Ghana’s economy grew by 9% year-on-year in the second quarter of 2017. This compares with a 1.1% growth in Q2 last year. The B&FT reports that this is the highest growth the country has recorded since Q3 2014.
Driving this remarkable performance was the Oil & Gas sub-sector, which grew by a stunning 188% year-on-year. This is not too big a surprise, as oil revenue in the first half of this year was 70% more than the revenue recorded over the same period last year. And the recent ITLOS ruling in favour of Ghana over Cote d’Ivoire gives optimism for the coming years.
Growth is crucial for the country to ensure debt sustainability, especially with its stock of Eurobond debt. The government would also be pleased by the development as it continues to roll out its social interventions.
Ghana’s GDP for 2016 stands at GH¢167.35 billion (US$38 billion) and the per capita GDP is GH¢5,911 (US$1,343.41).
Here’s a sector by sector breakdown.
All data sourced from the Ghana Statistical Service.