Provisional results show that Ghana’s economy grew by 6.6 percent in the third quarter of 2021.
According to the Ghana Statistical service, this growth marks the fastest growth in gross domestic product since the COVID-19 pandemic began.
Government statistician Samuel Kobina Annim says the 6.6 percent growth rate is a massive improvement from the 3.9 percent recorded in the 2nd quarter of 2021.
While the second quarter registered moderate growth, the third quarter registered massive growth. Among the sector that grew in the quarter are led by education 24.2percent as schools reopened in January after a 10-month closure. The services sector equally expanded 13.4 percent. However, the most notable growth was in agriculture at 9.2 percent, led by fishing, which surged 14.3 percent.
“Although the fishing sub sector saw the growth rate of 14.3%, its contributions is just 5.6 to the over all Agri sector. The sector that had the highest share within the agricultural sector is the crop sector of which cocoa is a component of it grew by 9.8% point. It is important to emphasize that the 6.6% rate that we saw in the 3rd quarter 2021 was mainly driven by growth rate in the crop sector that contributed about 1.43% point.”
Despite the growth in key sectors such as agriculture, GSS notes with concern a 2 percent contraction in industry. While manufacturing registered registered a 7.5 percent growth, other sub sectors in industry registered declines that in turn affected the overall GDP growth.
“The industry sector contributed a contraction of 1.78% mainly as a result of the contraction that was recorded in the mining and quarrying sub sector of 11.2% which was heavily underscored by what is happenings within Oil and Gas that equally contracted by 14.8%.”
While the third quarters growth is a great indication towards economic recovery, government is cautiously optimistic as the rapid surge in Omicron variant could slow down global economies again and undo economic progress.
Source: Ghana/Starrfm.com.gh/Francisca Dickson Arhin
