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Thursday 21 June 2018
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Revealed: Factors behind Ghana’s economic boom

Economy predicted to be one of the world’s fastest growing in 2018

By John Eche

 

The factors behind Ghana’s current literal soar-away economic boom are now being revealed!

Underscoring the magnitude of the achievement is the fact that the annual rate of economic growth in the West African nation was generally less than 4 percent between 2014 and 2016.

In the last quarter of 2017 however, this ballooned to 8.1 percent and estimates are that, upon final confirmation, it’s 2017 average would be as high as 8.5 per cent.

Critical to the growth, analysts say is the fact that Oil and gas output has risen by 80.4%, in recent times, according to data from official sources.

The growth momentum is being credited as the fastest rate of expansion in the past five years.

And when the final Gross domestic product figures are confirmed, and show that the economy expanded at a composite 8.5 percent last year compared with 3.7 percent in 2016, the very clear verdict would be that this has indeed been a massive boom year for the former Gold Coast!

Other than the phenomenal boost recorded in the Oil and gas sector, Agriculture also grew by 8.4 percent and services 4.3 percent within the just ended year.

 

 

President Nana Akufo Addo of Ghana

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