Economist, Professor Peter Quartey has described the second quarter Gross Domestic Product (GDP) growth rate estimates as encouraging and demonstrating signs of sustained economic recovery.
The economy for the second quarter of this year expanded by 3.9%, compared to the more than 5 percentage points contraction in the same period last year.
Professor Quartey who is the Director of the Institute of Statistical, Social and Economic Research tells Joy Business government must prioritized targeted investments in some sectors to safeguard this growth.
“The 3.9% growth rate is quite positive and encouraging. Then if you even look at the non-oil growth rate of 5.2%, it clearly tells you that the economy is certainly recovering. And all things being equal, we are likely to hit an average of 5% GDP by the end of the year”.
He said the 3.9% growth rate is positive because majority of the real sector of the economy have witnessed appreciable expansion, adding, “that is positive and I think they [government] should continue to invest in the real sector in order to realise targeted growth rate for 2021.”
“I’m encouraged by the fact that manufacturing is growing at an average rate of 5% because majority of the people are employed within this sector. And therefore, it is quite encouraging that if that sector is growing it is likely to employ more people, so we reduce the unemployment rate, especially the youth who are unemployed – a lot of them being trained by the tertiary institutions, but yet cannot find jobs”, the ISSER Director stressed.
Economy expands 3.9% in quarter 2 2021
Ghana’s economy expanded by 3.9% in the second quarter of this year, according to provisional figures from the Ghana Statistical Service.
During the same period last year where Covid-19 had emerged, the Gross Domestic Product (GDP) growth rate was -5.7%.
However, GDP growth rate without oil and gas (Non-Oil GDP) for second quarter 2021 was 5.2%, which is against a growth rate of -5.8% recorded the same period last year.
According to the figures, the increase in the Gross Domestic Product (GDP) growth rate was driven by a strong pick-up in the Services and Agriculture sectors.
The Health and Social Work (20.75%), Information and Communication Technology (20%), Hotel and Restaurants (18.7%) as well as Fishing (12.7%) Sub-sectors expanded significantly.
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