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Economy grows 4.9% in first quarter

1 min read

Ghana’s economy grew 4.9% year-on-year in the first quarter of 2020 compared with 6.7% in the same period last year.

This was contained in the provisional data from the Statistics Service on Wednesday, 17 June 2020.

According to the GSS, the Services sector recorded the highest growth rate of 9.5% followed by the Agriculture sector which expanded by 2.8% and the Industry sector by 1.5%.

The main sub-sectors driving GDP growth in January to March 2020 GDP were Information & Communication, Manufacturing, Education and Public Administration & Defence, Social Security.

Importantly, the services sector was the main driver of Gross Domestic Product growth contributing 3.6 percentage points to overall GDP growth rate of 4.9% in quarter one, 2020.

Ghana has had one of Sub-Saharan Africa’s fastest-growing economies in recent years, but the central bank last month downgraded its 2020 growth forecast to between 2% and 2.5% from an earlier expectation of 6.8% due to the impact of the coronavirus pandemic. The economy grew 6.5% in 2019.

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