Ghana’s records 3.9% GDP for the second quarter of 2021
Ghana has recorded a Gross Domestic Product (GDP) growth rate for the second quarter of 2021 at 3.9%. This means that the economy between the period of April to June this year has grown by 3.9%
The Gross Domestic Product is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time.
The services sector was the main driver for the growth during the second quarter, which spans from April to June.
Although the figure recorded in the second quarter is an improvement from the first quarter figure of 3.1%, the overall economic growth is still lower than pre-pandemic levels. This is seen when compared to figures recorded in the year 2019.
According to findings by the Ghana Statistical Service, the services sector largely accounts for the growth recorded in the period.
A look at the distribution of all three sectors that were used in calculating the GDP saw the services sector with the highest share of 50%, followed by the industry sector with 29%, while agriculture had the least share of 21%.
President Akufo-Addo is however on record to have said the country’s second-quarter GDP growth rate is 8.9%.
He said this at this year’s Business Summit in Accra on Tuesday 14th September 2021.
“In spite of the ravages of the pandemic, we’re working to grow the economy at a much faster rate this year, our target being a 5% gross domestic product (GDP) growth rate,” Akufo-Addo said.
“In the first quarter of this year, the economy grew by 3.1%. In the second, at 8.9%”.