Figures available at the Ghana Statistical Service (GSS) show that Gross Domestic Product (GDP) in the second quarter of 2020 was 3.2% as compared to 5.7% of that of the year 2019.
This means for the first time in 37 years Ghana’s economy has shrunk by 3.2%, the Government Statistician, Prof Samuel Kobina Annim has said.
According to him, in real terms the GDP for the second quarter in 2020 was GH₵38,670.3 million as compared to GH₵39,952.6 million recorded in the second quarter in 2019, adding that this shows that the GDP falls short of GHC1282.3 million in the second quarter of 2020.
He said this at a press briefing in Accra on Wednesday, September 16, 2020.
On the growth of the various sectors of the economy, he said the year-on-year quarterly real GDP for the Agricultural sector was GH₵6,628.6 million in the second quarter of 2020 which shows a growth rate of 2.5%, meaning it was the only sector that saw positive expansion.
He added that the livestock sub-sector was the main driver for the growth recorded in the Agricultural sector with a growth rate of 5.7% while the forestry and logging sub-sector recorded the lowest growth rate.
He said the non-oil GDP growth rate for the second quarter in 2020 was -3.4% as compared to the 4.3% recorded in the second quarter of 2019.
“This also means in real terms, the non-oil GDP in the second quarter of 2020 drop to GH₵35,590.4 million from the GH₵36,839.7 million recorded in the second quarter of 2019,” he added.
He said the growth rate for the Industry sector was -5.7% while the Manufacturing sub-sector within the Industrial sector recorded a growth rate of -14.3%.
He added that the Service sector also experienced a contraction growth rate of -2.6% while the Hotels & Restaurants sub-sector recorded the lowest growth of -79.4%.
Ishmael Batoma, ISD
