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Ghana’s economy grew by 4 percent in 2014

Ghana’s economy grew by four percent for last year. That’s according to the final GDP estimates released by the Ghana Statistical Service.

The 4 percent is the final growth for 2014 after it projected a 4.2 percent growth when it gathered about 70 percent of data for calculating the GDP estimates. 

According to the Government Statistician, Dr. Philomena Nyarko, the reduction was influenced by declining import.

“The indications are that there were lower imports volumes in 2014 than earlier estimated. Marine fishing output also declined considerably,” Dr. Nyarko said.

 The services sector, had highest share of the annual GDP with 49. 6 percent, followed by industry with 28.4 percent, and agriculture with the least share of 22 .0 percent.

However, in terms of growth, services had a 5.7 percent growth, agriculture 4.6 percent, and industry, 0.9 percent.

For quarter on quarter bases, the economy grew by 1.2 percent just for the fourth quarter of last year. This however, represents a marginal reduction of 2.6 percent recorded in the third quarter of 2014.

The Ghana Statistical Service said the country is now worth 113 billion Ghana cedis.

However the country’s per capita GDP is now 4,165 Ghana cedis  


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