Ghana GDP growth slows to 0.3%

Comment on this story

Accra - Ghana's economic growth slowed sharply to 0.3 percent year-on-year in the third quarter of 2013 due to a slowdown in the mining sector, compared with 1.6 percent growth in the third quarter of 2012, Ghana statistics office said on Wednesday.

The country's economy grew 6.1 percent the second quarter.

Ghana government projects 2014 growth of 8 percent in part due to exports of gold, cocoa and oil and the country is rated on of Africa's brightest prospects because of its stable democracy and sustained growth.

But a sharp fall in global gold prices in 2013 has affected production in that sector, the statistics office said.

“Most of the declines came from the mining and quarrying sector, especially the drop in gold prices that heavily affected production,” said government statistician Philomena Nyarko said.

“We also experienced some down time at the Jubilee field so that affected overall growth,” Nyarko told a news conference, referring to planned maintenance work at the offshore field that is the country's main producer.

Ghana's annual producer price inflation rose to 15.3 percent year-on-year in December from a revised 13 percent in November, the statistics office said. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines