Ghana’s economy returned to the path of growth in the fourth quarter of 2020 after suffering contractions in the previous two quarters.

It expanded by 0.8 per cent between October and December 2020 compared to the second and third quarters of 2020 when it contracted by 0.8 percent and 3.2 percent respectively, data from the Ghana Statistical Service (GSS) showed.

The April 21, 2021 data from the GSS showed that the fourth quarter growth rate was largely driven by strong growth in the agricultural sector and bolstered by a positive showing in the service sector.

The agricultural sector grew by 8.2 percent while the service sector expanded by 4.6 percent, according to the data which was released by the Government Statistician, Prof. Samuel Kobina Annim.

The industry sector, however, contracted by 0.4 percent in spite of a 14.2 percent growth rate recorded in the manufacturing subsector, according to the data.

The data also revised the third quarter growth rate from the earlier negative 1.1 per cent to negative 0.8 per cent and announced a provisional year-end growth rate of 0.4 percent.

The government had targeted a growth rate of 0.9 percent for 2020.

Source: Graphic Online