• Live Radio
  • Videos
  • About
  • Contact
  • Despite Media
Ghana Election 2020
  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • VIDEOS
  • Media
    • Videos
    • Audio
    • Live Radio
    • Photos
  • Election 2020
Local News
 
 
 
Home Business Economy 201610

Ghana�s Industrial Sector In Crisis

13-Oct-2016
/ Economy, Business
Email
Print
Comments 2
Dr Eric Osei-Assibey
(2)
Comments
Share on Facebook Share on Twitter
 

Ghana has witnessed significant economic decline over the past five years with weak real Gross Domestic Growth (GDP), Dr Eric Osei-Assibey, an economist, has stated.

Making a presentation on the theme, ‘Current state of Ghana’s economy: Impact of the ECF Programme with the IMF’ on Tuesday in Accra at an Institute of Economic Affairs (IEA) Roundtable discussion, Dr Osei-Assibey said Ghana’s industrial sector registered a -5 percent growth in the second quarter of this year.

The development can be attributed to the power crisis that hit the country some few months ago and negatively affected industry.

From a growth of 19.2 percent in the first quarter, industry enjoyed a boom, as it recorded 42.5 percent in the second quarter, continuing to 54.4 percent for the third quarter.

However, industry experienced a reduction in growth for the fourth quarter, registering 50.7 percent.

In the first quarter of 2012, it slumped to 28.7 percent, further cascading to 2.3 percent in the last quarter.

For 2013, the growth of the sector rebounded to 8.2 percent at the end of the first quarter and continued to 16.6 percent in the second. However, the sector’s growth experienced a free-fall in the third quarter, registering 1.7 percent and then to 0.5 percent in the last quarter. By the end of the first quarter of 2014, it dropped to -1.8 percent in the first quarter, rose to 4.6 percent in the third quarter and fell hugely to -0.1 percent in the last quarter.

2015 saw some slight ups and downs with the last quarter recording 6 percent. For the first quarter of this year, growth of industry was 1.4 percent and from that level it plummeted to –5 percent in the second quarter, he indicated.

Dr Osei-Assibey said with overall growth of the country for the second quarter of this year recording 2.5 percent, agriculture recorded 4.1 percent, as services recorded a 6 percent growth.

Mining and quarrying (including oil and gas) registered -29 percent growth, while manufacturing registered 9 percent growth. Electricity recorded 11.7 percent growth, water and sewerage (-6 percent) and construction (5.1 percent), he added.

He therefore called on the relevant authorities in the country to put their act together to reverse the trend which is a source of concern for many people.

Source: Daily Guide

 

 
 

 

Comments ( 2 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
Featured Video
Previous Post

Importers And Exporters Should Know Custom Laws And Procedures

Next Post

Fuel Price: Ghana�s 8th Most Expensive In Sub Saharan Africa

 
 

More Stories

Ghana’s Total Exports Decline By 9%
Economic Conditions Improving – BoG
Absa Bank Ghana Managing Director Moves On
Ghana Retains Its Position As Africa’s Most Indebted Country To The IMF
Govt Reopens Domestic Debt Exchange Programme
U.S and China Owe Half of World’s $235tr Debts - IMF
Ofori-Atta Rallies African Countries To Achieve 40% Carbon Credit By 2030
Output Growth Hits 28-Month High In August
Energy Sector Levies Rake In GH¢18.35bn In 7 Years
Next Post

Fuel Price: Ghana�s 8th Most Expensive In Sub Saharan Africa

  Ghana Business News

  • General News
  • Economy
  • Banking & Finance
  • Stock Market
  • Industry/Manufacturing


 
 

Other Economy Stories

  • Ghana’s Total Exports Decline By 9%

  • Economic Conditions Improving – BoG

  • Absa Bank Ghana Managing Director Moves On

  • Ghana Retains Its Position As Africa’s Most Indebted Country To The IMF

  • Govt Reopens Domestic Debt Exchange Programme

  • U.S and China Owe Half of World’s $235tr Debts - IMF

  • Ofori-Atta Rallies African Countries To Achieve 40% Carbon Credit By 2030

  • Output Growth Hits 28-Month High In August

  • Energy Sector Levies Rake In GH¢18.35bn In 7 Years

  • 2nd Tranche Of IMF Cash Arrives In December– Ofori-Atta

 

 
 

Popular Videos

Kokrokoo Discussion Segment On Peace 104.3 FM (26/09/2023)

Kokrokoo Discussion Segment On Peace 104.3 FM (28/09/2023)

Alan's Resignation From NPP - Allotey Jacobs Makes Another Confession

Peace Power Sports (26/09/2023)

Kokrokoo Live On Peace 104.3 FM (26/09/2023)

Kokrokoo Live On Peace 104.3 FM (27/09/2023)

Peace FM Online and Despite Media

peacefmonline.com offers its reading audience with a comprehensive online source for up-to-the-minute news about politics, business, entertainment and other issues in Ghana

Follow us on social media:

Category

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • Trivia
  • Foreign
  • Audio
  • Photos
  • Videos
  • Elections
Decision Time
Ghana Election 2020 2016 Elections
Services
Live Radio Audio on Demand Ghana Elections Advertise with Us
Useful Links
Despite Media About Us Contact Us Feedback Form Terms and Conditions Privacy
Our Brands
Despite Media UTV Peace FM Okay FM Hello FM Neat FM Peacefmonline
  • About
  • Advertise
  • Terms & Conditions
  • Contact
  • Privacy

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Articles
  • Trivia
  • Foreign
  • Live Radio
  • Photos
  • Videos
  • Audio
  • Election 2020

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media