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Ghana’s economy slows 3.2% in Q2 vs revised 3.3% in first quarter ~ Stats agency

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Ghana’s economic growth slowed slightly to 3.2 percent year-on-year in the second quarter, compared with a downwardly revised 3.3 percent growth rate in the first quarter, the country’s statistics agency said on Wednesday.

The gold-, oil-, and cocoa-producing nation has been battling its worst economic crisis in a generation, brought on by spiraling public debt.

It sealed a $3 billion, three-year loan program with the International Monetary Fund in May.

READ ALSO: Nigeria’s naira hits N980/$ on parallel market, N776.6 on I&E as dollar shortage persists

The government has forecast that economic growth will slow to 1.5 percent this year from 3.1 percent in 2022. First-quarter growth was revised down to 3.3 percent from a previous estimate of 4.2 percent, the Ghana Statistical Service said on Wednesday.

Growth in the second quarter was driven by the mining, agriculture, health, transport, and information technology sectors.

Agriculture grew by 6.0 percent and the services sector by 6.3 percent, while industry contracted by 1.9 percent. The construction sub-sector contracted by 11.7 percent, the biggest drop in five years.

The statistics agency also said producer inflation (GHPPIY=ECI) slowed to 28.3 percent in annual terms in August, down from a revised 32.9 percent in July.

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