Ghana economy 2017 pdf

The gross domestic product gdp in ghana was worth 66 billion us dollars in 2019, according to official data from the world bank and projections from trading economics. This trend was led largely by a strong growth in mining, petroleum, agriculture and sustained expansion in forestry and logging, according to a world bank report released today. The quality of labor may pose a serious constraint on the growth of income. The economy of ghana has a diverse and rich resource base, including the manufacturing and. Pdf the ghanaian economy has been on an upward trajectory over the past three decades, yet a number of challenges bedevil growth, redistribution and. Growth seemingly picked up traction in the final quarter of last year, following the thirdquarter slowdown which was driven by downturns in the industrial and services sector. When ghana gained its independence from britain in 1957, the economy appeared stable and prosperous. Crops is the second largest activity in ghana with a share of 14. Ghanas economic growth expected to be stronger in 2019. Mar 10, 2018 in january, ghanas benchmark stock index achieved the worlds highest rate of growth, 19 percent, according to bloomberg. The economy of ghana has been on an upward trajectory over the past three decades, hitherto several challenges bedevil sustainability, redistribution and growth. Following the rebasing of the gdp in september 2018, the economy expanded by 24. Ghana s economy continued to expand in 2019 as the first quarter gross domestic product gdp growth was estimated at 6.

The nonoil annual gdp growth rate increased from 4. Activity in the oil sector is expected to rise by more than 40% in 2017 owing to steppedup production in the ten oilfield. Wider working paper 20179 the agroprocessing industry. Gross domestic product gdp recovered with real gdp growth of 8.

The economy of ghana has a diverse and rich resource base, including the manufacturing. Ghana share of economic sectors in the gross domestic. Country report 2017 includes ghana real gross domestic product growth rate, with latest forecasts and historical data, gdp per capita, gdp composition and breakdown by sector. This economy profile presents the doing business indicators for ghana. This is a substantial targeted growth level given that the 2016 projected outturn was in itself about 11. In january, ghanas benchmark stock index achieved the worlds highest rate of growth, 19 percent, according to bloomberg.

In ghana, however, the dominance of informal activities in. Production from two more fields, ten and sankofa, started in 2016 and 2017 respectively. The nonoil annual gdp growth rate decreased from 5. Ghana statistical service provisional 2017 annual gross.

Ghanas economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. Agriculture is fundamental to ghanas economy and employs almost 50% of the population. High growth momentum since 2017 has consistently placed ghana among africas 10 fastestgrowing economies. Wider working paper 20179 the agroprocessing industry and. The ghana economic forum was incepted in 2012 to bring together captains of industry and thought leaders to discuss and debate key issues affecting the ghanaian economy and offer solutions to enhance the countrys economic development plans. Improvements in the macroeconomic environment were accompanied by expansion in domestic demand due to increased private consumption. Nonoil gdp at 20 constant prices by economic activity gh. The economy will contract in 2020 as the oil sector is hit by the global economic fallout from the coronavirus. Ghana statistical services 2017 employment table 4 shows the employment status of all employed persons between the ages of 15 and 64 in ghana in 2010, according to the census undertaken in that year. Isser launches 2017 state of the ghanaian economy report. Vish ashiagbor country senior partner pwc ghana 2017 budget highlights commentary governments. Nana oseibonsu, ceo, private enterprise foundation pef.

Doing business and investing in ghana 2018 is published by pricewaterhousecoopers pwc ghana. Expansion of ghanas nascent oil industry has boosted economic growth, but the fall in oil prices since 2015 reduced by half ghanas oil revenue. The following table shows the main economic indicators in 19802017. The impact of tourism on economic performance in ghana emmanuel dodzi k. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets. Browse additional economic indicators and data sets, selected by global finance editors, to learn more about ghana. The state of the ghanaian economy in 2017 university of ghana. On 7th january, 2017, i appeared before this august house to be swornin as the 5th president of the 4th republic. Ghana has lost some of its best brains that could have transform our economy to the world as a result of low motivation and better returns in the diaspora. Dec, 2016 the international monetary fund imf projects that ghanas economy will grow 7.

Ghana global economic prospects examines trends for the world economy and how they affect developing countries. For several years ghana was one of the leading lights of the africa rising narrative, with doubledigit growth rates that ranked at one point among the highest in the world. Ghana statistical service rebased 202018 annual gross. Ghana was the worlds leading producer of cocoa, boasted a welldeveloped infrastructure to service trade, and enjoyed a relatively advanced education system. The budget target for the 2017 fiscal year is set at 6. Oct 02, 2018 20181002 the institute of statistical, social and economic research isser, university of ghana, has successfully launched the 2017 state of the ghanaian economy report. Global finance magazine ghana gdp and economic data. Political stability is underpinned by ghanas strong democratic credentials, and despite slow progress on job creation and industrialisation, we expect the ruling new patriotic party to win the december 2020 election.

The fishing subsector continued to contract, recording a gdp growth rate of 6. This statistic shows the share of economic sectors in the gross domestic product gdp in ghana from 2008 to 2018. Learn more about the ghana economy, including the population of ghana, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of economic freedom. To date, the tweneboa, enyenra and ntomme ten field has produced about 800,000 barrels of oil, and the gas export to the gas processing plant gpp is. Ghana african economic outlook 2017 real gdp growth is estimated to have slowed for the fifth consecutive year due to tightened monetary and fiscal policies, among other factors, but is projected to recover in 2017 and 2018 if the nonoil economy improves and as new hydrocarbon wells come on stream. Obesity is a global ticking timebomb with huge potential negative economic and health impacts, especially for the poor. Production at jubilee, ghanas first commercial offshore oilfield, began in middecember 2010. Domestic demand should spearhead overall growth amid quickening public spending, healthy household consumption growth and upbeat fixed investment. On my assumption of office, ghana was facing a myriad of socioeconomic challenges, characterised.

We expect that growth in ghana will be robust in this year and we are forecasting a growth of 6 to 7 percent in 2017 and potentially higher in 2018. The international monetary fund imf projects that ghanas economy will grow 7. Global economic prospects examines trends for the world economy and how they affect developing countries. Accra, june 14, 2019 ghanas annual economic growth continued on a strong path at 6. The discovery of oil, bumper crops of cocoa and an influx of new investment sustained a robust expansion of gdp. The state of the ghanaian economy in 2017 university of.

The slowdown will also dent nonoil growth and investment flows, and the government will need external assistance to avoid a balanceofpayments crisis. The budget statement and economic policy ghana news. In 2018, the share of agriculture in ghana s gross domestic product was 18. Sowing the seeds for growth and jobs iv acronyms and abbreviations abfa annual budget funding amount aclp. We have endeavoured to take reasonable care in compiling this publication, which presents the position of ghana in respect of the geographic facts. Ghanas postindependence economic story has been a difficult one, but over the last 20 years, political stability and economic growth has been the longterm trend. Ghana is classified by the world bank as a lower middle. To this end, the bank has projected a growth target of 6 to 7 percent for 2017. Doing business presents quantitative indicators on business regulation and the protection of property rights that can be compared across 190 economies. Although admission rates at the pretertiary and tertiary levels have gone up significantly. Crops remains the largest activity with a share of 14.

In september 2017, ghanas economy expanded for the fifth successive quarter by 9. And oil is not the only resource helping to drive ghanas economy. Macroeconomic performance and outlook ghanas economy continued to expand in 2019, with real gdp growth estimated at 7. Jan 08, 2020 this statistic shows the share of economic sectors in the gross domestic product gdp in ghana from 2008 to 2018. These have given ghana one of the highest gdp per capita in west africa. Understanding ghanas growth success story and job creation challenges.

Ghana economic outlook african development bank building. Understanding ghanas growth success story and job creation. Sowing the seeds for growth and jobs presented to parliament on thursday, 2nd march, 2017 by ken oforiatta minister for finance years on gh mobilising for ghana s future on the authority of his excellency nana addo dankwa akufoaddo. For an economy to live up to expectation in the committee of nations development, such economy must achieve accelerated economic growth and development which is a prerequisite for improving quality of life.

Although its share of gdp has decreased in recent years, it continues to be vital to growth. Now, however, though the fundamentals remain attractive, shortterm pressures have led to a downturn. Ghana economy, politics and gdp growth summary the. The economy of ghana has a diverse and rich resource base, including the manufacturing and exportation of digital technology goods, automotive and ship construction and exportation, and the exportation of diverse and rich resources such as hydrocarbons and industrial minerals. While low levels of mechanisation and the effects of drought and climate change are threatening to slow or curtail sector growth, the governments commitment to investing in technologies and establishing new. Recent economic developments in september 2017, ghana s economy expanded for the fifth successive quarter by 9. Section 6 applies the results to predict gdp per capita growth rates for ghana until 2030 and section 7 summarizes and concludes. This publication is intended to provide a quick overview of the business environment in ghana. The institute of statistical, social and economic research isser presents the state of the ghanaian economy in 2017 as follows.

Accra ghana the 2017 budget statement and economic policy of the government of ghana is also available on the internet at. In the longterm, the ghana gdp from agriculture is projected to trend around 8381. Ghana s economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. Wider working paper 2017 9 the agroprocessing industry and its potential for structural transformation of the ghanaian economy nkechi s. Ghana african economic outlook 2017 real gdp growth is estimated to have slowed for the fifth consecutive year due to tightened monetary and fiscal policies, among other factors, but is projected to recover in 2017 and 2018 if the nonoil economy improves and. The ghanaian economy suffered its worst growth performance for about a decade in 2000 when real gdp growth slumped to. Third, we re ne the analysis by examining the respective roles of economic geography, informality and government policies in structural change. Ghanas economy recovered in 2017 following sluggish growth in the past five years. I took office at a historic moment, in the year ghana attained 60 years of independence. Wider working paper 20179 the agroprocessing industry and its potential for structural transformation of the ghanaian economy nkechi s. Official pdf, 63 pages world bank documents world bank group. Ghana economic growth the economy should remain on a steady course of expansion this year. Macroeconomic overview of ghana quantum global group. A stronger economy for jobs and prosperity government of ghana transforming ghana beyond aid budget highlights 2019 4 real sector performance 3.

Prospects for new oil and gas production and follow through on tighter fiscal management are likely to help ghanas economy in 2018. Ghana economy gdp, inflation, cpi and interest rate. The quality of labor may pose a serious constraint on. May 06, 2017 the world bank is confident of a rebound in ghana s economic growth this year. This reflects continued high levels of growth in the industry sector, driven by mining and petroleum. The agriculture sector expanded from a growth rate of 3. This is also with the assumption that forecast revenues will materialise. Sowing the seeds for growth and jobs presented to parliament on. Lastly, we highlight the fact that ghana has transitioned into a more e cient and more formalized economy in the last 20 years. Ghanas economy continued to expand in 2019 as the first quarter gross domestic product gdp growth was estimated at 6. The ghanaian economy is reaping the benefits of macroeconomic and. Access the latest politics analysis and economic growth summary through 2011 for ghana from the economist intelligence unit. Looking forward, we estimate gdp from agriculture in ghana to stand at 7921. A methodist university college, ghana abstract this study examined the impact of tourism on economic performance in ghana using johansens cointegration approach.