Ghana\u2019s economic growth decelerated to two percent year-on-year in the third quarter from 2.7 percent a year earlier, broadly in line with expectations as fiscal tightening and high interest rates to tame inflation took a toll.<\/strong><\/p>\nHowever, analysts still believe the economy remains on track to achieve the government\u2019s recently upgraded full-year growth target of 2.3 percent for 2023.<\/p>\n
\u201cWhile lingering headwinds will continue to pose a risk in the fourth quarter, we think the annual expansion will come in slightly above the upwardly revised 2.3 percent goal set by authorities,\u201d Apakan Securities said in a research note reviewing the latest GDP figures from the statistics office.<\/p>\n
The central bank\u2019s composite index of economic activity indicates a steady recovery in business conditions in recent months, rebounding sharply from a 7.6 percent contraction in January to 0.4 percent growth by September.<\/p>\n
\u201cCoupled with the usual festive season pick-up, this points to potential for faster growth in the fourth quarter and an above-target out-turn for the full year,\u201d Apakan added.<\/p>\n
The 2 percent third quarter figure brings the year-to-date average expansion to 2.8 percent, still below the 2023 target.<\/p>\n
According to the GSS report, Ghana\u2019s provisional non-oil real GDP also eased to 2.7 percent year-on-year in Q3 2023, compared to 3.3 percent in Q3 2022. The GSS figures show Ghana\u2019s real quarterly GDP, including the oil and gas sector, reached GH\u00a244.74billion in Q3 2023, up from GH\u00a243.87billion in Q3 2022.<\/p>\n
Non-oil real GDP also rose to approximately GH\u00a241.91billion in Q3 2023, from GH\u00a241.06billion in Q3 2022.<\/p>\n
On a sectoral basis, agriculture exhibited robust 5.9 percent growth year-on-year, followed by the services sector which expanded 5.5 percent. The industry sector contracted 4.3 percent over the same period.<\/p>\n
Within sectors, services remained resilient with broad-based 5.5 percent growth led by professional services, transport, real estate and healthcare.<\/p>\n
Agriculture slowed a bit, but still grew a solid 5.9 percent as crops and livestock outperformed, offsetting a surprise contraction in cocoa output and continued struggles in forestry.<\/p>\n
Industry extended its declines, dropping 4.3 percent on the quarter \u2013 its fourth straight contraction. Construction saw a sharp 8.3 percent plunge while mining and electricity also dragged on performance.<\/p>\n
The weak industrial numbers underscore the impact of authorities\u2019 inflation-fighting efforts, which have included spending cuts and 10 percentage points worth of interest rate hikes since early 2022.<\/p>\n
Headline inflation hit a 21-year peak in October, prompting policy-makers to promise continued tightening to return it to the official target band.<\/p>\n
Source:\u00a0<\/strong>thebftonline.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Ghana\u2019s economic growth decelerated to two percent year-on-year in the third quarter from 2.7 percent a year earlier, broadly in line with expectations as fiscal tightening and high interest rates to tame inflation took a toll. However, analysts still believe the economy remains on track to achieve the government\u2019s recently upgraded full-year growth target of […]<\/p>\n","protected":false},"author":1,"featured_media":127770,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-133983","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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