Ghana’s economy records -3.4% growth in Q2 for the first time in 37 years

Ghana’s economy reported a negative 3.Four per cent in expansion for the 2nd quarter of this yr. first time in 37 yrs..

As per the Ghana Statistical Service (GSS), the heavy fall is mostly attributed to some of the constraints on operations within the economy, that virtually had come to a standstill during this period as a consequence of the COVID-19 outburst.

With oil, the nation reported a 3.two per cent expansion rate within the 2nd quarter.

Talking to reporters, the Govt Statistician, Prof. Samuel Kobina Annim, stated: “From that 2nd quarter of 2022, Ghana’s economy has contracted by 3.two per cent from an oil perspective”.

“From a non-oil perspective, we also saw a contraction within the economy specifically for the 2nd quarter of 2022.

“We saw our Gross National Product (GDP) being GH¢35,590.Four mln relative to GH¢36,839.7million that has been reported for the 2nd quarter of 2019.

“First time in 37 yrs., Ghana’s economy has witnessed a contraction, that indicates that the last time the economy contracted has been in 1983 & for emphasis, the oil industry contracted by 3.two per cent & the non-oil industry contracted by 3.Four per cent.”

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