew by 1.4 per cent, it tells you that sector is picking up from the cleanup.

“So you will find that people have lost jobs in the financial sector so if manufacturing, agriculture is not growing so much to absorb some these labour we are going to have a problem.”