Bloomberg News

Ghanaian Economic Growth Slows to 1.7% in Third Quarter

January 09, 2013

Ghana’s economy, the second-biggest in West Africa, expanded an annual 1.7 percent on a provisional basis in the third quarter of 2012, the lowest rate in almost six years, according to the country’s statistical agency.

Output fell from a revised 3.2 percent in the second quarter, Philomena Nyarko, acting government statistician with the Ghana Statistical Service, told reporters in the capital, Accra. She didn’t give a reason for the decline.

The economy contracted 0.2 percent on a quarterly basis from the previous three months, Nyarko said. In the third quarter of 2011, the economy expanded by 17 percent on an annual basis, according to the statistics agency.

Agriculture grew 4.6 percent, bolstered by cocoa, Ghana’s biggest export crop, according to a document handed to reporters. It contracted 2.5 percent in the second quarter.

Industry, which includes mining and crude oil, expanded 3.6 percent, compared with 11.2 percent in the previous three months. Services shrank 2.2 percent while it grew 0.9 percent in the second quarter.

Ghana is the world’s second-biggest cocoa producer and Africa’s second-largest gold miner.

To contact the reporter on this story: Pauline Bax in Accra at pbax@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net


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