Ghana’s GDP Inches to 4% in 2016 Q3 Despite Economic Hurdles

Ghana’s provisional GDP for the 3rd quarter of 2016 grew by 4 percent compared to 3.5 percent in the same period of 2015.

According to the Ghana Statistical Service, Agriculture recorded a year on year quarterly growth of 2.3 percent. The livestock sub-sector recorded the highest year-on-year growth rate of 5.6% while the fishing sub-sector recorded the lowest growth rate of 0.3%. In addition, crops and forestry and logging recorded a yearly growth rate of 2.2 and 1.9 percent respectively.

For Industry, its year-on-year GDP growth rate for the third quarter was 3.9 percent. The Construction sub-sector recorded the highest year-on-year quarterly GDP growth rate of 16.3%, while the Water and Sewerage sub-sector recorded the lowest (-7.8%).

President-elect Nana Addo Dankwa Akufo-Addo has earlier this week, maintained that he will work to achieve a double digit GDP growth in the four years of his administration.

According to him, the main economic program will enhance agricultural production and productivity, which last year recorded about below 5 percent growth.

Having won the election on the back of voters’ economic grievances, most of the challenges the President Nana Akufo-Addo-led government will confront are naturally economic.

These challenges mainly include paltry economic growth; widespread unemployment and underemployment, especially among young people; low productivity and low wages; infrastructural deficits across most economic sectors; macroeconomic instability and vulnerability; as well as weak public finances and an unsustainable debt load.

President-elect Nana Addo Dankwa Akufo-Addo will be sworn-in as President on January 7, 2017.

About Khalid Al Mouahidi 4341 Articles
Khalid Al Mouahidi : A binational from the US and Morocco, Khalid El Mouahidi has worked for several american companies in the Maghreb Region and is currently based in Casablanca, where he is doing consulting jobs for major international companies . Khalid writes analytical pieces about economic ties between the Maghreb and the Mena Region, where he has an extensive network